G-20 to Assume Mantle as World’s Main Economic Body

G-20 to Assume Mantle as World’s Main Economic Body (Correct)

www.bloomberg.com

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

(visit the link for the full news article)



[edit on 26-9-2009 by Frankidealist35]

[edit on 26-9-2009 by Frankidealist35]

“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. I don't think that these people are going to give up soon. We can't just let these people just win with a new world order.

I don't think this is the step in the right direction. I don't think we can give up right now. These private bankers are going to have more power over the world economy. I don't really like this.

www.bloomberg.com
(visit the link for the full news article)

[edit on 26-9-2009 by Frankidealist35]

If it is step toward one government (might be),or if it is something else - i think that it will fail. Already some of G-8 members stressed that they would not allow G-8 loose its influence. So there will be quarrels between among Gs, between Gs and countries who would like to be in at least one of those Gs.
And it will crumble down or become UN double in inefficiency.
Hey, maybe it will be G and G (or G O G in Hebrew) vs (20-8=12)=M G O G I always felt that this stuff is not hard. Now to publish a doom and gloom book fast ......

reply to post by Frankidealist35

This is clearly a step towards world government.

Hmm, but it could also be decentralization. I think this is a sign of power slipping rather than a sign of power being reinforced. Before the power was centralized to the G-8, now it has been handed to the G-20. I really doubt that Brown and co are happy about this recent change, but he's putting a brave face on it like it was all his great idea to start with. I think this is power slipping from the rich elite countries, as the resource rich third world starts to excercise their power over us.

It is probably a bad thing for us, but not in the way we might expect. Resource rich countries which are currently being mismanaged by military regimes, getting to play with the reins of power might make us worse off economically. In reaction to that, I think Big Brother will become more more oppressive in it's extreme paranoia that we might (and we possibly will) riot against upcoming economic hardships.

[edit on 26-9-2009 by Lazyninja]

reply to post by Frankidealist35



The only reason they shifted was because without the "emerging markets" aka India, China, etc, the old boys club would crumble. This way they get to keep their pie and hope that this new arrangement will put things in their own countries back into balance.

This has been in the works for some time now, at least since February - I am not surprised at this, at all. I wrote a thread on this and nobody wanted to believe it at the time and it got virtually no attention. It's based on what Paul Keeting, a former Australian prime minister's comments. He knew it was happening, we just ignored it. Well, I guess it only takes time for these things. The next step is Chinese leadership, just you wait and see...

"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.”

The thread is here: China... our new world ruler?

By the way, do you know who actually runs/ran the G7/G8? The United States. Do you actually think that the U.S. will run the G20?????? Nope, never happen.





[edit on 27/9/2009 by Iamonlyhuman]