by John Bougearel
When the G20 met today and agreed on the final text, “the room erupted in applause.” German Chancellor Angela Merkel called it “a victory for common sense.” Whew, thank gawd for a bit of that!
A new Financial Stability Board will be established and join the IMF in proving early warning signals to systemic risks in the future.
“Once recovery is underway, work will begin on new rules aimed at avoiding excessive leverage and forcing banks to put more money aside during good times.”
Nobel laureate Joseph Stiglitz, a professor at Columbia University, said in an interview. “It’s a historic moment when the world came together and said we were wrong to push deregulation.”
“It’s historic, there’s no question about it,” said Colin Bradford an economist at the Brookings Institution in Washington.
Wow, a sense of relief has washed over global leaders doing something as simple as embracing a little common sense. Did they all have a “come to Jesus” meeting beforehand, or was that what the last 18 months have been about.
