G-20 tries to find global economic solutions

The European debt crisis threatening the global economy with recession kept finance ministers and central bankers busy seeking ways to reduce the risk of events tumbling out of "their" control. Under pressure from skeptical financial markets to produce results, the ministers sought to push forward with a program [...] to achieve their ambition of strong, stable balanced growth

Thesis - Antithesis. Our overlords created the problem in the first place with an economy based around privately owned central banks. From what I read it now it seems that they're moving towards a 'global' solution; ie, yet more centralisation of power and a centralised currency, aka SDRs. Out of chaos, order?

For the sake of a freer world I hope the euro and fascist European union implode before the situation becomes worse than it already is.

They talk about "strong, stable balanced growth" while imposing austerity. Why is it that they always need growth?! How much more consumerism do we need?!

Get rid of the Euro and let each take their own paths. Putting the Euro together was a disaster to try to overcome US . No can do!

JapanGalSep. 24, 2011 - 08:32PM JST Get rid of the Euro and let each take their own paths. Putting the Euro together was a disaster to try to overcome US . No can do!

You are totally right, JapanGal, but Germany stands "over my dead body" for Euro and EU. Germans profited the most from those things and the debt of all the other countries are on the balance in German banks. Germans own those debts, and thus, going separate ways will turn all the pluses to minuses, which will be catastrophic for Germany. It would rather die, as I see it.

weedkilaSEP. 24, 2011 - 07:15PM JST Why is it that they always need growth?! How much more consumerism do we need?!

Absolutely agree......Perhaps 30 years or so of debt induced growth needs to be followed by 30 years or so of savings induced contraction.....For most of the developed world and not just Europe.....

@JapanGal, Konsta,

I don't think Europe was created to overcome the US, at least that wasn't the main reason. And, Kosta, I feel some sympathy for the German people. They are not going to get any of their hard earned money back. The bailout money was transferred to the zombified banks in France and Germany via the corrupt Greek government. And, yes, that means that none of the bailout money went to the Greek people either. The Greeks are expected to go thru austerity but have no say in what their govt does, their assets are sold off to the banks and they don't see a dime. No wonder they're rioting. The big banks and the governments are all sleeping in the same bed.

To my understanding, Greek legislature will vote on tax hike early next week (Tue), and Germany and France are waiting for the result.

I hope Japan will learn lesson from someone else's mistake (EU). That's why I have been totally against Hatoyama and Ozawa's idea of ONE ASIA concept.

Former PM Margaret Thutcher (Britain) fought very hard against this idea from beginning. I take my hat off to her.

The Greek government 2 year bonds interest rate is 69.69% as of the 23rd. Isn't this a helpless situation?

http://www.bloomberg.co.jp/apps/news?pid=jp09_newsarchive&sid=aZNH7EIDCOgw

CrazyJoeSep. 24, 2011 - 11:56PM JST

The reason is that the market is very skeptical that G20 will ever find the resolution. In the past, G20 never agreed with anything. They are just too big and useless. The system was working better with G7.

The EU is no Soviet Union that has the compulsory power to make things get done! So the defaulting of greece is just a matter of time! Those Germans or French taxpayers were just throwing their money in a bottomless lake! By the way, Italy,Spain were bottomless sea gping to suck all their money!

A Pan-European union is an utopia but necessary. Despite language and culture differences between members, borders and different currencies are an aberration. Nationalists and anti-European Union people are trapped in the village/tribe mentality. Others see it as threat to their power if the "divide et impera" policies would fail.

Greece should be kicked out the Union and banks like Goldman Sachs should be sued for helping cook the Greek books.

TumbleDrySep. 25, 2011 - 02:30AM JST Greece should be kicked out the Union and banks like Goldman Sachs should be sued for helping cook the Greek books.

You can't kick Greece, too expensive. Plus, Italy and Spain and Belgium will follow. At the end, Germany will be left with Eastern European countries, who are also incapable of anything but begging for money under the pretext of big bully Russia. The future doesn't look very sexy.

The economy is only good for china because their greedy, Euro was designed to eliminate the need for exchange in europe I'm sure in the long term it will be good.

@globalwatcher

The reason is that the market is very skeptical that G20 will ever find the resolution. In the past, G20 never agreed with anything.

Maybe that's the point. For the most part they simply pretend to bicker and have differences. They wait for the market/public to react and then come in with the solution they prefer. The false Left vs Right paradigm...

@Jarad Norman

It's China that's holding up the world economy by a thread. But they have many problems including runaway inflation and are verging on a collapse at some point too. Again, this eventually happens to all economies based on a system of fiat currency issued from a central bank.

The euro was sold as a way to 'eliminate the need for exchange' but was really put in place as a trial run for a global currency. That's still the issue. At one point there was also a push for a North American union (US, Canada and Mexico). They even had a single currency ready to go called the Amero (google it). Fortunately the NA Union failed to get off the ground although I believe the politicians and others are still pushing for it.

As I said earlier, the European Union is fascist. The people who make the decisions are unelected and they ignore what the public want. But don't take my word for it. That's coming from a MEP, Nigel Farage. ‪

Nigel Farage: Greece under Commission-ECB-IMF Dictatorship

http://www.youtube.com/watch?v=pry5iL4TIa8

Farage Kicks EU A**

http://www.youtube.com/watch?NR=1&v=S5sVBYUJQOY