G20 Summit

The G20 Summit. What is G20? What is it and what do they want to accomplish? The G20 was established in 1999 and the G20 members meet regularly to discuss key issues in the global economy. Members include major powerful countries and the other little countries has little or no voice. See my blog dated 05012010.

The recent G20 summit was held in Toronto, Canada, our next door neighbor. The theme of the summit was ' Recovery and New Beginnings," which was held on June 26-27, 2010. The United States has committed to keep the government spending focused on recovery and increase savings while the European nations will focus on austerity and fighting deficits! They are committed to raising the living standards across developing countries and make smarter investments in areas like agricultural development and food security. Raising the standard of living in developing countries is very noble, but that takes more money! Where are they going to get the financial backing??? The United States??? How could The United States afford to give out more money??? It has already a huge deficit, and the prediction with the Euro gaining grounds, together with the Chinese and other Asian countries, the United States will really be in a mess.... a very deep hole!!!!

How about the Chinese? The Chinese has an asset bubble!!!! With their cheap exports around the world, mostly to the United States, their economy really soared! With this, China recently announced that they will change their currency policy. They will allow more flexibility in the yuan exchange rate. That is why the summit members were courting the Chinese, not the US, as the world's source of dollar financing!!!! Hmmmmmm......How about that??? The US is no longer the world power!

Why were there sooo much protests on the streets of Toronto during the summit????? "People'sFirst " protesters numbering 4,000, gathered for a demonstration during the summit. People perceived the meeting as a drive to initiate a New World Order!!! The demonstrations turned ugly!!!! Protesters were smashing windows, touching police cars, and in return, the police used tear gas to combat the G20 protesters!!! The downtown Toronto subway lines and commuter trains were shut down at the request of police after the violence broke out! As a result, around 400 people were arrested!!

Could the demonstrations have been peaceful??? Maybe, maybe not!! We do not know the whole story of who provoked to start the rioting! The protesters were probably trying to gain worldwide attention to the real agenda of the summit, and how else could they accomplish this in their mind except to resort to violence??? On the other hand, the G20 leaders amd members should issue a statement of their real intention with the summit so that people will not have the paranoia that they are up into scheming something that the people do not want!!!
Posted by vs at 6/28/2010 9:42 AM Add Comment