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Which is just perfect given all the Zombie banks that are still like dead men walking, with their trillions in toxic loans that seem to be impeding a full recovery. This one of reasons 20 nations plus many onlookers are coming to town to pretend that a global consensus can be found to the world's economic problems.
Two issues on the world's agenda that go beyond what we have been pussyfooting around about: reining in the power of banks (including excessive compensation and bonuses), fraud, and rising protectionism that undermines international cooperation. President Obama's contribution to this problem was his slapping tariffs on Chinese made tire imports which has already led to retaliatory measures and threats of law suits.Not a great symbolic step for the host country!
(Of this decision, a betrayal of Washington's earlier promises to the G20, The Economist writes, "A protectionist move that is bad politics, bad economics, bad diplomacy and hurts America. Did we miss anything?")
The Campaign for America's Future asks us to look beneath the surface of Pitsburgh's economic "recovery.
"Many high-paying jobs in manufacturing were replaced with low-paying jobs as waiters or hotel clerks. Many were never replaced at all.
-- America 's once-robust system of economic production -- the invention, design and manufacture of products -- has steadily eroded. In its place, an economy based on asset bubbles and foreign borrowing has developed. That strategy was never sustainable and is no longer available.
--Services alone are no path to prosperity. For the past 30 years, the U.S. has been replacing goods-producing jobs (down 54 percent) with service-providing jobs (up 34 percent). But service jobs don't pay as well. Even in the broad category of "services" -- which includes doctors, lawyers, and investment brokers -- service jobs pay 75 cents for every dollar paid a production job. Retail jobs pay 50 cents."
So it is to Pittsburgh that activists will also come, as they have and do to all these G20 Yak fests which make officials feel important and usually accomplish nothing much of significance.
After the G8 met in London where one protester was killed by police defending "THE CITY" against the rabble, a journalist noted:
"G8 leaders were unable to come to any firm agreement on how to combat the financial crisis. Acknowledging the dangers posed by the crisis, the summit issued a statement that declared, "The situation remains uncertain and significant risks remain to economic and financial stability""
Good work guys (and gals.) How decisive! It was the US in the personage of Tim Geithner who actually blocked a more fundamental reform agenda proposed by the Germans and French.
Years earlier, I covered marches in Denver and then later with a diverse and righteous MAKE POVERTY HISTORY crowd in Glasgow at another one of these Gee Whiz affairs where much was postured to, and little was accomplished. You will note that protesters had to go to Court in Pittsburgh, in this era of Obama and in this land of the free, to even obtain permits to rally and protest, and not every group did.
But "they" will be out there with their signs, raucus music and bandanas--even if they get no coverage unless violence erupts--Remember Seattle-- as they fight for a fairer world and efforts to stop climate change.
I am also sure no right-wing Teabaggers and 9-12ers will beout supporting this anti-government fight for economic justice which includes more money for AIDS, anti-poverty programs, financial reform, and jobs, jobs, jobs.
Officially, the G20 conclave is being positioned as another upbeat media event and exercise in perception management.
At the same time, we need to be reminded that while the G20 Meets in the City of the Three Rivers, it is a global moment, not just an American issue. The US is proposing what amounts to a new economic order which is likely to be controversial.
