So many thoughts, so little time

LONDON — Like a wedding, the G20 summit has taken months to prepare and it will all be over too quickly. There's a hardly enough time to talk to everyone, to say all the things you want to say. But blogging means I can try!!

1. Anti-capitalist protesters grabbed a few overnight headlines in the British papers. I have been puzzled for years as to why protesters turn up at these events. I spent several hours "kettled" by British police with a bunch of anti-capitalists outside the Bank of England when the G20 met in London in April. It was a nostalgic occasion (I was tear gassed on two continents during my Vitenam-era youth). Anyway the kids were lovely people, a few roughnecks, but by and large retro-hippies singing the old songs, engaged in performance to "demonstrate their concern." Abused by police they behaved themselves.

I came away asking myself why do they bother? Don't they understand the pecking order of the world yet? Wall Street (in the widest sense of the word) is the boss of the politicians, not the other way round. Just look at how things have unfolded in the last 24 months. We've mortgaged our future to tax hikes and public service cuts so that the bankers/financiers/speculators can continue to have fun. A BBC item this morning claimed there are five lobbyists from the banking industry for every member of Congress ... if true, that is further proof of my point.

Anyway wouldn't it make much more sense for the protesters to make their concerns known to the people who are really in charge? Why not summon a hundred thousand people via web and cell phone to block the entrance to Goldman Sachs HQ on the day the board is meeting to decide on how they are divvying up the bonus pool? That would have genuine impact, not rapelling down a bridge over the Ohio River.

2. The newspapers here led their G20 coverage on President Obama's announcement that the G20 would replace the G8 as the primary international body monitoring global economic questions. They interpret this move as giving a seat at the head table to India and China. China, of course, is particularly important. The unasked question at the summit is whether China will change its economic policy as it accepts this new responsibility. Specifically, what will it do about the severe undervaluing of its currency? Bill Emmott, former editor of The Economist, has an excellent article about this here. The one thing Emmott doesn't touch on is the wages of Chinese workers. If the way is being cleared for China to play its part in international organizations isn't it time for the People's Republic to meet the same standards of safety and minimum wages that the U.S. and other countries meet?

3 We've had a run of absolutely lovely weather in London. There hasn't been a September like it since 2001. Odd how cloudless, beautiful blue skies in September now inspire a gnawing feeling of impending disaster. I wonder if the G20 leaders feel that ... probably not ...
Anyway last night I was out and about in London. The pubs were overflowing on to the sidewalks with relaxed, well-dressed people. Along Bond street, London's most expensive shopping street, there were plenty of people with bags from top stores filled with stuff. Construction has begun on the new Louis Vuitton emporium of luxe.

It's London Fashion Week and the verdict is the buzz is back. Even Giorgio Armani showed a collection here. Lots of flesh on display which the allegedly left-wing Guardian interprets as maestro Armani telling us all (they are very fond of the inclusive first person plural these fashion writers) to hit the gym because we are going to need ripped arms and well-defined knees if we are going to wear these clothes convincingly. This may not be of interest to you but the next item should be: real estate agents are reporting a complete bounce back in London's high-end property market. The Times reports that "bankers are putting their heads above the parapet once more." Goldman Sachs bonus babies are touring the city (I thought they had no time to do anything but work 18 hour days, seven days a week and that's why they deserved their seven-figure pay outs). Anyway the GS'ers are looking for million pound town houses to pay cash for with their bonuses.

You do wonder about the world sometime. What can the G20 leaders do to show that things must change because we've blown all the money getting out of this last crash and for the next one — which may be on us soon if they don't put some serious new rules in place — there isn't a penny left to bail them out?

http://www.globalpost.com/notebook/commerce/090925/so-many-thoughts-so-little-time