Saturday, April 4, 2009
G-20 - Building up, not tearing down
Thus, at G-20, the "leader of the free world" (our president!), helped to bring about what McClatchy calls "large achievements."
"The leaders of the world's major industrialized nations accomplished something at their G-20 summit...that rarely happens at such gatherings of heads of state.
"The produced large achievements.
"They pledged the first-ever global regulation of hedge funds and private-equity firms, big players in global finance that have enjoying operating under the regulatory radar. They agreed to require banks to set aside more capital in good times to help them function in bad times. They vowed to crack down on tax haven nations that allow the wealthy to escape taxation. And they pledged $1.1 trillion to the International Monetary Fund and related institutions to help revive the global economy."
What struck me, in particular, was how for the first time in a long time, the United States held out the hand of friendship by explicitly involving itself in cooperative efforts, and thus telling the rest of the world we not only own up to our culpability in this godawful mess, but recognize that we do not live in isolation, that we cannot "make it" on our own, that we're all in this together and we'll do whatever it takes to make it right.
That's a 180 from how the Bush/Cheney gang of criminal thugs operated over the past eight years!
This obviously does not mean that our problems are over and that we're on the way back to easy street. We may never walk easy street again. But it does mean that we're committed to taking the necessary steps to modify the system so that it works, not just for the greedy bastards on Wall Streets around the world, but for all the people -- those who because of the greedy bastards are now homeless, jobless, and hopeless.
McClatchy has much more on this subject which you can survey here.