Thursday, April 02, 2009

The G20's declaration against you

The full text of the declaration is here.

Despite some nice words about markets and recovery, there isn't a lot to cheer about, unless you think it could have been worse.

A lot more money for the IMF to lend to governments which overreached themselves. Rewarding the profligate wasters and overspenders.

A commitment to sustaining the fiscal child abuse that pours a fortune of borrowed money into unproductive activity under the guise of stimulus.

Creating a Financial Stability Board to punish countries that grow "recklessly".

Punishing countries that offer taxpayers protection from the thieving claws of the likes of the US IRS and the legalised thieves of other national tax mafias. Public finances are important, your finances are not important.

A limp wristed pledge to not increase trade protectionism for the next 20 months. Given Barack Obama already had a hand in increasingly US farm subsidies, it's hardly surprising. A statement on progressing the Doha round, a bare minimum really.

So for all the cheshire cat grins of Gordon "Britain always is in deficit under me" Brown and Barack "no more pork, except my pork laden budget" Obama, this summit was a wet blanket. It has done next to nothing, done little to avoid future harm, and has shown an inadequate regard for how the global economy is dependent upon producers not governments.

Well at least protestors should remain disappointed.

2 comments:

Tom M said...

"Given Barack Obama already had a hand in increasingly US farm subsidies, it's hardly surprising'

My understanding was that he proposed they be removed in his budget, admittedly probably with the knowledge that this would never pass.

I agree that much of the stuff you highlight seems pretty undesirable though.

OECD rank 22 kiwi said...

Why are Tax Havens rolling over and taking it from the likes of the US and UK?

What are these tax Havens going to do when they start sharing information with other tax authorities and all their business dries up?