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Sept. 25 (Bloomberg) -- World leaders announced the Group of 20 nations is replacing the G-8 as the main forum for global economic coordination, reflecting a shift in power from rich countries to emerging markets.
The decision, unveiled in a White House statement late yesterday, comes as President Barack Obama, Chinese President Hu Jintao and other leaders gather in Pittsburgh for their third summit in a year to reshape the governance of the world economy following the worst financial crisis since the Great Depression. The G-8 will still exist and focus on matters such as development and se
“What we are trying to do is create a system for economic cooperation across the world,” U.K. Prime Minister Gordon Brown said yesterday. “We have this one chance to make a huge success of international cooperation.”
Originally a forum for finance chiefs, G-20 leaders met for the first time in Washington last November and again in April in London as they sought to rescue the global economy from its deepest slump in seven decades.
The financial crisis has thrust greater responsibility on to the G-20. At the onset of the turmoil, central bankers used talks near Cape Town in November 2007 to hatch a plan to inject more dollars into markets.
This is clearly a step towards world government.
"The top 200 financial institutions in the world have suffered an average loss of value of 74 percent. What we need is a completely new global political and economic settlement. Get rid of the old G7, get rid of the old IMF, we’ve got to bring the surplus countries into the political framework. There’s just no way the Chinese Communist Party is going to hand over control of their currency and their political fortunes to a Washington based U.S. Treasury run institution. So this is going to be a complete resettlement. We’re not going to get out of this. The United States budget cannot reflect the world. We’ve always been in a situation where the United States budget could reflect the world. This is not going to happen now. See, the budget this year was gonna be $850 billion, now President Obama’s talking about another trillion, so $1.8 trillion. They’re GDP is $13 trillion so their running a budget deficit this year of 15% of GDP and they’ll do this for three or four years 16% of American GDP. Who’s going to buy the bonds? Every serious American policy maker knows that they’re not going to be returning value, in the end they’re going to inflate their way out… the debt will be so overwhelming that it cannot be repaid.”