G20 leaders wrap up economic summit

U.S. President Barack Obama said the G20 leaders agreed on concrete steps to prevent another financial meltdown like the current one that has pushed millions of people into unemployment and cost trillions of dollars in lost wealth
B92

What we've seen in the last year or so is the massive redistribution of wealth from the taxpayers to the crooks of the Wall Street and the City of London.Yet the people in power in some of the G20 countries are unwilling to take drastic regulatory measures which will prevent such a crisis happening again.

Unfortunately, instead, it looks like we're heading for a fudge. You hear alot about global governance, but in a system designed to make profits, patch up jobs are all we are going to get. And of course, the economists will be saying that the the present mess is just the economy rebalancing itself.

The US and Britain want to continue as before because their economies are so reliant on the financial sector and they cannot see any way out for them other than a return of this madness.

However,the rest of the G20 should push for the re-introduction of the Glass-Steagall act, once this sanity is restored the excess leverage created by the plundering of banking accounts will stop and bonuses will dry up as a natural consequence. Bonuses are an effect, not a cause.

Any deviation from a new strct regulatory regime will definetely lead the world to a larger catastrophe in future with unmaginable consequences for all of us.

U.S. President Barack Obama said the G20 leaders agreed on concrete steps to prevent another financial meltdown like the current one that has pushed millions of people into unemployment and cost trillions of dollars in lost wealth
B92

What we've seen in the last year or so is the massive redistribution of wealth from the taxpayers to the crooks of the Wall Street and the City of London.Yet the people in power in some of the G20 countries are unwilling to take drastic regulatory measures which will prevent such a crisis happening again.

Unfortunately, instead, it looks like we're heading for a fudge. You hear alot about global governance, but in a system designed to make profits, patch up jobs are all we are going to get. And of course, the economists will be saying that the the present mess is just the economy rebalancing itself.

The US and Britain want to continue as before because their economies are so reliant on the financial sector and they cannot see any way out for them other than a return of this madness.

However,the rest of the G20 should push for the re-introduction of the Glass-Steagall act, once this sanity is restored the excess leverage created by the plundering of banking accounts will stop and bonuses will dry up as a natural consequence. Bonuses are an effect, not a cause.

Any deviation from a new strct regulatory regime will definetely lead the world to a larger catastrophe in future with unmaginable consequences for all of us.