The G20 Summit – Delusions and False Hopes

This article was first posted on 21st April 2009:

I haven't been able to make this post as soon after the G20 Summit as I would have liked, but it's not too late to have a look at what happened there and the communiques issued after it finished.

What has this Summit achieved? The media here in the UK dwell on the demonstrations that took place in London near the conference, and the alleged police brutality in their handling of protestors. That is about as far into the effects of the Summit on ordinary people as the mainstream media is likely to go. Hence this blog entry.

Probably none of those participating in the demonstrations had any idea of the real reasons for the financial crisis or of the existence of the Money Power or the "Superclass" of David Rothkopf's book of the same name. This ignorance is a great pity as the Money Power is undoubtedly behind the current economic crisis and pulls the strings of the politicians attending summits such as this.

Those of us who have come to be aware of the Money Power and their "Superclass" colleagues, and their plans for total world control, have a duty to inform as many people as possible of what is really going on.

So let's start by taking a look at one of the communiques issued at the end of the G20 Summit. The main document is around 3,000 words, is proudly entitled "The Global Plan for Recovery and Reform", and has an explanatory guide and two declarations accompanying it.

Anyone looking for real-world solutions to the crisis, or even just something that addresses the real problems caused to real people by the financial train wreck of the last 18 months, is going to be disappointed. Asserting that this is the "greatest challenge to the world economy in modern times", it opines that "a global crisis requires a global solution".

This might sound grand, but it simply isn't true. Since when has there ever been a "global solution" to anything? What we have is a situation beyond the comprehension of the so-called "world leaders" who attended the conference. These puppets think they can each hide their own ignorance of what has caused the crisis and what must be done to resolve it by going through the motions and attending all the meetings that every other "leader" is doing, so that when it all unravels in an even greater crisis they are all lost in the crowd when it comes to culpability.

There then comes the incredible statement that "prosperity is indivisible; that growth, to be sustained, has to be shared". Well, I have news for whoever drafted that piece of nonsense. Prosperity is not indivisible. It comes to those that work for it. And growth does not have to be shared in order to be  sustained. Of course, those that work for, and obtain, prosperity, regularly have it taken from them by interfering and corrupt socialistic governments so they can give some of it to non-productive freeloaders in order to bribe them and obtain their votes at the next election. This they call "sharing". It's called robbery and corruption where I come from.

The next gem comes in the same paragraph, stating that "We believe that the only sure foundation for sustainable globalisation and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions."

There are a number of howlers here. The first point is that "globalisation" is neither desirable nor sustainable. It simply means that manufacturing takes place in those countries with the cheapest pool of labour, and the working men of every country have to compete with each other for work by being prepared to accept the lowest possible wages. Taken to its logical conclusion, every time the workers of a particular country or region gain supremacy in any particular market (as with China and the electronics industry today) then before long there will be competition from some other country or region where the workers are prepared to accept even lower wages until everyone ends up working for virtually nothing. Wonderful, eh?

An "open world economy based on market principles" is not only the economics of the jungle, where any labour force in the world can be made to undercut the local labour force and cause massive social disruption through unemployment and factory closures and bankruptcies, it's also the very thing that caused the economic crisis to spread across the world in the first place.

"Effective regulation and strong global institutions" means more of what we've had for the last sixty years, and smacks of Orwellian dictatorship spread over the whole world, from which there can be no escape. What about strong nations? What about independent nations? They've been the guarantors of individual freedoms in the past, but now they're all debt-ridden and weak, and only global institutions under the control of the Money Power are strong. Globalisation
ultimately means global totalitarianism.

I've covered less than half a page of the eight page report, so I don't propose to go on much further. You can see that it is just what can be expected from ignorant politicians pretending to know what they are dealing with. Platitudes such as "restoring confidence", "restoring lending" and "reforming our international financial institutions" abound, but strangely the word "debt" only occurs twice in the document. Don't get excited, though. The first mention only
relates to debt relief, not for the likes of us, but for sub-Saharan Africa, and the second mention is in the context of the "Debt Sustainability Framework" (i.e. making sure everyone can be made to continue paying homage to the Money Power by paying their debts and the interest on them).

Plainly the authors of this shoddy report are only concerned to get world conditions back to where they were before the credit crunch struck. Except with even stronger powers for international financial institutions. And they propose to do this by making "additional resources" of $1.1 trillion available through "fiscal expansion". Since they're incapable of producing this amount in real wealth, they propose to produce it by borrowing yet more fiat money. Rather like
the "quantitative easing" that the Bank of England is treating us to here in the UK. Yes, that means creating more debt-money out of nothing as well.

Finally, as if that weren't enough, the politicians comprising the G20 group of finance ministers and central bankers propose to actually increase the debt burden on "developed" countries (i.e. Western Europe and North America - until recently the most productive countries ever) even more by forcing them to fund "Multilateral Development Banks" to funnel money to "low income countries".

What this means in plain English is that we in the west act as guarantors while the international financial institutions, owned by the Money Power, make large loans to third world countries, so they can pay this money to Money-Power owned multi-national corporations for setting up factories in their countries to export cheap manufactured goods to us in the west. We in turn will pay for them
twice over, once by buying them in the first place, and again by repaying the loan to the financial institution when the third world country defaults.

If the politicians who attended this conference didn't have the protection and patronage of the Money Power and the so-called "global elite", the Superclass of David Rothkopf's book, they would, in any sane society, be rounded up as dangerous lunatics and criminals.

Until the debt based system of finance is overthrown and sound money introduced throughout the world, we are going to be faced with soaring levels of debt and taxation, social strife, non-accountable financial and governmental institutions with draconian powers, and grinding poverty for the vast majority of our people.

Better read Promise To Pay and start spreading the word now.

Philip Gegan



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