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Ear to the Ground

G-20 vs. 6 Billion

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Posted on Apr 1, 2009

Violence-centered media coverage misses out on legitimate critique as well as hilarious banners like the one pictured.

No matter how trite it has become for the media to focus on the “clashes” and “violence” that have “erupted” at the G-20 demonstrations in London, stories on the economic summit seem to overlook the legitimate concerns that protesters have against the world’s 20 largest economies orchestrating macroeconomic policy for the rest of the world.

The BBC:

Protesters stormed the Royal Bank of Scotland in London as thousands of people descended on the City ahead of the G20 summit of world leaders.

Demonstrators launched missiles and forced their way into the bank after clashes with police in the capital. A branch of HSBC also had windows broken.

Twenty-four people were arrested and some police and protesters injured.

Climate change activists have pitched tents in the street, while anti-war campaigners are holding a rally.

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By RichK, April 9, 2009 at 8:22 pm Link to this comment
(Unregistered commenter)

There were a few interesting points for me.
First, they named a number of “tax havens”. When the list is examined, Delaware and Nevada are missing, arguably the largest tax havens in the world since almost every fortune 500 company funnels money through them. When the list is examined closer, and compared with a list of countries resisting IMF domination, the reason for sanctioning them becomes more apparent.

Secondly, they’ve pledged $1 000 000 000 000 to “jump start” the global economy, and where is 3/4 of it going? The IMF? Oh ok…. Isn’t that the same organization which systematically bankrupts small countries that are resistant to it? Well, I guess I’ll just keep growing my own food, bartering, and hoping for a gold based full reserve system.

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By KDelphi, April 2, 2009 at 3:22 pm Link to this comment

Capitalism doesnt work.

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By M. Currey, April 2, 2009 at 1:33 pm Link to this comment
(Unregistered commenter)

I wonder how bailing out banks helps, it does not help the people living in the states where the tops of mountains are being stripped for coal, who will pay for that cleanup of the environment there.

There is so much more that can be done instead the great war industrial complex is still at it.  But the people at the bottom do get a little bit of the cake, like a crumb.

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By bilejones, April 2, 2009 at 12:05 pm Link to this comment
(Unregistered commenter)

I remember seeing a sign at the Glenneagles “summit” a few years ago that read “10 thousand Pharaohs , 6 billion slaves” that seemed basically to sum it up.

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By voice of truth, April 2, 2009 at 11:40 am Link to this comment

Don’t forget all the signs that were in the background on ABC this morning:  Free Palestine, Leave Africa Alone, Money is Bad, etc.

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By RdV, April 2, 2009 at 5:26 am Link to this comment

Shoot, that’s nothing. Listen to the way richard Wolf frames the demonstrators and the snarky remark Olbermann makes at the end.

  Fox news would be most pleased, Mr. Olbermann.

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By samosamo, April 1, 2009 at 2:49 pm Link to this comment

updated 1 hour, 44 minutes ago
LONDON - Chanting G-20 protesters clashed with riot police in central London on Wednesday, repeatedly overwhelming police lines, vandalizing the Bank of England and smashing windows at the Royal Bank of Scotland. An effigy of a banker was set ablaze.
More than 30 people were arrested after several thousand anarchists, anti-capitalists, environmentalists and others clogged London’s financial district for what demonstrators branded “Financial Fool’s Day.”
Looks like environmentalists are now considered terrorists.

And DR.WU, you forgot to add that 1 part of the equation that most people like to forget, besides energy wars and supporting banks, there is the overall total human population quantary that is the MAIN problem worldwide. Or do you suppose that his current version of planet earth will provide for the ‘teeming masses’? And sad to say, the ‘correction’ of this overpopulation is being handled as we speak or does the protesting of those that find they have been betrayed not seem that evident?

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By dr wu, April 1, 2009 at 12:12 pm Link to this comment

It’s G-20 time and I’m afraid we’re in for a long night. Krugman says the world needs to work together on the economic meltdown even though the US still believes it’s the only country that exists. Good luck, US! Lots and lots of people are coming to believe the news that capitalism is the latest God that failed. But our Wall Streeters persist! Once the economy gets on a even keel (if it ever does), these malefactors of great wealth will deregulate whatever Obama’s /Geithner’s regulations achieve.

How easy is it for the big timers on Wall Street to take your hard earned money? Let us count the ways. The biggest scam ever was the subprime mortgage business (1). Credit was so easy (2) that anyone with a pulse (3) was given a junk mortgage, these, in turn, were shoveled through the doors of the banks and insurers like AIG (4). Next, our best and brightest bankers prevailed (5) upon the rating agencies to label the junk as AAA securities. These “troubled assets” were then sliced and diced, securitized , leveraged 30x and sold around the world as if they were gold (6). The business was such a money machine that it was impossible to say no to it. When the housing bubble burst, people lost their life savings, and countries went down. (Take particular notice of the “securitization” part. This is the way they turn junk into gold. They can do this any day of the week, including Sundays: beware when Madoff or Summers knocks on your door!)

Capitalism has finally developed its own economic weapons of mass destruction: cdo’s, quants, credit default swaps, securitization, mega-million dollar salaries. Combine this with the usual greed, fraud and avarice and you have a killer system. Except it will kill itself.

Is there a way out? Possibly. Energy wars have been and will be our undoing. That and our continuing policy of salvaging banks that are too corrupt to exist. Three simple ideas: cut our energy use in half, cut our military in half (we already have a nuclear submarine fleet that is armed with enough nuclear weapons to destroy the world many times over AND these subs are impervious to a first strike)and let the BIG BANKS go down the tubes.

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