G20 Officials Affirm Worldwide Equity Celebration

Global deal on growth as G20 agrees to add 1.8pc to economic output … A GLOBAL deal on growth appears on track to create millions of jobs after the world’s most powerful finance ministers announced plans to add at least 1.8 per cent to their combined economic output. The G20 finance summit has ended in Cairns with a renewed commitment to a growth target that is meant to add $2 trillion to the world economy, in a positive sign for Australia’s leadership of the group this year. – The Australian
Dominant Social Theme: We can all relax now. The politicians at the G20 decided that their economies should grow.
Free-Market Analysis: Every time we believe the heights of economic ridiculousness have been reached, we find there is yet a further peak proffered.
In this case, as you can see from the excerpt above, we are being solemnly assured that the world’s “most powerful finance ministers” have decided in their wisdom that they will soon add US$2 trillion to the “world economy.”
How are they going to produce this feat? Well … the article doesn’t exactly say. But when the world’s most powerful ministers decide on something, surely they’ll follow through. Won’t they?
Here’s more:
“It is critical that we take concrete steps to boost growth and create jobs.” While observers warn the global forum is not acting fast enough to deliver on its rhetoric, the meeting of finance ministers and central bank governors issued a formal communiqu that commits to actions to lift growth.
Central to the agenda is a growth ambition agreed in February to add 2 per cent over the next five years to collective growth when compared to a “business as usual” scenario without new action. G20 members have submitted about 900 plans to reach the target, ranging from workplace participation programs to infrastructure investments and competition reforms, but the Cairns summit concluded these were not enough to meet the target.

This post was published at The Daily Bell on September 22, 2014.