Gee, 20 Nations get together

The leaders of the nations with the worlds largest 20 economies got together over the weekend and had an all around great time putting on a dog and pony show. I mean, it must've been a lavish affair. If the room they met in was as extravagant as this, we must have paid a fortune on their hotel rooms...

Fabulous people in fabulous surroundings, I'll bet there were some pretty fabulous decisions made, decrees declared, and policies instituted, no? Sure they didn't just do this at the UN because no one really needs the poor people to get involved anyway. They're poor, they probably don't even know what economy means...

Here's a summary list of what they 'accomplished' (Leaders welcome G20 action plan(bbc)):
1.) We're gonna reform the IMF and World Bank.
(Bold move. Making changes to a 70 year old bank.)

2.) They've agreed to agree to a world wide free trade agreement by the end of next month.
(Someone should have told these clowns that we've been trying and giving up on trying at the Doha Round since 2001 and just because we squeezed their happy asses into chairs in a square doesn't mean we're magically gonna reach an agreement because they said so.)

3.) We need to improve financial market transparency and force the banks (and other firms) to provide complete and accurate disclosure.
(Nonsense. We can trust them... Though, I guess if 20 clowns sitting in a square say so, maybe we should think about it...)

4.) We're going to come up with incentives for banks that prevent risk taking.
(Do they think they can just make risk go away if they wish it hard enough? Sorry, but the very fabric of our economy is risk. There are no certainties, every business, every decision is a risk. But if you say no more, then...)

5.) Everyone make a list of the institutions in your country that would endanger the world economy if it collapsed.
(Homework? Psshhht, these conferences are so hard! I for one think that if my checking account at Chase collapsed, it would be a catastrophic event. How do I get it on the list of economies waiting for a handout?)

6.) Everyone go home and strengthen your financial regulatory regimes.
(Yes. One thing they've decided to do is: Try Harder.)

7.) I can't even summarize this one. taking a "fresh look" at rules that govern market manipulation and fraud.
(A group of grown men have gotten together to solve a financial crisis and have agreed to taking the bold step of taking a fresh look at the rules. Case closed.)

In a nutshell: We are going to address the worst financial crisis on a scale that most everyone alive today has never seen or even imagined, a critical, highly volatile mess that is destroying the quality of lives each and every day. We are going to address it with mountains of red tape and paper tiger promises. Lets not forget the thousands, perhaps millions of bureaucratic man hours.

I think W. summed it up best in one last sort of middle finger at the world when he made a speech in 'support' of the meeting but basically said this:

You can get 20 assholes into a room if you want, but you ain't gonna get them to agree to anything!

(Actual quote: "Once you make the decision to have the G20, then the fundamental question is, with that many nations from six different continents, who all represent different stages of economic development; would it be possible to reach agreements?"(Leaders welcome G20 action plan(bbc)))

A couple more things:
Why Obama bailed: He's taking every step he can to claim no ownership of the US economy until he is in complete control of it (as much as a President is in control...). By avoiding this circus act this weekend, he is still clear of empty promises and pointless showboating.

It IS a good thing: Don't let me get to cynical. It was a historic meeting and really IS the only way to get shit done worldwide.

G20 postpones tough decisions and fails to calm markets (tab)

Dog and pony shows on a grand scale...

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