Thursday, 2 April 2009

The G20 Summit Overview.

Haven't been paying this much attention as its bored me stupid, but here's my synopsis of the G20 summit.

We get a fanfare announcement of a trillion-dollar fiscal stimulus which was agreed ages ago and is basically old money already put into the system. The meeting failed to get other countries apart from the UK and America to commit additional funds. The lack of new money is bad news for the UK who have already committed the maximum amount they can afford, to little effect.

The G20 statement mentions vehicles such as the IMF will be used as well as the fiscal stimulus.

No new money going into banking black hole means Mandleson is wheeled onto the news to start mentioning the IMF isn't a black mark against a country's economy.

Gordon Brown urges the IMF to start selling gold reserves.

Basically we're skint and off to beg for funds from the IMF within the next three months.

Public sector workers should start to be very concerned tonight.

Bank workers should start to be very concerned tonight.

Car Industry workers should start to be very concerned tonight.

In fact, everyone that has a pension, mortgage, savings, overdraft, or any form of debt (i.e. most of us) should start to be concerned tonight.

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