This week there will be a meeting between G20 leaders and central bankers in London to save the world economy.
Let us make it very clear – the meeting is bound to fail. There is no chance that the G20 leaders will reach an agreement that will save the world economy. Even two world leaders can’t agree on how solve the biggest global financial crisis that the world has ever encountered, never mind twenty. Each one of twenty leaders has a different political agenda and they will all blame each other, so there is no possibility whatsoever that the meeting will result in more than the normal platitudes about cooperation to solve the crisis. Both Merkel and Sorkozy have already rejected Gordon Brown’s proposed stimulus package and that is before the meeting has even started. Read the rest of this entry »