Time will tell if the G20 decisions will save the world from calamity but I must admit my first thoughts are favourable. I am really surprised that all the major countries have come together to carve out some enterprising initiatives. I never thought I would live to see the day that countries like America, Russia, China and the European conglomerate would agree on a way forward.
I am particularly heartened that the Gordon Brown way forward was discarded in favour of a common sense policy of financial stimulus accompanied by restrictions and regulations on the banking industry. The fact that it even addressed the problems of tax havens was an added bonus.
Angela Merkel was correct when she announced that financial stimulus without regulation was 'burning public money'. How Gordon Brown can face the public proclaiming a triumph when his policies have been ridiculed I do not know. If he and his hapless Chancellor, Alistair Darling, had imposed any form of regulation on the Royal Bank of Scotland then 'Fred the Shread' would not be walking off with his obsene pensions. They knew all about it even if Gordon Brown's appointment of Lord Myners as his city representative has proven yet another own goal.
I have just seen a financier on BBC Newsnight question the decisions complaining that they are a bit 'light'. He looked as though he knew what he was talking about and I must admit that I would not trust Gordon to walk my dog across the road.
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