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MONDAY, SEPTEMBER 28, 2009 (2:50 PM)

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Follow the Money

Wanna know where the new world order headquarters is going to be? Follow the money and you'll see that North America isn't part of the equation. Pay attention to what these summits choose to reveal. SOURCE: http://www.thestar.com/article/691774 G20 highlights changing world order Developing nations emerge with a stronger voice on issues ranging from pay caps to climate change LONDON–G20 finance leaders have agreed to coordinate a removal of emergency economic packages when recovery takes firm hold, but they struggled on the detail of measures to rein in bank pay and lending rules at the root of the recent crisis. With the global economy looking brighter than it had in April when Group of 20 finance ministers and central bankers last met, the focus shifted from crisis-fighting to figuring out how to establish a safer financial system for the future. Policymakers agreed that they must keep spending the $5 trillion (U.S.) already earmarked as economic stimulus. But behind the scenes, some G20 sources expressed frustration that there was not more progress made in curbing excessive pay packages for bankers. Banks will have to set aside more profits as a cushion against hard times and face limits on how much debt they can run up under proposed new global rules agreed to by top central bankers and regulators yesterday. The G20 statement Saturday showed agreement that emerging nations such as India and China should have a greater say in the running of the International Monetary Fund and World Bank but did not offer up any formula of how this should be achieved. Differences between rich and developing countries had also prevented G20 finance ministers from agreeing to measures to curb global warming. But finance ministers and central bankers did agree to give tax havens until March 2010 to cooperate on tax evasion or face sanctions. Officials asked the Financial Stability Board to report on criteria and compliance by November 2009.

Category: News and Politics

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