Financial Fool's Day.

The London summit of the twenty most industrialized countries in the world has failed to meet its expectations.

Again we have witnessed a glamorous show made by the gathered politicians. We have witnessed an impressive word play but almost nothing beside it. World leaders who were expected to explain the real causes of the financial crisis and bring a powerful resolution for the future have let us down in both tasks.

(more pictures from Times Online gallery)

Jose Manuel Barroso admitted that someone has done something wrong but he did not reveal any of the concrete facts. He said some operations with secret funds had place and everything was balancing on the verge of the law but that is what we have already knew. We wanted to find out who exactly was guilty but we never got it. The world’s elite still thinks we do not deserve the truth.

The protests around the summit show how desperate people are. (http://www.youtube.com/watch?v=w_jods7nUfQ&feature=related) The masses are angry and they have a right to be angry because they feel insecure. They have been let down by the banks and by the government to the extend they have to worry about putting food on the family tables. During the demonstration in front of the Bank of England protesters were shouting to employees to jump off the window. However it may seem drastic it shows how badly people need the change and straightforward this change should be.

Of course there is no instant solution to the problem which grew for years and which exploded on a mass scale but what G20 proposes does not seem to be helpful even in longer terms. Instead of bringing fundamental reforms to financial markets Mister Brown and Mister Obama want to force one trillion dollars to the world economy through the International Monetary Fund. Such action has already proved to be ineffective solution. Helping poorer economies would mean investing in them not lending the money to them on the rates high enough to ruin them. Pumping money onto the global markets to make them operate in the same way as before the crisis will eventually lead to another crisis.

World leaders put heavy emphasis on liquidating t so called tax havens which was widely celebrated throughout the media commentaries but again it seems to be a slight miss. Of course there is a need of regulating the tax issues in the global trade but putting everything down on the small independent economies is inadequate. These economies did not cause the crisis but the big players with big money who speculated with these economies on the unclear basis and without proper responsibility.

The G20 summit was supposed to bring new world order but in reality it only put some steps to restoring the old one.