Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:25:39 PM EST
Today's G20 deal will solve financial crisis, claims Gordon Brown | World news | guardian.co.uk

Gordon Brown today claimed that the end of the global recession was now achievable as he unveiled an agreement from the G20 summit that will pump an additional $1tn (£748bn) into the world economy.

Announcing the conclusions of the London summit, the prime minister also unveiled a surprise move on tax havens, saying that a list of countries that do not comply with anti-secrecy rules would be published today.

"This is the day that the world came together to fight back against the global recession, not with words but with a plan for global recovery and reform and with a clear timetable," Brown told a news conference at the ExCel centre in London's Docklands, after several days of frantic diplomacy and political posturing. 

"Today's decisions, of course, will not immediately solve the crisis. But we have begun the process by which it will be solved," Brown added. 

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:30:03 PM EST
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G20 seals $1.1 trillion deal | Top News | Reuters

LONDON (Reuters) - World leaders clinched a $1.1 trillion (748 billion pound) deal on Thursday to combat the worst economic crisis since the Great Depression, and tightened the rules to stop it happening again.

U.S. President Barack Obama played down differences at the summit and declared it a "turning point" for the world economy. French President Nicolas Sarkozy celebrated the waning of the Anglo-Saxon model linked by many to the excess that triggered the crisis.

Stocks rallied but economists cautioned against euphoria.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:45:46 PM EST
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Nicolas Sarkozy celebrated the waning of the Anglo-Saxon model linked by many to the excess that triggered the crisis.

He then returned to his efforts to impose that model on France.

by paving on Thu Apr 2nd, 2009 at 05:06:30 PM EST
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G20 agrees on economic rescue plan | World News | Deutsche Welle | 02.04.2009
The G20 summit in London has ended with a sweeping combination of economic stimulus measures and financial reforms to fix the global economy. Leaders are praising the outcome as an historic response to major challenges. 

World leaders have agreed Thursday to a grand compromise of new regulations and extra spending to end the worst economic downturn since the Great Depression. 


"We will do what is necessary to restore growth," said G20 host and British Prime Minister Gordon Brown, ending what had been a tough round of negotiations on how to address the global economic crisis.


by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 04:00:16 PM EST
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BBC NEWS | Business | G20 leaders seal $1tn global deal

Leaders of the world's largest economies have reached an agreement to tackle the global financial crisis with measures worth $1.1 trillion (£681bn).

To help countries with troubled economies, the resources available to the International Monetary Fund (IMF) will be tripled to $750bn.

There will also be sanctions against secretive tax havens and tougher global financial regulation.

And the G20 has committed about $250bn to boost global trade.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 04:07:15 PM EST
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There are several april fools in todays Salon, but this is the most blatant.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Fri Apr 3rd, 2009 at 01:00:26 PM EST
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G20: Did police containment cause more trouble than it prevented? | World news | guardian.co.uk

For more than seven hours yesterday, police prevented people from leaving the area of the London G20 demonstrations near the Bank of England.

Protesters who had wanted to demonstrate against the British banking system and capitalism in general, but who had also wanted to protest about climate change or the wars in Iraq and Afghanistan elsewhere in the capital, were hemmed in.

Officers forming a wall of fluorescent yellow told those who wanted to leave the area and were puzzled that they could not: "Don't ask us, ask the gaffer."

The area became a public lavatory as people unable to move away used the entrances to Bank underground station as a urinal.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:31:22 PM EST
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Restricting free movements of people is always more trouble than it's worth.
by paving on Thu Apr 2nd, 2009 at 05:07:29 PM EST
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Tough talk at G20 as the EU awkward squad demand rapid results | World news | The Guardian

Barack Obama and Gordon Brown may well be confident about closing a deal on global financial reform at the G20 summit today. But last night Nicolas Sarkozy and Angela Merkel stuck firmly to their European alliance and talked tough about their bottom lines.

Just hours after the US president and the British prime minister did an upbeat double act in the gilded splendour of the Foreign Office's Locarno room, the Franco-German couple made clear they were speaking "with one voice" and holding out for the most rigorous agreement they could get - with a little dig at the man the world is watching most closely.

"I trust Mr Obama, but we are talking about today and tomorrow," Sarkozy told a separate bilateral press conference that felt like an opposition event. "Decisions need to be taken now. This is not the time for fancy speeches." The financial crisis, he observed, had hit a "multipolar world - the crisis didn't actually spontaneously erupt in Europe, did it?"

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:33:07 PM EST
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G20 declares door shut on tax havens | World news | guardian.co.uk

The most dramatic crackdown on tax havens was unveiled by G20 leaders at their summit today, paving the way for the naming and shaming of countries that fail to comply with internationally agreed standards.

