Now that the Banksters Got the Money, G-20 Vows to Cut Deficits by 2013

The G-20 has declared to cut their deficits by half by 2013. Guess what that means. Raising taxes and cutting social safety nets. Even worse, it is reported the word double dip, despite the evidence on slowing economies, didn't even come up as a possibility. Forget real global financial reform too, the G-20 cannot even agree to a very minor tax.

The leaders also discussed banking regulations, but could not agree on a proposal for a global bank tax, supported by the United States, Britain and the European Union, but opposed by Canada and Australia.

From the G-20 annoucement:

Reflecting this balance, advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016. Recognizing the circumstances of Japan, we welcome the Japanese government’s fiscal consolidation plan announced recently with their growth strategy.

Look at some of their other goals. To trade people and advance more bad trade deals. What is it about the trade deficit these people do not understand? What is it about destroying middle classes do these people not get?

  • Product, service and labour market reforms in advanced economies, particularly those economies that may have lost some productive capacity during the crisis. Labour market reforms might include: better targeted unemployment benefits and more effective active labour market policies (such as job retraining, job search and skills development programs, and raising labour mobility). It might also include putting in place the right conditions for wage bargaining systems to support employment.
    Product and service market reforms might include strengthening competition in the
    service sector; reducing barriers to competition in network industries, professional
    services and retail sectors, encouraging innovation and further reducing the barriers to foreign competition.
  • Reducing restrictions on labour mobility, enhancing foreign investment opportunities and simplifying product market regulation in emerging market economies.
  • Avoiding new protectionist measures.
  • Completing the Doha Round to accelerate global growth through trade flows. Open
    trade will yield significant benefits for all and can facilitate global rebalancing.
    Actions to accelerate financial repair and reform. Weaknesses in financial sector
    regulation and supervision in advanced economies led to the recent crisis. We will
    implement the G-20 financial reform agenda and ensure a stronger financial system
    serves the needs of the real economy. While not at the centre of the crisis, financial sectors in some emerging economies need to be developed further so that they can
    provide the depth and breadth of services required to promote and sustain high rates
    of economic growth and development. It is important that financial reforms in
    advanced economies take into account any adverse effects on financial flows to
    emerging and developing economies. Vigilance is also needed to ensure open capital
    markets and avoid financial protectionism.

Look at that! Anything that helps the domestic workforce is protectionist and to make matters worse, they wish to trade people as workers. Importing and exporting one's workforce is already well documented to create worker displacement, wage repression and erosion of careers, particularly in high PPP nations.

No wonder there were over 600 arrests. Of course the reason for the uproar and protests will not be covered by the press.

Security cost $1 billion dollars.

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We better be protectionist or we will be thrown into the global feudal workforce. Oh. I think we are there already. So much for "democracy".


is such a B.S. phrase. There is nothing "Protectionist" about at least even following trade theory with the goal to increase your middle class and wages.

They seem to believe trade is for wealth transfer to a group of super elites from the middle classes. Anything else is name called. They use that phrase when they are up to something quite evil and often has nothing to do with true protectionist measures at all. It's so bad, the minute I hear that buzz word, I know there is yet another agenda to wipe out workers and middle classes somewhere.

They are blinded by class

The interests of the wealthy are not the same as the interests of the working class. In many cases they are in conflict. Once you look at it on those terms then their actions make perfect sense.

Much of the TARP has Been Paid Back

Although the biggest joke was GM claiming to have repaid their loans.

Besides I wouldn't worry about the US actually doing anything about deficits anytime soon. Orszag is leaving because Summers and Obama are on the same 'more dent = growth page'.

They know exactly what they are doing

They are trying to destroy the middle class and therefore be politically unopposed as they user a new era of total slavery where only the rich will access to super advanced "life extension technology" that will let them rule forever and along with police state where AI computer systems will watch every move the slaves make and they will be hooked up to an instant kill switch if they even so much give a bad impression to a brain scanning devices (cause you might be a terrorist).

Sound ridiculous? Well not for them because for them it is merely the goal of every oligarchy since the dawn of time to rule like mythical Gods forever. We are unfortunate enough to live in a time where these lunatics think they can actually pull it off or at least they fantasize about things like this because they are not like us.

Does anyone here want think these people who raped Latvia and Africa won't go for system like the one I have described? These folks are stone cold killers with briefcases selling economic poison and they know it.