G-20 Muscles G-7 Aside
It looks like the G-20 is set to permanently replace the G-7 as the world's dominant economic forum, an indirect admission that there was something unfair about the world's seven wealthiest countries deciding economic policy for the entire globe.
It looks like the G-20 is set to permanently replace the G-7 as the world’s dominant economic forum, an indirect admission that there was something unfair about the world’s seven wealthiest countries deciding economic policy for the entire globe. Now, the world’s 20 wealthiest countries will decide global economic policy, a move that includes more (wealthy) voices from the global south, but still fails to address questions about why so few countries should decide the economic fate of so many. — JCL.
WAIT, BEFORE YOU GO…The BBC:
G20 leaders will today agree plans to reshape the world economy and give more say to developing nations such as China, India and Brazil when they conclude their summit in Pittsburgh.
The reforms will secure a seat at the top table of global economic policy for emerging nations, with world leaders agreeing that the G20 should become a board of directors on global economic co-operation, shifting the decades-old global balance of power away from Europe.
The G20 group, which includes Argentina, Indonesia, Saudi Arabia and South Africa, will replace the G7, which for more than three decades has dominated the world financial stage. The deal was thrashed out by Barack Obama, who is hosting his first major summit as US president.
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.
Economic Justice
Elizabeth Warren (D-Massachusetts) and J.D. Vance (R-Ohio) have joined forces in a rare bipartisan effort to make top executives pay for their mistakes.
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
Because our banks aren't nationalized, its inability to work with Congress has resulted in another botched attempt at crisis management.
Its forced choice to bankroll hedge funds and other speculative ventures in repo market comes at a price to the middle class.
The Massachusetts senator and Democratic presidential contender wants to make it harder for big banks to prey on consumers.
The threat of a U.S. technology company taking up the model set by China's WeChat Pay and Alipay may now be materializing.
There are currently no responses to this article.
Be the first to respond.