Gordon Brown hailed the agreement as he issued a blunt warning to individuals and corporations that invest in renegade tax havens that their money will be unsafe.

"People will increasingly see that it is unsafe to be in a country which still wants to declare itself as a tax haven," the prime minister said.

"There will be no guarantee about the safety of funds there. If tax information is exchanged on request, as these countries have agreed to, then the benefits from being in these countries will diminish every day."

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:38:42 PM EST
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Yes. It's going to be interesting to see that working for the Channel Islands and other British havens, isn't it?
by ThatBritGuy (thatbritguy (at) googlemail.com) on Thu Apr 2nd, 2009 at 08:03:08 PM EST
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Not really.  Yawn!

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Thu Apr 2nd, 2009 at 10:24:48 PM EST
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G20 summit: Sarkozy praises Brown and Obama for roles in 'historic' outcome | World news | guardian.co.uk

Nicolas Sarkozy tonight lavished praise on Gordon Brown and Barack Obama for their role in the G20 summit but insisted the "historic" outcome would not have been achieved without pressure from France and Germany.

Hailing the greatest financial reform since the Bretton Woods agreement, and ending "the madness of this time of total deregulation", the French president revealed there had been "tensions in the room" until shortly before the conference ended.

"We would never have hoped to get so much," he said at his final press conference. "This is not the victory of one camp against the other, but shows the growing awareness that the world needs to change."

Sarkozy, backed by the German chancellor, Angela Merkel, had several times threatened to walk out if their joint "red lines" on regulation were not preserved - even though this was widely dismissed as tactical posturing.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:41:59 PM EST
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with the outcome of the meeting:

G-20 in London: More Oversight and $1 Trillion for World Economy - SPIEGEL ONLINE - News - International

On Thursday in London, the G-20 agreed to inject $1 trillion into the global economy and to significantly strengthen financial oversight. Chancellor Merkel called the agreement an "almost historic compromise."

On Wednesday, eyebrows were raised when German Chancellor Angela Merkel and French President Nicolas Sarkozy went before the press to demand in no uncertain terms that the G-20 do more to strengthen regulation of global financial markets. On Thursday, the two leaders appeared to be getting everything they asked for.

German Chancellor Angela Merkel was pleased by the results of the G-20 summit in London. G-20 leaders, gathered in London this week to find a common response to the global economic meltdown, agreed to significantly tighten oversight of the global financial markets. Merkel and Sarkozy had rejected earlier drafts of the statement for lacking bite when it came to financial oversight. Now, the G-20 has agreed to the creation of blacklists of tax havens in addition to measures to tighten rules pertaining to hedge funds and credit rating agencies. An oversight body will also be created.

by Fran on Thu Apr 2nd, 2009 at 05:44:35 PM EST
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News Analysis - Obama's Star Turn at Summit Gets Mixed Results - NYTimes.com
After more than 11 hours of meetings, Mr. Obama emerged Thursday from his first summit meeting with a handful of modest concrete commitments. He did not get much of what American officials had been hoping for, notably failing to persuade other countries to commit to more fiscal stimulus spending.
by Fran on Fri Apr 3rd, 2009 at 02:07:43 AM EST
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Graham Turner: G20: Trebling the IMF's kitty will not solve the immediate problem | Comment is free | guardian.co.uk

In the end, Brown and Obama could not get the Europeans to agree on yet another fiscal boost at the G20 meeting. But the consolation prize - an infusion of $500bn into IMF coffers - gave the Anglo Saxon leaders something to trumpet.

Their brand of casino capitalism may have spawned multiple credit bubbles across a wide swathe of emerging market economies. But as eastern Europe and many other countries slide towards depression, their governments can rest assured. The global cop of last resort, the IMF, will come to the rescue.

Many will shudder at the thought. When the SE Asian bubble burst in 1997, IMF staffers were sent to Bangkok, Seoul, Kuala Lumpur and Jakarta to impose tough conditions for loans that still failed to prevent exchange rates from collapsing.

In return for emergency loans, they demanded a draconian and anti-Keynesian tightening of fiscal policy that drove the Asian economies deeper into recession.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:43:09 PM EST
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G20 forgets the environment | Environment | guardian.co.uk

Here is the text of the G20 communique, in compressed form.

"We, the Leaders of the Group of Twenty, will use every cent we don't possess to rescue corporate capitalism from its contradictions and set the world economy back onto the path of unsustainable growth. We have already spent trillions of dollars of your money on bailing out the banks, so that they can be returned to their proper functions of fleecing the poor and wrecking the Earth's living systems. Now we're going to spend another $1.1 trillion. As an exemplary punishment for their long record of promoting crises, we will give the IMF and the World Bank even more of your money. These actions constitute the greatest mobilisation of resources to support global financial flows in modern times.

