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Generational Dynamics Web Log for 13-Nov-2010
13-Nov-10 News -- G-20 economic summit accomplishes nothing

Web Log - November, 2010

13-Nov-10 News -- G-20 economic summit accomplishes nothing

Burma's opposition leader Aung San Suu Kyi released after 21 years

President Obama criticizes China at G-20 economic summit that accomplishes nothing

As the world continues to head for a major financial crisis, world leaders of the "Group of 20" nations attending the economic summit in Seoul, Korea, finished with platitudes and postponements.

G-20 leaders photo (WSJ)

G-20 leaders photo (WSJ)

According to the Wall Street Journal (Access), the major "gain" from the meeting was that leaders signaled approval of each others' measures to fend off asset bubbles and to remain competitive. There'll also be more funds for a committee to make some recommendations.

The major "miss" from the meeting was that a decision was made to put off dealing with any actual issue, such as the threatened "currency wars," until next year. Presumably the hope is that the fabled "global V-shaped recovery" will finally be in progress by then, so major disagreements between China and the U.S. can be avoided again.

President Barack Obama accused China of intervening aggressively to weaken its currency to promote exports, according to the NY Times.

This follows a Chinese accusation, reported by Xinhua, that the quantitative easing program announced last week was an attempt to weaken the U.S. currency, "as concerns grow about the stability of the U.S. dollar as a global reserve currency."

From the point of view of Generational Dynamics, we're seeing the same governmental paralysis that I've been talking about for years. Whether it's in the United States, Europe, or China, all the politicians can do is sit around and hope that things will get better, and be prepared to blame other people as things get worse and worse.

Burma's opposition leader Aung San Suu Kyi released after 21 years

The BBC is showing live pictures of the release of Burma's opposition leader Aung San Suu Kyi, to the cheers of thousands of people. Suu Kyi has been under detention for 15 of the last 21 years.

Western leaders have been praising the release, but there's the suspicion that Suu Kyi will return to politics, with the result that she'll be arrested again. That may happen as soon as tomorrow. The NY Times reports that she will give a speech to thousands of her followers on Sunday, speaking from the headquarters of her party, the National League for Democracy.

Besides Aung San Suu Kyi, over 2200 other people have been held as political prisoners for years.

(Comments: For reader comments, questions and discussion, see the 13-Nov-10 News -- G-20 economic summit accomplishes nothing thread of the Generational Dynamics forum. Comments may be posted anonymously.) (13-Nov-2010) Permanent Link
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Generational Dynamics Web Log for 13-Nov-2010 13-Nov-10 News -- G-20 economic summit accomplishes nothing

President Obama criticizes China at G-20 economic summit that accomplishes nothing

Burma's opposition leader Aung San Suu Kyi released after 21 years

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Generational Dynamics Web Log for 13-Nov-2010
13-Nov-10 News -- G-20 economic summit accomplishes nothing