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Another G20 meeting and yet more promises!

As we approach the next G20 meeting in Pittsburgh, Gordon Brown is yet again on his soapbox suggesting that the G20 can mould the worldwide economy in the short to medium term and inject economic growth into the picture. Yet again we have more promises and more positive comments ahead of the G20 meeting, even though historically these types of meeting have very much failed to deliver.

While there is no doubt that the G20 meeting will be attended by the world's leading figures there would appear to be more infighting ahead of the next meeting than there has been in the recent past. Indeed Gordon Brown has been cut adrift by a number of his European counterparts who are part of the G20 and his blueprint for fighting the economic downturn in the UK has been ridiculed by many. So why do the G20 continue to talk up the worldwide economy?

As we have mentioned on numerous occasions, confidence is a major issue with regards to short, medium and long-term economic performance. The G20 appears to believe that by talking up the worldwide economy this will in due course inject confidence into the system and help to rally economies around the world. However, the worldwide economy needs real confidence, not headline grabbing promises.

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