Oh - and we nearly forgot. We must do something about the environment. We don't have any definite plans as yet, but we'll think of something in due course."

The G20's strategy for solving the financial and economic crisis, in other words, is detailed, innovative, fully costed and of vast scale and ambition. Its plans for solving the environmental crisis are brief, vague and uncosted. The environmental clauses - which contradict almost everything that goes before - have been tacked onto the end of the communique as an afterthought. No new money has been set aside. No new ideas are proposed; just the usual wishful thinking: let's call the whole package green and hope for the best.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:44:55 PM EST
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Police arrest 122 after G20 violence | UK | Reuters

LONDON (Reuters) - Police have arrested 122 people and detained scores more following violent clashes timed to coincide with the G20 economic summit in London, they said on Thursday.

Around 85 people were arrested on Wednesday after repeatedly clashing with police in the narrow streets of London's financial quarter on what protesters designated "Financial Fools Day."

Police are also examining how one man died in the clashes.

By mid-afternoon on Thursday, after two police raids on squats and two smaller demonstrations around the Stock Exchange and the Bank of England, the total number of arrests reached 122, police said.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:51:09 PM EST
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EUOBSERVER / LONDON - Leaders of the G20 industrial nations finished breakfast on Thursday (2 April) morning at London's Excel Centre and began the final phase of tough negotiations on how to reform the International Monetary Fund (IMF) and boost its resources.

"You need to appoint someone democratically at the IMF," said Irish campaigner and former pop sing

Mr Geldof, who for many years has put pressure on Western leaders to increase aid to developing countries, said the days of European and American domination of the world's multilateral lenders, such as the IMF and the World Bank, have to come to an end.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:53:32 PM EST
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EUOBSERVER / LONDON - The eve of formal G20 discussions due to be held in London's Excel Centre in the east docklands area was marked by competing press conferences between old alliances, while a series of bilateral meetings across the city bore considerable results.

United States president Barack Obama and British prime minister Gordon Brown both stressed the importance of co-ordinated stimulus spending to jump-start the global economy at a joint press conference on Wednesday (1 April) morning.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:56:20 PM EST
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EUOBSERVER / LONDON - Amidst the tens of thousands of activists of various stripes targeting London's financial district as the G20 summit opened on Wednesday (1 April), one of the more colourful contingents of mostly youthful activists set up a 'Climate Camp' outside the European Climate Exchange, saying the same free-wheeling financial system that has led to the current economic crisis will not be able to save the planet from the climate crisis.

While outside the Bank of England a motley crowd tussled with police and a handful stormed a Royal Bank of Scotland office, resulting in 63 arrests, according to authorities, and elsewhere in the British capital peace campaigners voiced their opposition to the war in Afghanistan and the Israeli occupation of Palestinian territories, in this particular corner of London for some 2,000 students, academics and environmental campaigners, the centrepiece of the EU's climate change strategy, the Emissions Trading Scheme, was their key target during the G20 meeting.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:56:53 PM EST
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More talks, less protests at G20 in London | Europe | Deutsche Welle | 02.04.2009
Leaders seek compromise on a host of issues Thursday, from financial regulations to tax havens to IMF contributions. Protests, so heated on Wednesday, begin to cool off. 

US President Barack Obama was behind closed doors with 19 of his counterparts Thursday, attempting to hammer out a new agreement on boosting global economic confidence.

Obama pledged Wednesday to do all he could to face down the global recession, highlighting the consensus that had been reached among the G20 leaders in the run-up to the summit on the global economic crisis.

But at a joint press conference German Chancellor Angela Merkel and French President Nicolas Sarkozy threw down the gauntlet on market reform, insisting that the summit needed to act now to tighten the global regulatory system.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:58:19 PM EST
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Germany beefs up security as NATO protesters get antsy | Europe | Deutsche Welle | 02.04.2009
German police say they plan a "zero tolerance strategy" for violent protesters at the upcoming NATO summit following riots at the G-20 meeting in London. First clashes have already taken place. 

Police and demonstrators have been flexing their muscles in the run-up to this week's summit celebrating the 60th anniversary of NATO.

German police have developed stringent plans for crowd control, after angry protests at the G-20 meeting in London descended into violent battles with police that saw one man collapse and die.

Police in the cities of Kehl and Baden-Baden, Germany, are expecting thousands of anti-NATO demonstrators at the April 3 and 4 meeting, which is being co-hosted by the French city of Strasbourg.

The head of the German police union told the Neuen Osnabruecker Zeitung: "We have to assume that protests against the NATO summit will be significantly more aggressive than in the past."

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 04:01:30 PM EST
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BBC NEWS | World | Europe | Clashes at Nato summit protests

Police have clashed with hundreds of anti-Nato protesters in Strasbourg, firing tear gas to stop a crowd getting to the city centre, reports say.

