G-20.jpg3 years ago, many hoped the G20 group of the world’s wealthiest countries might work together to solve the global financial crisis.

Last week’s Cannes meeting ended that illusion.

Instead, its decision to abandon the Doha trade round, launched in 2001, made it clear we have passed the high-water mark of globalisation. This conclusion was reinforced by the fact that only a few of the news media even mentioned the topic.

Two key figures also set out their views on the way forward:

China’s premier Wen, signalled that its lending slowdown will continue: “I will especially stress that there will not be the slightest wavering in China’s property-tightening measures–our target is for prices to return to reasonable levels.” Prices have already begun to fall by 20-40% in the major cities, and clearly more falls are on the way.

Italy’s premier Berlusconi was still in denial, however, claiming the country’s problems with its debt mountain were “a passing fashion“, and noting that “the restaurants are full, the planes are fully booked, and the hotel resorts are fully booked as well“.

And that, as far as the blog can discover, was that.

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