G8 Summit Gimcrackery?

It took place in a cracked village that lay in ruins, perhaps symbolic of the economies of the Group of Eight developed nations that met there. What resulted was a mix of the usual clichés saturated with big statements for unity, but also some common sense and direction from the new kid on the block, one Barack Obama.

Earthquake shattered L’Aquila, Italy hosted this latest meeting of the G-8, and offered a meaningful change from the usual pomp and circumstance these gatherings tend to display. Not for one minute could the leaders of the wealthiest nations on earth forget the state of their own countries’ affairs, nor that of the global economy. All they had to do was look out the window for a reminder.

The greatest result of this latest G-8 summit was the understanding that it should be one of the final such gatherings. Instead, the G-8 is evolving with the developing world, into a better representative group of humanity. President Obama said it best in his noting that a meeting of world leaders that excludes India and Brazil, and at one time China, seems somewhat irrelevant. At the previous G-20 meeting in April, German Chancellor Angela Merkel acknowledged that the G-8 was dead.

Recognition that the world’s people, more than its wealth, deserve a voice in the discussion of its future is progressive. Let’s face it though, it’s also sound political policy. When seeking to reverse global warming, one must include the developing industrial giants, China and India, in the discussion.

Politically speaking, each nation seeks to pay a fair price in this bold global initiative, and this is where the goal finds its greatest obstacle. Developing nations argue that the developed and wealthy world should bear the economic burden of reversing a problem they mostly created. At the same time, the G-7 realizes that future contributions to global warming will be mostly driven by China and India. Each side leverages this argument to push the other, and neither seems to budge as a result.

In the past, these meetings have drawn the ire of the world’s working class, and of hooligans, many of whom view the gathering as the ultimate display of arrogance. The world’s richest nations get together, often determining the degree of aid that will be distributed to the world’s poor, while neglecting to address so many of their own failings. That “New World Order” flavor leaves an understandably distasteful tinge to tongue of those on the lower rung.

However, with a wise expansion of the group, we expect it will gain more support from the world’s populace. The smart location of its meetings, in the midst of need rather than extravagance, will also go far in better reflecting, and perhaps setting, the group’s intentions.

The results are not too bad either. This latest meeting led to agreement that the global economy remains vulnerable and that the reversal of economic stimulus too soon might risk laboring its recovery. Meanwhile, additional significant stimulus was ruled out for now, but the African continent will receive $20 billion in new aid from a group that is well aware of its unfulfilled promises.

While the G-8 failed to find agreement on emission targets, the group reached accord to strive to reduce global temperature to at least two degrees centigrade above pre-industrial levels.

While these steps seem progressive on the surface, many, including UN Secretary General Ban Ki-moon, see them as inadequate. The UN Chief said that addressing global warming is “politically and morally imperative, and a historic responsibility for the leaders, for the future of humanity.”

However, President Obama wisely addressed his concern, advising that, “we must fight the temptation toward cynicism, to feel the problem is so immense that somehow we cannot make strides.”

As for the gatherings of leaders to resolve shared global problems, the greatest question is yet to be answered. Can men overcome political pressure and an inherent selfish tendency to gain enough willpower to strive for the good of mankind.

Disclosure: No Positions

Comments

[Tony Petroski:]

Irrelevant nations gathering in a non-descript place to fix a non-existent problem.

Jul 13 08:12 AM

[Old Trader:]

Meetings like this do little but provide photo-ops, and the floating of trial balloons, like the display of a "World" coin prototype by Russia.

Jul 13 08:43 AM

[Markos Kaminis:]

Yes, but maybe the future will bring more relevant actions. It seems these summits are evolving into a UN offshoot. It's the right direction, talking over things with other nations, and from an economic and trade perspective at these meetings.

"Greek"

Jul 13 09:04 AM

[Ferdinand E...:]

Now that they have a media star, Mr Obama, it might be possible to argue that meetings like this make sense. I think that I would argue that way, although next week I might have a different opinion.

About aid, I'm all for it, as long as it is micromanaged down to the last penny. Why be a fool and turn billions over to kleptocrats?

Jul 13 11:14 AM

[Socialism c...:]

Author should get his head out of his globalist arse and face reality: loss of sovereignty is the price for bowing to a globalist hegemony, and it means giving up Liberty AND prosperity, not sharing either with those abroad. I.e., it's not even a trade-off but a total give-up for the illusion of benefit for problems posed as needing global solutions which do not exist, and for which we trade away Liberty and national prosperity.

Jul 13 12:32 PM

[FDNY RET:]

A result of the posturing is the working slob gets Cap N' Trade and a nice big alternate tax bill.

And as we all know the actual shipping charges are nil--But the "handling" charges will kill you--Especially when Govt. "Handles"!!.

This is the reason most Emperors desire an illiterate/uneducated populace, they don't see through the pomp and ceremony (read BS). It was so much easier to be loved in an agrarian society, that bloody technology calls for an education, which leads to rational thinking and questions!.

Jul 13 01:01 PM

[AndreaZ:]

The 35th G8 Summit has drawn to a close in the city of L’Aquila in the Abruzzo region of Italy. This annual meeting of world leaders is intended to address important issues that impact the international community. A camera caught Barack Obama at a glancing direction Obama looking at a girl's derrière. He was looking at a girl named Mayara Tavares. I would personally get that payday loan if it would mean the G8 Summit would be reported on and not have to see another ridiculous report of Obama looking at a girl's derrière.

Jul 14 06:26 AM