Austerity reigns, we lose: G20 summit roundup

Above is Naomi Klein on Democracy Now on the G20 plan to cut deficits in half by 2013.

“What actually happened at the summit is that the global elites just stuck the bill for their drunken binge with the world’s poor, with the people that are most vulnerable,” Klein says.

As I described (G20 and Deficits) in the week’s leading up to the G20 summit, the push was for austerity and cuts to social spending, regardless of how much it would hurt the poor and could easily, according to some economists lead us to a new depression.  Canada (with France, Britain and Germany, among others) led the charge.  Well, it happened.  Austerity reigns.

Here are a number of excellent articles on the aftermath of the G20 meetings themselves.

Sticking the Public With the Bill for the Bankers’ Crisis How else can we interpret the G20 communiqué that includes not even a measly tax on financial transactions?

As Canada’s Democracy Trembles, a New Global Architecture Emerges

G-20 Nations: Race to the Bottom will Continue
A critical analysis of the G-20’s Toronto Declaration

The G20’s prescriptions for the global crisis will only worsen the situation for Africa

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2 Responses to “Austerity reigns, we lose: G20 summit roundup”

  1. Krugman saying also arguing the austerity measures will lead to a great depression in today’s NYT… http://www.nytimes.com/2010/06/28/opinion/28krugman.html?src=me&ref=general

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