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G-20’s Done: Time to Recheck Buy Signals

Aspic used to be a popular dish at parties: pieces of meat, poultry or eggs and vegetables, or fruits, suspended in a jello-like gelatin. This was the Group of 20's final communique today. Many of the government leaders had come to Washington with individual "issues" or slogans. Britain's Gordon Brown sought to bail out London, and screw everyone else, under the slogans of "coordinated fiscal stimulus" and international "colleges of regulators." France's Sarkozy, with much better intentions, sought the closing of offshore unregulated financial centers, and international regulation of derivatives and rating agencies.

What the communique did, after only a five-hour meeting of about thirty delegations, was embed each little, separate slogan or issue in the jello, but only as words, slogans and issues, without commitment or expectation . For example, the communique promises that "we will use fiscal measures to stimulate domestic demand," and then adds "as appropriate." It doesn't say what "colleges of regulators" are, or what powers they will have, if any, but calls on major global banks to meet them for "comprehensive discussions."

Typical are such ringing, inspirational declarations as this one: "Authorities should insure that financial institutions maintain adequate capital in amounts necessary to sustain confidence."

This is all bullshit. There's no seriousness in this piece of disgusting incompetence. They're going to have a great deal of trouble trying to prevent a runaway crash Monday and Tuesday. Because, this bullshit can go on, but it's not something you can sell. They probably will pump up the greatest bloating of the market they ever did. Expect that from them.

The one thing the statement did that was useful, was to pin the crisis on George W. Bush, saying that its "root causes" occurred "earlier this decade," that is, under his Administration - the greatest collapse in history has occurred under George Bush's Administration. This event is the George Bush burial society. It nominates George Bush as the worst President in history, excepting the outright traitors. The collapse is the fruit of a Bush-league President. The idea of this son-of-a-bitch getting encomiums and going out, is disgusting.