The G-20 has declared to cut their deficits by half by 2013. Guess what that means. Raising taxes and cutting social safety nets. Even worse, it is reported the word double dip, despite the evidence on slowing economies, didn't even come up as a possibility. Forget real global financial reform too, the G-20 cannot even agree to a very minor tax.
The leaders also discussed banking regulations, but could not agree on a proposal for a global bank tax, supported by the United States, Britain and the European Union, but opposed by Canada and Australia.
Reflecting this balance, advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016. Recognizing the circumstances of Japan, we welcome the Japanese government’s fiscal consolidation plan announced recently with their growth strategy.
Look at some of their other goals. To trade people and advance more bad trade deals. What is it about the trade deficit these people do not understand? What is it about destroying middle classes do these people not get?
Most of us are worried about job security, stagnant incomes, loss of pensions and benefits, lack of health insurance, home foreclosures. But the banksters are not most of us, and their worries are, well, on a different level. The big annual Versailles confab in Davos, Switzerland began this week, and some top banksters have told Bloomberg, "they think the biggest challenge for the industry is overcoming public anger about bonuses and compensation." Read more.
Leaders of some of the world’s biggest banks met today on the sidelines of the World Economic Forum in Davos, Switzerland, to plot ways to reassert their influence with regulators and governments.
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