Masked protesters smashed bus shelters and set fire to rubbish bins. AFP reported around 100 arrests.

Security has been high in Strasbourg and across the German border in preparation for the summit.

Some 25,000 police are on duty to control the tens of thousands of protesters expected to attend.

Groups of youths, many wearing hoods or scarves, walked through a suburb of the city carrying banners saying: "Stop repression in London and Strasbourg".

Bus stops and vehicles were vandalised, shop windows smashed and a barricade put up on one street.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 04:08:51 PM EST
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From Herticalt @ Daily Kos: Obama Saves G20; Does America Proud

According to sources inside the room, President Obama just played peacemaker in a spat between French President Nicolas Sarkozy and Hu Jintao, President of the People's Republic of China.

In the finaly plenary session among the G-20 leaders, Sarkozy and Hu were having a heated disagreement about tax havens.

You heard it hear first, an American President actually brought people closer together acting as a mediator. Could this be signs of a new role for the US to play in the 21st Century? We can only hope. And this is no small issue, China is fiercely protective of their banking centers and the French are on a regulatory rampage. Bringing these two parties closer together kept the G20 from moving towards an unworkable situation.


ABC News Blog


by Magnifico on Thu Apr 2nd, 2009 at 05:26:44 PM EST
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From The Termite @ Daily Kos: Yes, I DO give a damn what the rest of the world thinks!

I'm sitting here with goosebumps on my arms as I read accounts of Obama at G20, and I want to share my enthusiasm with you.  Will you join me in reflecting here for just a minute?


This "American exceptionalism" is rationally and morally bankrupt, and President Barack Obama is ushering it out.  He is ushering in a new era of American exceptionalism which is based on the understanding that we must always be willing to examine ourselves, our actions, and their consequences to ensure that they are worthy of us.

What is exceptional about us isn't our destiny.  If we understand anything from our current state of peril, it's that our destiny is a work in progress, and we can still fuck it up mightily.

Our power isn't what's exceptional about us, either.  We have begun to understand our vulnerability, and we have rejected the charlatans who've promised to keep us safe by stripping away our freedoms.

What is exceptional about us is how we choose to bear the unique burden of simply being The United States of America.

by Magnifico on Thu Apr 2nd, 2009 at 05:31:17 PM EST
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What is exceptional about us is how we choose to bear the unique burden of simply being The United States of America.


the only exceptional thing about america was that it thrived on an ecology that had been respected and conserved by millennia of native americans, while the rest of the world's low hanging resources were starting to be tapped out.

it goes deep the brainwashing, huh?

in one sentence he says what he knows the world has been long waiting to hear, then in a few seconds has america ushering in a new exceptionalism!


is it so hard to get, the concept of equality amongst all global citizens?

and that's on dkos... i shudder to think what the great majority who are even less aware of the conditioning they have been subjected to still believe.

...and the racism O's election was supposed to symbolise the end of is just as pernicious and distasteful when delivered in this ethnocentric, myopic style.

the harder they come... what's unique about the usa experience is how depersonalised and demented the cognitive dissonance has become.

i'm increasingly seeing obama as a majordomo to the megawealthy, giving them a shiny new frontman to argue for the plutocrat status quo.

what's astonishing is the charm and savvy, how ingratatiatingly nice he and his family come across.

so the cog-diss is in its own way as mindbending as during gwb's era, it's just very different, brand new flavas!

heavens, the man is a politician, what did i expect?

walk like a basketball player, quack like a statesman, act like the other 'great pretenders' of recent history.

nothing personal, just business.

and tomorrow the hopium will take hold again...

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Fri Apr 3rd, 2009 at 07:38:30 AM EST
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by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Fri Apr 3rd, 2009 at 04:57:36 AM EST
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What are they singing - "My Way"?

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Fri Apr 3rd, 2009 at 06:16:16 AM EST
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THE G20 summit made you giggle like a schoolgirl last night after producing a shiny $1 trillion coin from behind your right ear.

At the close of an historic meeting in London, Gordon Brown delighted his fellow world leaders by crouching down asking you if you had any money.

When you frowned and shook your head, the prime minister moved his hand up to your right ear where he produced a big, golden coin and said, 'well, what do we have here?'.

Mr Brown then gave you the coin, patted you on the head and urged you to spend it all on sweets.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Carrie (migeru at eurotrib dot com) on Fri Apr 3rd, 2009 at 05:08:36 AM EST
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by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Apr 3rd, 2009 at 05:49:29 AM EST
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Hat tip: http://www.housepricecrash.co.uk/

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Carrie (migeru at eurotrib dot com) on Fri Apr 3rd, 2009 at 05:58:04 AM EST
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