Cannes G20 Summit: Total Failure for the British Empire

Photographie de Guy Lebègue / Wiki Commons *

“For the third time in 10 days, the British Empire and their waterboys failed to ram through the level of hyperinflationary bailout of their banks which they urgently require and are demanding—and which is impossible, in any event. They are bankrupt, desperate, and have no capability left. Their system is breaking down, and they have nothing. Their only “policy” to address this, is World War III, and a Hitler-style coup in the U.S., courtesy of Barack Obama.”  Lyndon LaRouche

Over the last 10 days the Brits tried and failed to get fresh trillions from European governments, from the U.S. Fed, and then from the BRICs and other G20 members:

1) Oct. 26 EU Council/Eurozone summits: This ended with a lot of talk about the necessary structure of the EFSF and so on, but with zero by way of new funds. There were no specifics on doubling or quadrupling the EFSF; no specifics on the Greek haircut; and no specifics on “recapitalizing” the banks.

2) Nov. 1-2 Fed Open Market Committee (FOMC) meeting: There was ample talk about how QE3 was possible in the future, but no new wall of money was thrown at the mess now. There continues to be strident opposition to QE3 among the Fed governors themselves.

3) Nov. 3-4 Cannes G20 summit: There was no agreement on support for the EFSF; no agreement on increasing IMF funding to help with the bailouts; no agreement from the BRICs on coughing up money; and on top of everything else, the new president of the ECB, Mario Draghi, announced that the ECB would not be the lender of last resort to bail out the banks.

The tenor of London’s dismay is captured by a Larry Elliott article in the Nov. 4 Guardian, headlined “Global Recession Grows Closer as G20 Summit Fails,” and which complains that “a fractious G20 summit failed to agree on fresh financial help for distressed countries… Talks in Cannes broke up in disarray… U.K. hopes that the Germans would relent and allow the ECB to become the lender of last resort for the euro were also dashed… [It was] a day of unremitting gloom… [U.K.] Chancellor George Osborne admitted the Treasury was undertaking crisis planning for a eurozone collapse… There had been hopes that the G20 would agree to increase IMF resources by as much as $250 billion to more than $1 trillion, but disagreements left world leaders forced to pass the issue on to a meeting of G20 finance ministers next February.”

After the summit, Germany’s Angela Merkel said: “There are hardly any countries here which said they were ready to go along with the EFSF.” And the Daily Telegraph‘s Economics Editor Jeremy Warner complained: “Things are falling apart with a speed which G20 leaders cossetted in Cannes seem powerless to prevent.”

Got that right.


Original article:
Cannes G20 Summit a Total Failure for the British Empire

November 6, 2011

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G20 Cannes 2011.jpg, photo de  Guy Lebègue
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