In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘G20 summit’

Rupture du G-20 à Brisbane

Posted by seumasach on November 25, 2014

Alfredo Jalife-Rahme


21st November, 2014

Pour Alfredo Jalife, le G20 de Brisbane n’a pas été le théâtre d’un isolement de la Russie, mais d’une fracture toujours plus prononcée entre les membres des BRICS d’un côté, et les alliés de Washington de l’autre. Les premiers ont d’abord pris acte de la mauvaise foi des Occidentaux qui s’étaient engagés, en 2010 à Séoul, à une réforme du FMI jamais terminée. Puis, ils ont réaffirmé leurs intérêts communs et leur décision de créer un système international alternatif. Par ailleurs, il semble que l’acharnement des médias atlantistes à tourner en dérision le départ anticipé du président Poutine vise à masquer les rumeurs sur un possible attentat contre lui.


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BRIC countries oppose ban on Putin attending G20 Summit

Posted by seumasach on March 29, 2014

Times of India

25th March, 2014

NEW DELHI: India, Brazil, China and South Africa today opposed any restrictions on participation of Russian President Vladimir Putin at the G-20 summit in Australia later this year in the wake of Russia annexing Crimea from Ukraine.

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Obama’s economic view is rejected on world stage

Posted by seumasach on November 14, 2010

12th November, 2010

President Obama’s hopes of emerging from his Asia trip with the twin victories of a free trade agreement with South Korea and a unified approach to spurring global economic growth ran into resistance on all fronts yesterday, putting Obama at odds with his key allies and largest trading partners.

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China calls for unity against US “indirect exchange rate manipulation”

Posted by seumasach on November 8, 2010

Times of India

8th November, 2010

The US Federal Reserve’s decision to pour more money into the economy is a form of indirect currency manipulation that could spark a global collapse, a Chinese state-run newspaper said on Monday.

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The G20 wind egg

Posted by seumasach on April 10, 2009

Here is some cheering news: as suspected Brown’s much vaunted global stimulus amounts to practically nothing. William Buiter has done us the honour of putting his considerable expertise to debunking this particular piece of New Labour hype. As we have predicted for some time institutions like the IMF are now blocked from the point of view of the machinations of Brown’s New World Order brigade. It remains for Washington and London to desist from further, fruitless attempts to impose their hegemony and instead dismantle their empire, and for new global leadership to emerge based on the rising poles to the South and East, such as China, Iran and Bolivarist South America.


The green shoots are weeds growing through the rubble in the ruins of the global economy

William Buiter


8th April, 2009

The global stimulus associated with the increase in IMF resources agreed at the G20 meeting earlier this month will be negligible unless and until these resources actually materialise. The statements, declarations and communiqués of the G20, including the most recent ones highlight the gaps between dreams and deeds.

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Eye witness reports of provocateur activity at G20 protests

Posted by seumasach on April 4, 2009

From The NY Times Blog

Update | April 3 | 11:33 a.m. A friend who is a photographer in London writes in to share some observations on shooting the protests, and has something very interesting to say about the violence that broke out on Wednesday night. Since he needs to maintain a good working relationship with the police, he asked not to be named, but I’d like to share some of what he, and another photographer he was with for part of Wednesday observed while working. He writes that it appeared to at least these two photographers that most of the much-photographed violence on Wednesday evening was caused by people who looked like “agent provocateurs,” who “were going from police line to police line baiting the police — and they were the ones who instigated the push against police lines that kicked off the evening violence.”

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Obama, allies aren’t on same page as G20 opens

Posted by seumasach on April 1, 2009

“In an interview with London’s Financial Times published Friday, German leader Angela Merkel hadn’t backed off from her emphasis on regulation instead of spending.

“The crisis did not take place because we were spending too little but because we were spending too much to create growth that was not sustainable. It isn’t just that the banks took over too many risks. Governments allowed them to do so by neglecting to set the necessary (financial market) rules and, for instance in the U.S., by increasing the money supply too much,” she said.

The United States and England , however, are unlikely to support hasty moves to new regulation.”

“Self-interest wins in the end always, and the United States and the U.K. get more out of financial services than anyone else. We have the two world financial capitals. It’s not in our interest to have other people write the regulations or have regulations that try to average across many nations,” said Vincent Reinhart , a former top economist at the Federal Reserve.

Likewise, he cautioned, big nations such as China and Russia , and the smaller but important European powers, see it in their interest to impose new rules on London and New York .


31st March, 2009

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Freeze The $1.5 Qaudrillion Derivatives Bubble As The First Step To Recovery

Posted by seumasach on March 25, 2009

Webster Tarpley

25th March. 2009

WASHINGTON, DC – On the eve of the long-awaited London conference of the G-20 nations, we are rapidly descending into the chaos of a Second World Economic Depression of catastrophic proportions. In the year since the collapse of Bear Stearns, we have moved toward the disintegration of the entire globalized world financial system, based on the residual status of the US dollar as a reserve currency, and expressed through the banking hegemony of London, New York, and the US-UK controlled international lending institutions like the International Monetary fund and the World Bank. This is a breakdown crisis of world civilization, prepared over decades by the folly of deindustrialization and the illusions of a postindustrial society, further complicated by the deregulation and privatization of the leading economies based on the Washington Consensus, itself a distillation of the economic misconceptions of the Austrian and Chicago monetarist schools. If current policies are maintained, we face the acute danger of a terminal dollar disintegration and world hyperinflation. Read the rest of this entry »

