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Have the G20 cried wolf once too often?

After yet another G20 get-together we now have yet another call to arms and a promise that billions upon billions of dollars will be pumped into the worldwide economy. We also have certain promises regarding the banking industry, remuneration and bonuses and while in a perfect world this would give confidence to stock markets around the world, the impact of the announcements has been muted to say the least. But why?

It is certainly a case of crying wolf once too often as the G20 has promised significant financial assistance in the past and an array of other policies and headline making promises only to fall flat and let various promises lapse. Yet again we hear promises of more money, even though money from the last G20 meeting has yet to be raised, we hear news of yet more radical regulatory issues yet we still await the impact of earlier promises. Slowly but surely the reputation and the following of the G20 has taken a battering in the financial markets and investors are no longer prepared to listen to their headline grabbing promises with no action behind them.

Unless the G20 faces up to this particular problem we could be set for more trouble!

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