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The G 20 Summit

The recent G 20 Summit has a distinctive likening to the Marshall Plan, which aim was to stabilise and strengthen the economies of the richest countries that were affected by The Great Depression, which was climaxed with the Second World War. After the Second World War the leading economic countries came together to try and restore their ailing economies due to the war that destabilised their prospective countries. Over 60 years later, without a world war and a similar plan is being put into place to try and salvage the banking system as well as restoring confidence in the capitalist system. Funny enough in this G20 Summit, talk is being made of China and how they have huge reserves of money. As China is a communist state I was a bit shocked to hear this mentioned. However as these western economies are on their knees, it seems, they will do anything to keep their capitalist structure alive.

Although we saw the repercussions of the recession where several companies are going into liquidation, people losing their jobs and homes, we are still seeing executives getting huge rewards in millions. Have a read in any the Financial Times issue. Stimulating the world economy has been the main focus of the G20 Summit, where companies need financial aid to keep in administration. A lot of money is being pledged to help these companies but I’m wondering where all this money is coming from? Even so I still believe it will take a lot more money and a lot more time to get things back to normal.

I always say that Africa has been in a recession for centuries and no one cared, however as capitalist and westernised economies are being threatened then there is a big hurrah or uproar if you like. There should be another summit at the end of this year to see if this 1 trillion dollar pledge is working. Before this happens I forsee a shakeup in the international financial markets. A lot of companies are being bailed out yet they are continuing the old practices that caused the credit crunch in the first place.

We're continuing to see executives getting huge payouts. Just imagine how the average person feels when this happens. I mean they work so hard to pay their bills then at the end of the day they learn that some rich person often with white skin and blue eyes as the brazilian president puts it is getting a huge payout. Its simple, if there's no disposable income to encourage people to buy and stimulate the economy then growth will stop, companies will go bust, people will lose their jobs and will have less money to go out there and spend, which the economy depends on. Let's just see how effective this G 20 Summit was.

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