In the tradition of New Labour, the G20 was an extremely well stage managed event. Gordon was able to welcome the leaders to no.10 for dinner, at the end of an Oscar like red carpet walk up. Everyone, from heads of state to the media, were excited to see and spend time with Obama on his first foreign outing. He likewise was able to play the 'I'm not George Bush' card very well. Sarkozy tried to look independent, but it didn't really wash. The Chinese took it all in their stride, the thoughtful financial backers to the whole enterprise.
Of course, when everyone seems to be a winner, something is not quite right. We'll need to see where things stand in 6 months, if jobless rises in countries drive a more divergent response. It feels like the direction of unemployment is the key measure.
Perhaps I am too detached from where the pain is being felt, but I am not sure our economies yet have really felt the impact that the general media seems to be reporting through its headlines. Asset prices are still high. The stock-market has dropped quite some way, but I'm always dubious how much that directly hits the majority of people. House prices on the other hand have dropped, but perhaps to prices of a few years ago. The danger for the majority is that the drastically reduced rate of borrowing props up prices which are still too high.
Of course, when everyone seems to be a winner, something is not quite right. We'll need to see where things stand in 6 months, if jobless rises in countries drive a more divergent response. It feels like the direction of unemployment is the key measure.
Perhaps I am too detached from where the pain is being felt, but I am not sure our economies yet have really felt the impact that the general media seems to be reporting through its headlines. Asset prices are still high. The stock-market has dropped quite some way, but I'm always dubious how much that directly hits the majority of people. House prices on the other hand have dropped, but perhaps to prices of a few years ago. The danger for the majority is that the drastically reduced rate of borrowing props up prices which are still too high.
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