Gordon Brown’s $1 trillion global rescue package unravels

Times ^ | 9/2/09

[FromLori]

Alistair Darling is scrambling to plug a gaping hole in the $1.1 trillion global rescue package agreed by G20 leaders in London — hailed at the time as Gordon Brown’s biggest success.

Some countries, led by Germany, are even calling for the bailout to be scaled back amid fears that it risks burdening economies with too much debt and could encourage inflation.

The breakdown of unity reflects the different speeds at which countries are emerging from recession and conflicting views about the outlook for the global economy.

The differences also extend to the kind of capitalism that leaders want to shape out of the global crisis. A serious disagreement will flare this weekend at a meeting in London of G20 finance ministers over whether to impose an international cap on bankers’ bonuses — a measure being pressed by France. Mr Darling believes that the proposal is unworkable and will table an alternative plan to tie bonuses to performance, The Times has been told.

[JerseyHighlander]

Look back at the FR threads from the week of that summit, the comments had me laughing.

So Lori, which alien syndicate do you prefer to use as the Earth’s loan shark? That was the fundamental theme of Brown’s drivelous statement from the G20 shindig. Extract capital from the burden of labor from the peasants of 3rd world exporters through the inflation of every 1st world currency, in order to maintain the lifestyles of the aging and declining productivity of the 1st world population.

But who was he planning to pay back? Never did figure that one out myself.

“the G20 ‘summit’ should be re-named a Jamboree” - Ambrose Evans-Pritchard

The G20 London Summit will be seen as the point of collapse in the second push for globalization. The world continues as before.

Brown and the Europhiles and EU’s Eurocrats put big bets on the G20 summit stimulus agreement.
http://www.leap2020.eu/open-letter-london-g20-summit-last-chance-before-global-geopolitical-dislocation_a3010.html

[FromLori]

I think I may view it differently. In all candor I believe we should end the fed. I also think we should STOP all foreign aid to those “peasants” and take care of Americans. If we were not robbed constantly for world welfare which no one ever seems to discuss that side of the coin or the fact that we have made slaves of our children and grandchildren to do so just paying back the interest. Let those countries look after themselves and we should do the same. Perhaps without all our interferance they might rise up and learn to take care of themselves.