G-20 summit

Pittsburg has earned surplus revenue ,while hosting the G-20 summit.This is an aside to the serious issues discussed by the 20 nations.

The dominance of G-8 has receeded. This was explicit ,when in November the emerging 12 ,other economies were invited.THe rest takes over the reins from the west. It is an official prerogative, but which actually  is an old news. India , Brazil and China will hold fort. The European nations , particularly France has sunk into oblivion. China has overtaken France.The IMF , has to be reconstituted. Voting powers  and quotas have to be reformed. China  will be the big winner. France ,the biggest loser.The U.S will remain steady.The U.S has to vie with China, in a maintaining an equalibirium . China ,as an exporter , has to consume more. U.S ,as a debtor state , has to save more.China’s currency has been artificially undervalued.Thus China’s  exports are highly competitive, while U.S faces enormous trade deficit.

Pittsburg made a sizeable income fron the meet,also paved the wgolden path or the Rest.

The summit held that recession is completely out, with the pumpingin of billions as stimulus. It is a hasty call, feel the economists, as there is still unemployment, as there is still collapse of banks. The economy is walking with crutches. A thoughtless pull of of the leaning system will prove fatal. The economy ,will struggle. another Lehman  kind of collapse will occur ,demoralising the world.