The G-20: Vague Promises & Mutual Blame

Spiegel damns the latest G-20 summit as one of “yet more vague promises”, and says national interests have once again become more important than the big picture. “The rich nations pledged to slash their budget deficits, without making any real commitments. The result is a setback for President Obama, who failed to find support for new stimulus programs in Europe.” “Merkel wants to economize. The British have no other choice but to do so. China is allowing its currency to slowly appreciate against the dollar. And the Americans are expected to continue with their strategy of racking up new debt, at least for the time being.”