G20 summit ‘punts’ till April

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November 17, 2008
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G20 summit ‘punts’ till April

G20 leaders have a nice dinner, but do not deal with how to make financial institutions serve the public

At the conclusion of the G20 summit this weekend one got the sense that all major attempts to resolve world financial market crises were outright avoided or at the very least pushed aside until the next meeting which is scheduled to take place in April. The Real News Network spoke to Prof. Leo Panitch, and economist, Doug Henwood about what was proposed at the meeting and what was accomplished.

Doug Henwood felt that “nothing serious could be done with the U.S. in transition”, noting that many of the nations were “undergoing large public stimulus programs (which) they didn’t really add to.”  According to Henwood “no institutional changes to promote any kind of international cooperation, either for economic stabilization and recovery or for regulation in the future” were made and that they have punted these issues for the next meeting.

The attempts to repair the current financial crisis in the U.S. appear to be futile, ultimately returning power to the banks, which was the catalyst for the markets current vulnerable state.  Leo Panitch feels that we need to take action now with the financial system on their back heels, “Money and credits ought to be subject to democratic control and accountability.”

Henwood sees the only solution is “nationalizing failing institutions and aggressively regulating surviving ones.”  He says this is “absolutely essential.”


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