A trillion dollar success?
So the G20 summit is finally over. The Heads of State have come and gone. The protestors have had their say and another country has been entirely won over by Mr and Mrs Obama.
And the headlines have been pretty complimentary. Over a trillion dollars has been pledged and wise heads are saying that this marks the turning point for the global economy.
But look a little deeper. I’m not arguing here about the figures. I don’t know if these are old pledges or new. I don’t know if the regulation is tight enough and I don’t know if even a trillion dollars will re-vitalise world trade. But I doubt anyone else does either.
No, I think we need to look at the human cost of this recession. The thousands of firms going out of business and the millions of people losing their jobs and in many cases their homes as well. And mainly, though not entirely, because of greed and arrogance. And it goes beyond the unemployment figures themselves. In America for example millions of people are on the breadline though they remain in part-time employment – too proud to accept State aid.
So when will we start to see an end to this recession if not following the efforts of the G20? That bit is simple. When we see real values return to corporations – both financial and otherwise – and when success is measured in real profits rather than financial engineering. And when our best and brightest recognise the value of earning an honest living.
Tags: G20, Obama, World Trade