Guiding the global economy now is apparently in the
hands of the G20. In September, at their meeting in Pittsburgh (their
third in a year), the G20 leaders adopted what they called a "Framework
for Strong, Sustainable and Balanced Growth."
The framework is
cast as "a process for economic co-operation and coordination to help
ensure that post-crisis policies avoid a return to dangerous imbalances
that undermine long-term economic growth."
World leaders can't seem to hold an economic summit without security forces at the level of an occupying army running roughshod over the host city. This is both a symptom of what's wrong with our global economy — predicated on war, domination and scarcity — and a metaphor for how it works.
Last week's Group of 20 (G20) meeting in Pittsburgh brought together leaders from the most significant players in the global economy and charged them with renovating the financial system at the heart of the economic crisis. Change was on the agenda, and the heads of state claimed to deliver. As the summit concluded, The New York Times hailed the meeting's final statement as a momentous shift, reporting that "Leaders of G20 Vow to Reshape Global Economy."
Once upon a time, people in Western Pennsylvania knew
authoritarianism when they saw it. It had an unmistakable odor about it
-- like the smell of Pinkertons and sulfur wafting up from the steel
mills of Homestead.
The Group of 20 is set to become the premier coordinating body on global economic issues, reflecting a new world economic order in which emerging market countries like China are much more relevant, according to a draft communique.
Leaders of the G20 developed and developing nations also agreed to make the International Monetary Fund more representative by increasing the voting power of countries that have long been under-represented in the world financial body, said the draft G20 communique obtained by Reuters.
The banner has come down. Greenpeace activists are safe. And, after two
hours hanging from the West End Bridge, the 80x30-foot banner spoke to
world leaders meeting in Pittsburgh at the G20 summit.
"Why am I here today?" The activists share their story in this inspirational video.
PITTSBURGH - Protesters smashed shop windows and threw rocks at police on Thursday as police used pepper gas and batons to disperse marches against capitalism at the Group of 20 summit in Pittsburgh.
Protesters wore bandannas and goggles and held aloft a large black sign declaring "No hope in capitalism" and another saying "Kick Capitalism While It Is Down."
One sign simply said "I'm mad as hell."
PITTSBURGH - The G-20 Summit that opens today is unlikely to
achieve much when it comes to restructuring the global economic
order. That's good news for workers, farmers, consumers and
citizens.
What's good about inaction on the part of the leaders of the
world's wealthiest nations? While there is no question that a
radical restructuring is needed, it must be the right
restructuring.
A carefully drilled security operation swung into action in Pittsburgh today as police sealed off the centre of the so-called steel city to insulate global leaders from potentially rowdy protests surrounding a contentious G20 heads of government summit.
Dear International Leaders
and Guests,
From The President's Welcome:
Michelle and I look
forward to welcoming world leaders to the wonderful city of Pittsburgh
on September 24th and 25th and we thank the people of Pittsburgh and
Pennsylvania for opening their city as a showcase to the world.
