So there we have it. After millions of pounds, after endless drafting by spin doctors, after a good lunch and thousands of airmiles, the Finance Ministers conclude they will “do whatever it takes” to end the recession.
When will that be then?
And could we know “What does it take”?
I suppose it is a kind of wisdom that the UK government has now twigged that each of the G20 countries is in in a different position, and maybe needs to take different action. They have certainly worked out now that there are very different views of what might help, ranging from the absurd Franco-German idea that more regulation will end the slump to the risky US idea that the way out of a borrowing crisis is to borrow more. Some wiser heads in the UK government team have worked out that the rest of the G20 do not see themselves as a Gordon Brown fan club, prepared to let him star in his own drama for political advantage at home.
What a pity there were no practical moves to start working through the bad and doubtful debts and the over extended leverage of the broken banks, without saddling taxpayers with the bills. And what a pity there was no break through on rising protectionism,and no mention of the present wish by many of those present to devalue their currencies at the expense of their fellow Finance Ministers.
What a pity as well, that no-one there was prepared to question the wisdom of the huge build up in government debt we are witnessing worldwide. Do none of them stand up for taxpayers, and for future generations now being born into collosal debt?