Protestors Take Their Case to G20 Summit

March 30, 2009 - 7:50PM

Whereas in years past G20 protestors lined up to hurl insults at then-President Bush, mostly in relation to the American incursion into Iraq, this year will likely feature a similar cast of dissidents with new qualms.

On Thursday, representatives from the world's 20 largest economies will meet to discuss pressing issues confronting every nation. An estimated 35,000 protestors will greet G20 leaders under a movement called "Put People First" organized by numerous groups.

On Wednesday (April 1st), an event aptly titled "Financial Fools Day" will feature what is expected to be the largest crowd of the week, converging at the Bank of England around midday.

Environmental and anti-war protests are expected as usual, yet the hot topic this week amongst activists will likely center around economic matters that contributed to the current financial crisis.

President Obama has been extremely vocal concerning the need for additional nations to step up with stimulus bills of their own. Thus far, China and the United States have been at the forefront of fiscal spending packages aimed at restoring growth. The U.K., along with Australian Prime Minister Kevin Rudd, have been active in calling for further action as well.

Yet most European leaders, including Germany's Angela Merkel, are giving Obama the cold shoulder. "This crisis did not come about because we issued too little money but because we created economic growth with too much money, and it was not sustainable growth. If we want to learn from that, the answer is not to repeat the mistakes of the past," Merkel told the Financial Times recently.

Western Europe, the likes of France, Germany, and Italy, has been reluctant to bail out Eastern European nations that are being weighed down by the global financial collapse.

One issue that will likely bear fruit relates to Japan's proposal to create a new International Monetary Fund for developing nations, minus usual strict conditions imposed on such lending arrangements. According to sources, the plan has the support of Washington.

While little will probably be accomplished at the G20 summit, billionaire investor George Soros believes this meeting holds particular importance compared to prior years. "Unless they do something for (the) developing world, there will be (a) serious collapse in that part of the world," Soros remarked.

Vice President Biden made headlines when he called for a measure of patience, asking protestors to give convening nations a chance to tackle a seemingly insurmountable cornucopia of problems confronting the global economy.

Whatever the results, London will be a hotbed of activity over the next few days. And the world is watching.