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The Need for Global Leadership

Posted by seumasach on November 22, 2008

Cailean Bochanan

22nd November, 2008

Born out of our opposition to Washington and London’s drive for global hegemony and the wars which stemmed from it, and have sought to highlight, above all, both the sovereign nation state, as a barrier to empire, and the emerging multipolar world order. There is now no doubt that this multipolar world order is now becoming a reality before our eyes. The latest NIC US intelligence assessement appears to take this fact on board. Or rather, it pays some lip service to it whilst actually gloating over the prospect of a world in which none of America’s competitors can displace it as global leader. One gets the sense that global anarchy is the prefered option now that the dream of global empire has perished in  Iraq and Afghanistan. In rather the same way the senatorial elite in the late Roman Empire reconciled themselves to the empire’s demise, even helping to bring it about by the look of it, confident that they could “handle’ the new Germanic kingdom’s and reinventing themselves as a feudal landowning class. Obama’s advent could well herald this new phase of US power: Obama the handler as opposed to Bush the bomber.

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November 15, 2008 Declaration of the Summit on Financial Markets and the World Economy

Posted by seumasach on November 18, 2008

This is the complete text of the G20 summit declaration.

On the face of it,  there is nothing here to show that Webster Tarpley’s fears of a IMF dictatorship have been realized. Thus:

The IMF, given its universal membership and core macro-financial expertise, should, in close coordination with the FSF and others, take a leading role in drawing lessons from the current crisis, consistent with its mandate.

The IMF is usually mentioned along with other institutions:

Ensure that the IMF, World Bank and other MDBs have sufficient resources to continue playing their role in overcoming the crisis.

I see no evidence that it is to be given the teeth that Brown sought:

the role of the IMF in providing macro-financial policy advice would be strengthened.

“Advice”, by definition is not enforcible, unless we see it as having mob connotations, which, admittedly,  it could have.

We underscored that the Bretton Woods Institutions must be comprehensively reformed so that they can more adequately reflect changing economic weights in the world economy and be more responsive to future challenges. Emerging and developing economies should have greater voice and representation in these institutions.

But Strauss-Kahn and others insist that the IMF has already been reformed and is ready to go: seemingly not, according to the G20.

We stress the International Monetary Fund’s (IMF) important role in crisis response, welcome its new short-term liquidity facility, and urge the ongoing review of its instruments and facilities to ensure flexibility.

Rather than dictating it is to be subject to ongoing review.

We know the IMF is a bit strapped for cash: where are the readies up-front for its new short-term liquidity facility?

We should review the adequacy of the resources of the IMF, the World Bank Group and other multilateral development banks and stand ready to increase them where necessary.

But it is necessary in order to restore IMF power.

The Financial Stability Forum (FSF) must expand urgently to a broader membership of emerging economies, and other major standard setting bodies should promptly review their membership.

Another body, the FSF, is given a prominent role. Certainly, we need to look at the significance of this body.

Some clauses are clearly a shot across the bows of Washington and London:

National and regional authorities should implement national and international measures that protect the global financial system from uncooperative and non-transparent jurisdictions that pose risks of illicit financial activity.

This sounds like Angela Merkel’s bit about the Cayman Islands and Channel Islands.

Tax authorities, drawing upon the work of relevant bodies such as the Organization for Economic Cooperation and Development (OECD), should continue efforts to promote tax information exchange. Lack of transparency and a failure to exchange tax information should be vigorously addressed.

This looks like another reference to such tax havens.

National and regional authorities should also review business conduct rules to protect markets and investors, especially against market manipulation and fraud and strengthen their cross-border cooperation to protect the international financial system from illicit actors.  In case of misconduct, there should be an appropriate sanctions regime.

I wonder who these “illicit” actors could be? Are we talking about economic sanctions against Britain and the US.

This is a suitably nebulous document with the obligatory shibboleths and one or two interesting acronyms: however there is no basis for regarding it as restoring

” the IMF–which is the “iron fist” of the US Treasury– to its former glory so it can once again use its extortionist loans to thrust faltering nations into structural adjustment, privatization and slave wages”

as Mike Whitney has claimed.

Nor does Professor Chossudovsky’s claim that

“the hegemony of Wall Street remains unscathed. The tendency is towards a unipolar monetary system dominated by the United States and upheld by US military superiority. “

seem justified. One wouldn’t expect the Washington consensus to be dismantled overnight: it looks more like death by a thousand cuts. This summit hasn’t in itself resolved anything, but I would venture to suggest that the tendency is quite the opposite to that perceived by Professor Chossudovsky.

1.  We, the Leaders of the Group of Twenty, held an initial meeting in Washington on November 15, 2008, amid serious challenges to the world economy and financial markets.  We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world’s financial systems. Read the rest of this entry »

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Emerging Economies Gain Unprecedented Clout on Global Stage

Posted by seumasach on November 16, 2008



16th November, 2008

The Washington summit marked the first-ever meeting of leaders from the Group of 20 (G20) nations, a bloc that brings together the world’s leading industrial nations and some of the top developing economies including China, India and Brazil.

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