AFRICANGLOBE – Here is the just-ended G20 meeting in Australia in a one-liner: a tiny bunch of Anglo-Saxon political buffoons attempts to drown out the Global South. Countries representing over 85 percent of the world economy get together to (in theory) discuss some really heavy economic/financial issues, and virtually the only thing pitiful Western corporate media blabbers about is Russian President Vladimir Putin cutting an “isolated figure”.
Well, Washington and its string of puppets did try to turn the G20 into a farce. Fortunately the adults in the room had some business to do.
The five BRICS member-nations — despite their current problems — the G5 that really matters in the world — did meet before the summit, including the “isolated figure”. Economically, this G5 more than matches the old, decrepit G7.
Brazilian President Dilma Rousseff forcefully encouraged the G5 to turbo-charge their mutual co-operation — as well as South-South cooperation.
That includes, of course, the BRICS Development Bank. The BRICS, stressing their ‘serious concern’, once again called Washington’s bluff – perpetually refusing to endorse much-delayed structural reform at the IMF.
The IMF quota and governance reform package was in fact approved by the IMF’s Board of Governors way back in 2010. One of its key resolutions was to increase the voting power of emerging markets, the BRICS at the forefront. For Republicans in Washington, this is worse than communism.
Chinese President Xi Jinping added that BRICS cooperation should not only boost the global economy, but also ensure global peace. Make trade, not tomahawks. The over 120 nations of the Non-Aligned Movement (NAM) — beggars in the G20 banquet — were paying very close attention.
Now compare the BRICS at work with EU heads of state meeting exclusively with US President Barack Obama to define their “strategy” — not to improve the global economy, but to further demonise Russia.
And this after British Prime Minister David Cameron told Putin in a “robust” meeting he’s at a crossroads and about to be hit with more sanctions; Canadian Prime Minister Stephen Harper complained he had to shake Putin’s hand; and Australian Prime Minister Tony ‘Shirtfront’ Abbott got everyone to pose with koalas — talk about animal abuse – after apparently backing down on “shirtfronting” the Russian leader.
And it was not only ‘Russian aggression’. Obama, Abbott and Japanese Prime Minister Shinzo Abe also met separately to increase “military cooperation” and “strengthen maritime security” in the Asia-Pacific. Against (what else?) “Chinese aggression.”
Imperial arrogance and buffoonery apart, Putin did meet with German Chancellor Angela Merkel for over three hours. They discussed Ukraine, essentially. No leaks. So Putin met and talked with all the adults that matter: the BRICS and Merkel. There was nothing else to do, business-wise.
When In Doubt, Print Money
Despite the Anglo-Saxon political gang’s every effort to debase the summit, some – minimalistic – work was done. Even Putin himself hailed the “constructive atmosphere.” More like constructive wishful-thinking atmosphere.
In the final communiqué, a promise was made to increase global GDP by a whopping $2 trillion by 2018. The crux of the magic plan is to facilitate investment in infrastructure, which creates jobs and improves global trade.
By the way, that’s exactly what China has been doing – en masse. China and Russia clinched two humongous gas deals worth $725 billion this year.
The $40 billion Silk Road Investment Fund will finance development projects in seven nations across Central Asia.
The ‘isolated figure’ has confirmed that Russia’s trade with China and the rest of Asia will rise from 25 percent to 40 percent of Russia’s GDP.
Moreover Russia, China, Iran – and soon other Asian nations – are actively on their way to establish their own currency-clearing systems, independent of the SWIFT system and the US dollar. Russia-China trade and investments are increasingly in rubles and yuan instead of USD. For the buffoons, this is worse than the Apocalypse.
The G20 communiqué also talks about a de facto, renewed neoliberal offensive – from “deregulation” in the markets for goods and services to “flexibility” in the labour market.
A hazy global investment hub will be set up in Sydney, but no one really knows how it will work.
The G20 also insisted on the need to combat shadow banking. Pure wishful thinking – as monster shadow players/speculators/outright financial gangsters will prevent it.
You’re not seriously going after sewage farms of the “pray to the US dollar, kneel to the Crown” Turks & Caicos kind, are you, boys?
By: Pepe Escobar