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London G20: $1 trillion fight-back starts here
Thursday 2nd April 2009, 5:10PM BST.
Gordon Brown says the recovery against the global recession has begun with a package of stimulus measures worth $1 trillion today announced at the London G20 summit.
Pledging “global action for global problems”, the prime minister unveiled $750 billion worth of new resources for the International Monetary Fund, which includes $250 billion strong special drawing rights.
“The old Washington consensus is over,” Mr Brown said.
“This is the day that the world came together to fight back against the global recession.
“Not with words but with a plan for global recovery and for reform.”
Today’s announcement, which follows two days of talks, would be no quick fix, the prime minister said.
Instead he pledged six steps to shorten the recession.
- Reform of the banking and shadow banking industries, including regulation for hedge funds and an end to tax-tax havens
- A comprehensive ‘cleaning-up’ of banks
- The largest-ever macro-economic stimulus in history
- Increase independent scrutiny for international financial organisations to help combat poverty
- A $300 billion kick-start in trade financing and $50 billion for the world’s poorest people
- Commitment to meet later this year at a follow-up summit
“We have begun the process,” Mr Brown said. “A new world order is emerging, one of progressive cooperation, that will demand responsibility from, and deliver fairness, to all.”
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Who believes Mr Brown’s assertion that a new world order is emerging, that will ‘deliver fairness for all’?
Our world is profoundly unfair and the international trading system the G20 is throwing our money at is making it more unfair every day.
According to the UN 800 million people go to bed starving every night.
These people were not a priority at this summit.
What is more, these appalling figures are predicted to get worse as world food prices rise and climate change takes hold.
If Mr Brown wants to deliver ‘fairness for all’ why have unimaginably large amounts of taxpayers’ cash been invested in propping up an unfair trading system?
If Mr Brown wants to deliver ‘fairness for all’ and 150,000 people are currently dying as a result of climate change, why was a Green New Deal to tackle it not on the G20 agenda?
Only a tiny fraction of the UK’s own stimulus package is connected with tackling climate change.
This unwillingness to tackle THE key issue completely undermines Brown’s words about ‘fairness for all’.
The first to pay for our leaders’ inaction will be the poorest and most vulnerable people in the world.
The unemployed in the UK will also feel the effects of our leaders’ lack of vision.
Green technologies, conservation, insulation and recycling would have created thousands of sustainable jobs in industries which could future-proof our economy.
This is a missed opportunity, which we will all pay for later.
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