G-20: Was it a success?

It was London's big chance to pull the world out of the hole it has dig itself in. It was historic given the fact that the top 20 world leaders sat around a table, trying to find a solution, which wouldn't have been any where near possible 2 years back. Although they were split in opinions, but united in resolve. Though for better measures, they did achieve something atleast.

The IMF restructuring is a good sign, especially for countries like China and India. They have got the attention they deserved. Moreover the world have now realised that the pre second world war structures of financial institutions like IMF and World Bank needs a massive overhaul. The countries like China, India and Brazil, which were no where in the picture than, have overtaken many of the top 5 then. Its a good sign, perhaps the beginning of end of West's domination on world politics and policy formation.

There were calls for transparency in banking system of certain countries. The 18th century clandestine traditions of Swiss Banks have no place in the 21st century. Infact most of the countries would benefit beyond doubts if the Swiss Banks are exposed. Another co-related issue was of Tax Havens. The Tax Havens of world were named and shamed by OECD, in a clear message to the world- the black money will become defunct if not accounted for in future. This might perhaps prove to be the most significant achievement of London Summit, if implemented thoroughly.

Looking at country basis might perhaps be difficult, if not impossible, so i'll stick to the continents, for wider audience.

Africa got what it called for. US$ 6 Billion will be raised by the dilution of gold reserves of IMF. Perhaps the desperation and inability to put in more money by the wealthier nations resulted in am embarrassing consensus of doing away with the proud gold reserves of IMF. That said, the resourceful continent needs as many helping hands to get itself out of the terrible hole, dug by the mighty, but the poor are left inside to rot for life. It is the responsibility of all those countries who exploited Africa for years to get this continent out of trouble, but sadly, they got nothing, but a raw deal. US$ 6 Billion raised by gold reserve dilution might help perhaps a bustling city of Addis Ababa at the max, forget even the whole of Ethiopia, though its just a reference.

America's (In both horizontal hemispheres) doesn't deserve a mention here, solely because the culprit lies in close proximity with them and they stand beside him, even after the whole mess is created by it. Mexico's promise to borrow more from the World Bank won't do any good to many other countries, crying for help.

Asia, perhaps the mightiest as it might look. With China, Japan, India, South Korea, Saudi Arabia, Indonesia, looks like taking the charge for future calls of the International FI's. With huge foreign reserves and budget surpluses/controlled budget deficits, the next century will belong to only and only Asia. China have already over taken Germany and is in top 3 nations of world in GDP(PPP). The might of Asian countries and fall of European and American countries was correctly described by BBC saying - While the west will start contracting, China and India will still grow, perhaps at a slower pace. That itself is a huge statement.

Europe, pity, the over-reliance on US of A and low local demand, have done them in. Perhaps the biggest loser in recession game and might be the last one to get out of this hole. Sarkozy remained defiant in face of a very strong opposition (USA and UK), supported by the ever stubborn Merkel. Perhaps the NATO-affiliated countries are to be blamed partially for the slowdown in Europe. The huge sums to both wars, just on the wink of an eye by master, have resulted a huge hole in there pockets.

Australia, well, are they a continent? Even a passing mention won't do any good.

Conclusion? Well, simple, there are so many US dependent economies in the world, infact many of them US nourished and nurtured, that it will all depend on there master. If the US of A stops playing its dirty games, perhaps the world would be a better place to live. The 'first world' doesn't seem to be far from the 'second and third' after all.