G20 meet finished without any major result

Leaders of 20 most powerful economies met in London to discuss the solutions for the economic crisis and global recession. They had pretty good time in London amid fierce protests on different issues but there are no signs of any apparent success.

They are projecting that the biggest success of the meeting is that they have pledged over 1 trillion US$ for IMF and World bank so that the struggling economies can be survived from complete collapse. Though this is a very big number but they did not have to meet for this. The biggest problems the world facing is the low customers confidence and low level of lending by the financial institutions. Other problems are the toxic assets the banks are carrying in their balance sheets and global warming. This meeting has not been successful in addressing in these problems.

Most of the developed economies are taking the course of protectionism and this will eventually hurt them and as well the developing economies. More and more people are still loosing jobs and those who are in employment are worried about the security of their jobs. Unless some massive construction or manufacturing plans are drawn and executed, there is now chance to create new jobs.

Financial executives are used to of earning fat bonuses so they are finding themselves in dilemma and they do not know how to cop with this problem. One of the problem is with their attitude. They do not produce anything of real value. Only thing these executives know is number crunching but they believe they are doing some great production or welfare. It will take some time for them to learn the realities. Or the capitalism might not come back ever in the form it had been for last 40-50 years.

The most difficult problem is the global warming. It is the developed countries that are responsible for world pollutions directly or indirectly but they are not ready to accept this. Now the America says that they can only act pragmatically on the environment issues. Mr Obama says that the America can only reduce carbon emission by 2050. A far target by any means. He just want to avoid this issue in his life time. But this attitude will not help anyone.

Well, hopefully they had good sea food and champagne during the meeting because that is what they will remember out of this meet.