The G20 parties have started; the mass media circus is here in the City, well-rehearsed smiling faces are on show by G20 leaders. Lets hope that the G20 Talks are fruitful, that protests are peaceful and that everyone walks away with a sense of participating in what is seen by many as the last real chance to halt the recession taking hold in all economies. In the 1930's countries were seen to take unilateral positions adopting "protectionist policies", this historically worsened the recession into the “Big Depression”.This must not be allowed to happen again, all G20 member countries must agree to actively participate in a multi-lateral policy of financial control measures. Already, we have “fighting” talk from France and now Germany wishing to put a more unilateral line into Europe. This would create a destabilisation effect to the G20 accords.
There must be a cohesive and affective adaptation of monetary policies by all G20 members’ countries.
In terms of the other melt downs taking place not just in the banking system but on our own Planet, such as the polar ice melts taking place at increasing speed. Climate change is happening fast, we have at best less than 10 years to check global warming and CO2 emissions, this represents not only a potential disaster in store for all generations to come on a scale unknown before. The current World “Financial Credit" problems will pale into insignificance by any comparison.
Written by: Nigel Rumble 1st April 2009
