Asia Times Online, 8 Apr 2009, Hossein Askari and Noureddine Krichene
The contrast between the Group of 20 summit communiques of November 2008 and April 2009 is striking. While the first communique recognized that the surest way to restore economic growth was to rely on capitalism, international cooperation and the private sector, the second abandoned these principles and called for unprecedented fiscal-cum-money intervention to restore growth.
US President Barack Obama was not present at the November meeting; his absence, however, created uncertainty among leaders regarding the course of G-20 policy. With Obama leading the April G-20 summit, the group has been pushed to the far left.
While a G-20 subgroup continues to enjoy robust economic growth, large external surpluses and sound financial systems, the
largest subgroup, ironically composed of leading industrial countries, continues to suffer from self-inflicted wounds - namely, it has bankrupted its own financial system thanks to expansionary fiscal and monetary policies and unprecedented credit booms in the past decade.
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