G-20

Greece, You Don't Get a Say After All

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papndreouThe Greece Prime Minister, George Papandreou, just rescinded the referendum on the latest Greek bail out:

Prime Minister George Papandreou called off his plan to hold a referendum on Greece’s new loan deal with the European Union, withdrew his previous offers to resign and opened conciliation talks with his conservative opponents.

This is a 180° move to not let the Greek people have a say in austerity and bail outs. Papandreou had announced a referendum, a national vote for the people, on whether they wanted yet another bail out...or not. The idea the Greek people could have a say in what their country did sent politicians, corporations and Wall Street into a tizzy and a spin.

Just yesterday author Numerian told us the real game:

G-20 Meeting Gives More Power to China, India, Brazil

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g20Earlier we noted Geithner proposed balanced trade at the G-20 meeting.

How did that work out for ya?

Well, in response to the demand the G-20 confront currency re-evaulation, the G-20 gave China and Brazil more power.

More than 6 percent of IMF voting rights will be reallocated to countries such as China, while Europe will give up two board seats, G-20 finance ministers said yesterday after meeting in Gyeongju, South Korea. They also assigned the Washington-based fund a role in monitoring global trade imbalances and exchange rates.

Great, the biggest currency manipulator now has more power in the IMF, plus one of the biggest offshore outsourcing destination countries now have board seats.

After the changes take effect, the fund’s 10 biggest shareholders will comprise the U.S., Japan, four major European economies and Brazil, Russia, India and China. The IMF will have 24 board seats.

From International Business Times, that ain't too swank, it implies the Asian countries, particularly China, India, can act as a block, in unison.