Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

The draft G-20 communiqué is here.  The final communiqué is here.  Looking solely at the section on financial regulation, it’s hard to see too many huge differences.  Regulation of hedge funds, which Obama was said to be resisting, is still there.  However, Obama was also said to be opposed to a greater role for international regulatory bodies, and he appears to have won that round.  The draft section that called for regulators “to supervise cross-border institutions and to complete the establishment of colleges of supervisors for all significant cross-border financial firms” is gone.

What else?  The section on tax havens got beefed up rhetorically with a single sentence: “The era of banking secrecy is over.”  That’s nice.

I haven’t looked at the rest in any detail, but it includes about a trillion dollars in loan pledges and IMF support, but no specific targets for domestic stimulus.  That number could have been higher, and probably should have been higher, but reality being what it is, that’s not bad.

And the big losers in all this?  Protesters.  The street wars were a big deal in Seattle, guys, but with every passing year your schtick just looks more and more pro forma.  Time to give it a rest.

Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate