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G20 summit spectacular: World banks on London
Joe Murphy, Political Editor27 Mar 2009
- Professor Chris Knight renews threats against G20 police
- Roadwork rubbish is cleaned up amid fear of rioting
- Brown pledges cautious Budget
- Pork is scratched off the menu for Jamie Oliver's diplomatic dinners
- Glossy photocalls and charity lunches for the first wives club
- Come on Sarah, you can compete with Carla
- Commentary: A cause for pride and celebration
FOR a few extraordinary days next week, London becomes the centre of the world once again.
Our capital has seen nothing like the G20 since the fleeting days after the Second World War when Britain proudly offered its democratic heritage to a world torn by war.
Two dozen heads of state or prime ministers from the world's richest and most powerful nations will gather - the biggest number since the United Nations General Assembly held its first session at Westminster's Central Hall in 1946.
Today the challenge is different - a global recession caused by bankers rather than bombers - but every bit as urgent, which is why the eyes of the world will be watching as the motorcades rumble to the conference in the vast hangar of the ExCeL centre.
It is, of course, the first visit to Britain by Barack and Michelle Obama since they became America's first black first couple, an event of huge excitement to many Londoners.
Other names are a roll call of the world's most powerful and fascinating men and women, including presidents Hu Jintao of China, Medvedev of Russia, Sarkozy of France, Lula of Brazil along with the flamboyant prime minister Berlusconi of Italy and King Abdullah of Saudi Arabia.
Between the top 20, they run nations that own 90 per cent of the world's wealth and control 80 per cent of its trade. It is the hardest club in the world to join.
Vying for attention are full scale delegations of the World Bank, the IMF, the EU and representatives of the poorest peoples of Africa and South-East Asia. In total, 30 delegations will collide at the summit - numbers that dwarf the G8 at Gleneagles in 2005.
Attracting such names is a glittering coup for Gordon Brown. But it is also a political risk for the Prime Minister: A failure on this scale would be humiliating. Hence, Mr Brown is even now banging the drum in South America to boost enthusiasm.
Failure may be unthinkable but it is not impossible. Mr Brown has finally abandoned hope of every country committing money to a global fiscal stimulus because pre-talks found few have the cash to spare. But he remains ambitious for a "grand bargain" for nothing less than a redesign of the world financial system.
To claim success he wants co- ordinated action to ease the world's economic pinch-points by monetary policy and targeted spending. Also vital is a new, stronger system of regulation of banks.
A roadmap to long-term reforms to the organisations supposed to avert such economic disasters and to give a greater voice to poorer countries is hoped for.
But there are problems galore. No one yet knows whether President Obama, whose support is vital, is really keen on regulatory reform. And America shows no real enthusiasm for a free trade deal, which Mr Brown considers essential for future prosperity.
But whatever happens, it is the greatest show in town.
The aims of the summit
* To agree "whatever action is needed" to stabilise financial markets and boost economies.
* To reform the global financial system and restore long term confidence.
* An early warning system of future financial meltdowns - and plans to cope.
* Action against rogue tax havens and regulation breakers.
* To boost the finances of the IMF with $500billion of funding to fight crises.
* Progress towards a world free trade treaty.
* To reaffirm aid pledges to developing countries.
What's happening next week
The G20 summit being held in London will host 20 world leaders hoping to take a major step towards drawing up a new glogal financial system. Here's a guide to Showcase London...
(Click images to enlarge)
Reader views (24)
This will be a difficult one for the media. How do you intimate that it is not capitalism in itself but misuse of the wealth it creates that is at isue? And that thousands of people living off the welfare state from choice - before the "crunch" took hold - did not help matters either?
The government of the day should stop being "popular" and start being business-like. And, while drastically reducing its costs and irresponsible hangers-on, promote and support Britain's monarchy as the only institution that holds it together.
ven in the media, without order and a willingness to air the opposing view, things are a total mess. And can only get better from this week!
- Peter Seekings-Foster, Mildenhall, Suffolk., 29/03/2009 11:43
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All of these people are sitting down to talk for roughly 4 hours. What can they accomplish in 4 hours?
Aside from photo ops, soundbites and juicy gossip about some world leader, nothing much. The rest of the world is still angry at the States for starting all of this. And in a sense the arrogance continues with even more spending on their part.
For another view on this, check out http://whereismybailout.weebly.com. Interesting comments as well.
- T, Kansas City, US, 29/03/2009 00:00
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People should really be protesting the up and coming Bilderburg meeting in Greece, where the real decisions are being made. Our voted leaders run nothing. Remember when Margaret Thatcher made a speech explaining that, after loosing her position, she was now part of the "parralel government"?
The G20 have no solutions, they have an agenda. They want world government, so they can inflate the currency and rob us with greater impunity, combined with a global version of Marxism.
I expect state sponsored "anarchists" to smash things up to justify the police state. A defacto attack on free speech. Here's a newsflash, real anarchists are pacifists. They are mainline conservatives who believe in freedom from state intrusion.
- Planning4acrash, London, 28/03/2009 11:03
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Has Fred the Shred been invited. HBOS and RBS will obviously have some intelligent input - followed by Northern Rock and Ice Cream for afters.
- Frederick, London, 28/03/2009 07:31
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I reckon they have proof-read the article, Ross. The president and his wife are known as the "first couple" in the states. So they are the first black first couple.
- Will, London, 27/03/2009 22:38
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"It is, of course, the first visit to Britain by Barack and Michelle Obama since they became America's first black first couple, an event of huge excitement to many Londoners."
Does anyone at www.thisislondon.co.uk actually proof-read articles before they are published?
- Ross, London, UK, 27/03/2009 15:50
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Can we please get it right on Barack Obama. He is NOT black. He is NOT white. He is mixed race. Thus he is the first mixed race president of the USA. They still have not had a black president, neither for that matter a female president. The UK and many European countries are still light years ahead of the USA in many respects.
- J. Smith, London, UK, 27/03/2009 15:45
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Gordon has already led us into the financial desert, but even when he gets booted out he will go with a gold-plated pension, yet he still preaches that failure must not be rewarded. The total cost of the pensions we will be paying to this bunch of pretend politicians will put Goodwin in the shade.
- Scotty, Cambs., UK, 27/03/2009 15:39
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Being a socialist from birth; born of socialist parents, and bought up in poverty; I was sad to see that Tony Blair was in-fact a Tory; most of us thought that he would reverse the Thatcher years of greed and selfishness; and buy back all the stolen property Thatcher and her clan sold off cheap etc; well I was wrong about him.
He was on the way out anyway; but then Brown took over?
If he was to be blamed for anything; it was following on in Blair and Thatcher’s foot-steps; and allowing the corruption of the financial elite to continue to rob everyone with impunity etc.
It is a fact that all the Banks in the UK were three hours from closing their doors; and shutting down all hole in the wall cash dispensers etc.
A bit like the Wall Street crash of 1929; in-fact that crash was in most ways, much like this latest crash today; property over-valuation etc; and unwise money making by fools etc.
On the good side of Gordon Brown is this simple fact; had he not propped up the Banks last year, when he did, then only three hours later; the lot would have shut down any business and money transactions instantly; and with that; nobody would have been able to draw out of any bank; their own money etc.
In my opinion; the failure of the labour party is all down to Tony Blair; he could and should have remained loyal to labour voters, and labour principles; and rejected the free market fallacy of Thatcher and her kind etc.
Brown is more the victim of both Thatcher and Blair
- Mickyinlondon, london, 27/03/2009 15:33
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Shouldn't that be "World banks on Gordon"?!
Nothing like a bit of media hype is there?
- Frank, Home Counties, England., 27/03/2009 15:28
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This "free for all" summit meeting is totally unnecessary. Brown is so deluded he believes HE will be leader of the world next week. With the availability of the internet world leaders could have had a video conference and saved us tax payers millions of pounds. It is truly frightening to see the lengths to which this deranged man will go in his efforts to gain publicity. His advisers are clearly not fit for purpose or they would have told him just how much he is despised by the electorate.
- R.F., Yorks, UK, 27/03/2009 15:00
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Well said ER(London) , your comments are probably the only reasonable ones i seen written about this whole subject .
- Adam, london, 27/03/2009 15:00
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. . . and this is a good idea?!
- Roz, Chamonix, France, 27/03/2009 14:39
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Brown has no honour, no scruples, no idea in his mind but to save his rotten skin. The G20 summit will go down in the general public's mind like a lead balloon. It's a waste of space, time, money and worthless - rather like Brown himself. Go, man, go while you're still in one piece otherwise the herd you so despise (despite being a runt yourself) might savage you as we are all so utterly fed up and frustrated with you and all the rest of your rotten crowd who have destroyed this country. And don't delude yourself, Obama has no more interest in you than we have. He is a latter day saint, you are just a moron.
- Judith C, London, UK, 27/03/2009 14:09
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Why put that picture of that particular demonstrator for the Saturday demonstration? It is being organised by the TUC, churches and voluntary organisations. It is very misleading.
- Mary, London, 27/03/2009 13:33
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I had considered joining in the 'Financial Crimes' march. However the thought of joining in the hanging of bankers' effigies leaves me cold.
For me the largest financial criminal is Gordon Brown. Not only did he spend excessively on the back of a destructive credit boom when he should have been reining in his and the bankers' activities. He also engineered a massive robbery of private pension plans worth around £5bn a year when removing the tax credits from pension funds in one of his first budgets. That has reduced pensions with most private final salary schemes removed now from the market to newcomers. Has also weakened companies who need to top up pension schemes. For example BT are on their knees with a pensions shortfall reckoned to be over £8bn. By reducing the worth of companies it has also had the effect of robbing private shareholders in reduced dividends also.
One could argue that the money has gone to those that needed it. Well how about the three million people claiming disability benefit? Even Labour have privately admitted that around a million of these people are not in need of this benefit and should be looking for work. I calculate that the cost to the country would be around £10bn per annum. In other words workers' pension money stolen and squandered by the biggest financial criminal of them all Crash Gordon.
If the protest organisers want to address reality and burn an effigy of Gordon Brown, I promise to be there, giving my full support.
- Harry H, London UK, 27/03/2009 13:29
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Readers only have to watch Daniel Hannan MEP on YouTube to draw the conclusion that the G20 conference will be a complete failure.
For any chance of this event being successful, Gordon Brown has to suddenly gain the respect of the British nation and other countries. The chance of this happening is extremely slim.
- bingham macnamara, lymington, hampshire, 27/03/2009 12:47
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The demo on the 2nd April should be a quiet one. Everyone knows that that students and anarchists can't get up before noon.
- Jimbob, Kensington, 27/03/2009 12:29
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This whole junketting round the globe desperately trying to get world leaders to take him seriously smacks of a last ditch all-expenses-paid trip at tax payers expense, again. Brown has obviously realised he doesn't stand a chance in the positive 'legacy' annuls or at the next general election and so is squeezing as much money out of the coffers as possible to have a nice trip while he can. I've lost all respect for the man, his policies and his government and if this ego-fest next week achieves anything at all I'll be gobsmacked. On a different subject - Note to protestors: don't you think hanging effegies of bankers from lampposts is taking it too far? You're risking your message not being taken seriously either and writing yourselves off as eco-wierdos by politicians. Let's get some realistic, calm, useful protests going - they're much more likely to achieve your aims than just going to the headline grabbing rubbish. Let's just hope these are April Fool announcements against the big earners and aren't actually going to happen and threaten the 'small people' at the banks desperately trying to earn a living. Perspective is needed here.
- Er, London, 27/03/2009 12:22
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How cringworthy is Gordon's speech going to be and will any of the world leaders be in the room when he delivers it?
- ST, London, 27/03/2009 11:51
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Excel is not in Canning Town. It is in Custom House, an area so deprived and forgotten that Newham Council is now labelling it "Canning Town South" in a misguided effort to hide its problems under a regeneration programme that mostly by-passes it. I know, I work there. What on earth have the residents have done to deserve this new affliction? The event and the choice of location in its surrounding deprivation says more about the intellectual qualities and vanity of our career politicians, both national and local, than anything else I can.
- michelle@shed22.org.uk, London, 27/03/2009 11:35
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if they had the conference out of the centre of london they could have saved 30,000,000 GBP just a thought .... and your economic future are in these geniuses hands.....
- Simon, london se1, 27/03/2009 10:50
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Seriously out of date picture of the London skyline....
- Carl, LONDON, 27/03/2009 10:39
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Crash forgot to visit the Pope on his recent jaunt because believe me, the only thing that's going to save him now is a miracle.
- Marianne, SW France, 27/03/2009 10:26
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