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The annual economics summit, which began Sunday, is “a moribund institution” that “should be scrapped” because it has become useless as “an instrument of the internationalism it was set up to pursue,” writes economics analyst Larry Elliott at The Guardian.

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Call it pity or call it sensible politics, the G-7 nations have together pledged to cancel $1.2 billion in debt that Haiti owes them, something Global South activists have been requesting for all developing countries -- not just those hit by horrible earthquakes.

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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.

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Following the string of economic crises across the globe, financial elites are planning to meet in Washington this weekend to address how to resolve the problems of global capitalism. Notably missing from the proceedings is any representative from the developing world.

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