The G-20 has declared to cut their deficits by half by 2013. Guess what that means. Raising taxes and cutting social safety nets. Even worse, it is reported the word double dip, despite the evidence on slowing economies, didn't even come up as a possibility. Forget real global financial reform too, the G-20 cannot even agree to a very minor tax.
The leaders also discussed banking regulations, but could not agree on a proposal for a global bank tax, supported by the United States, Britain and the European Union, but opposed by Canada and Australia.
From the G-20 annoucement:
Reflecting this balance, advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016. Recognizing the circumstances of Japan, we welcome the Japanese government’s fiscal consolidation plan announced recently with their growth strategy.
Look at some of their other goals. To trade people and advance more bad trade deals. What is it about the trade deficit these people do not understand? What is it about destroying middle classes do these people not get?
- Product, service and labour market reforms in advanced economies, particularly those economies that may have lost some productive capacity during the crisis. Labour market reforms might include: better targeted unemployment benefits and more effective active labour market policies (such as job retraining, job search and skills development programs, and raising labour mobility). It might also include putting in place the right conditions for wage bargaining systems to support employment.
Product and service market reforms might include strengthening competition in the
service sector; reducing barriers to competition in network industries, professional
services and retail sectors, encouraging innovation and further reducing the barriers to foreign competition.
- Reducing restrictions on labour mobility, enhancing foreign investment opportunities and simplifying product market regulation in emerging market economies.
- Avoiding new protectionist measures.
- Completing the Doha Round to accelerate global growth through trade flows. Open
trade will yield significant benefits for all and can facilitate global rebalancing.
Actions to accelerate financial repair and reform. Weaknesses in financial sector
regulation and supervision in advanced economies led to the recent crisis. We will
implement the G-20 financial reform agenda and ensure a stronger financial system
serves the needs of the real economy. While not at the centre of the crisis, financial sectors in some emerging economies need to be developed further so that they can
provide the depth and breadth of services required to promote and sustain high rates
of economic growth and development. It is important that financial reforms in
advanced economies take into account any adverse effects on financial flows to
emerging and developing economies. Vigilance is also needed to ensure open capital
markets and avoid financial protectionism.
Look at that! Anything that helps the domestic workforce is protectionist and to make matters worse, they wish to trade people as workers. Importing and exporting one's workforce is already well documented to create worker displacement, wage repression and erosion of careers, particularly in high PPP nations.
No wonder there were over 600 arrests. Of course the reason for the uproar and protests will not be covered by the press.
Security cost $1 billion dollars.