Just been looking at the official page for the G20 group of countries that the USA's President has graciously invited to a summit next weekend to solve the current financial turbulence.

Turns out that looking at the G20's stated purpose for itself reinforces the already-obvious question: why is it necessary to clear up the mess, why didn't all you clever, rich, privileged experts who claim to be worthy of trust prevent the crisis in the first place?

Here's what the G20 says about itself, with the most important parts in bold:-

"The G-20 was created as a response both to the financial crises of the late 1990s and a growing recognition that key emerging-market countries were not adequately included in the core of global economic discussion and governance.

(Source: http://www.g20.org/G20/ )

and

Ottawa, December 16, 1999
1999-110

G-20 Commits to Efforts to Reduce Vulnerabilities to Global Financial Crises

Finance Minister Paul Martin today announced in Berlin that the Group of Twenty (G-20) has agreed to a focused agenda aimed at reducing vulnerabilities to international financial crises. The two-day session was the inaugural meeting of the G-20, which Canada will chair for the next two years.

"The G-20 has identified four areas for immediate attention that will help all countries focus on implementing solutions rather than simply fighting off crises," said Minister Martin.

"Our task is clear: to demonstrate that national governments with economies of every shape and size can make globalisation work to the benefit of people in all parts of the world.''

The four priority areas are:

  • A comprehensive stock-taking of progress made by all member nations in reducing vulnerabilities to crises;

  • An evaluation by countries of their current compliance with international codes and standards in the areas of transparency and financial sector policy;

  • The completion of Reports on Observance of Standards and Codes (Transparency Reports) and Financial System Stability Assessments by the International Monetary Fund (IMF) with the co-operation of the World Bank; and

  • An examination of differing exchange-rate regimes and their role in cushioning the impact of international financial crises.

Minister Martin said the establishment of a focused agenda is evidence that the G-20 is uniquely qualified to help make the global economy more stable.

"While this work may seem technical, it is of critical and practical importance," he said. "This first meeting of the G-20 represents an important step in our ongoing efforts to reform the international financial system, promote growth in the global economy, and to see that growth shared widely."

(Source: http://www.fin.gc.ca/news99/99-110_1e.html )

Here's the G20's inception chart, showing a T-square between, appropriately enough, Venus-Saturn-Uranus, in the Fixed Signs:-

G20 Inception Chart

NB No time was available so 10am has been used speculatively.