The "Group of 20" nations met in Washington over the weekend. The weather was cloudy and cool. The winds were blowing west-by-north-west at 14 miles per hour. But what came out was mostly hot air. Stale, hot air.
President Bush who is destined - unless saved by some miracle - to go on record as the worst President in the history of modern day USA laid the foundation for this nothingness.
Before the meeting began President Bush reminded us all that this financial crisis was not a failure of capitalism - there was no need to discourage financial innovation with excessive regulation.
Sure, the world needs a lot more financial innovation to be wrapped around the greed and slimy business practices of the financial geniuses.
The Europeans wanted more global oversight, more regulation. Eventually, the G-20 came out with a list of 20 points: a promise to do more and put in action with a notice that "we will meet again by April 30, 2009, to review the implementation of the principles and decisions agreed today".
Doctor, what's the problem?
But before any doctor sets forth a prescription, there must be a clear understanding of the disease. A treatment can only be effective when one understands the illness and identifies the cure.
So, what are the events that led us to where we are? What are the crises that led to a dinner and weekend meeting of the leaders of 20 countries that represent about 90% of the global GDP and 75% of the world's population?
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Regards
Vijayashankar
"தந்நலம் பாரிப்பார் தோயார் தகைசெருக்கிப் புன்னலம் பாரிப்பார் தோள். " - குறள் எண் : 916
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