G-20: What Got Done

All week the news has been dominated by the G-20 meeting in London, England. We were treated to videos of rioters breaking bank windows, lots of photo ops of the leaders of the prestigious countries, and the hope that some productive ideas on how countries with vastly different ideologies can work together to revive the economies of the world.

The Associated Press, in an article today entitled "Analysis: But Will it Work", reports that the International Monetary Fund will be receiving an additional $1.1 trillion to help struggling countries in Eastern Europe and Latin America. Fortunately for us contributing countries, the funds will be in the form of loans to the IMF, not debt spending. There were also agreements on the need for regulations on international companies whose business could have a potential to cause systemic trauma.

We have cause to be happy with our leadership. They stood up to French President Nicholas Sarkozy, and Greman President Angela Merkel when they called for a "world regulator" to control what they (and many others) see as unfetered capitalism by the United States. Causing the current world wide recession.

Our leaders did agree to more transparency and better working relationships with other world regulators. However, Sarkozy and Merkel's stances should stand as a wake up call. The United States needs to start digging her collective heals in the dirt and pushing back on the world stage. Our culture is uniquely ours, and we must be proud of our country, even when antaganists, both foreign and domestic, seek to shame us. If you need a reminder, The United States and her people are by far is the most generous with aid and funding to the world. I have not heard Frence, Germany, or even China announce they are contributing more. I would prefer to see more global encouragement and less calls for a global regulations that bind us, the voluntary world's police force.

Matt Kemper
YourCreditCompany.com