When all the sums are added together, rather than $1,100bn, the new commitments appear to be below $100bn and most of those were in train without the G20 summit. This is the breakdown. – $500bn of new money for IMF Japan and EU separately pledged a total of $175bn before the summit. China offered $40bn at G20. The remaining $285bn is covered by a generalised pledge to establish a new financing scheme. Aspiration to make progress by the Spring – $250bn increase in IMF Special Drawing Rights The boost to the IMF’s own currency amounts to creating money. All new — indeed fresh off the global printing presses. But no country committed their money. – $250bn in trade finance The vast majority is an “aspiration”. The G20 annexe notes that new money committed is not $250, but around $3bn-4bn. Guido got a call yesterday from the Spectator - Speccie : Who are you tipping for the Grand National? Guido : No idea, when is it? Speccie : An Irishman who knows nothing about horses? Guido : I know one thing, don’t take any tips from Peter Oborne. On the basis of Peter’s tips Guido would consider laying (betting against) Brooklyn Brownie and Golden Flight on Betfair. Oborne has finally got the full measure of Gordon Brown. His demolition of Gordon’s G20 boasts is fantastic; Hubris, hoopla and claims that were false, cynical and very, very dangerous. Hard to believe that Oborne was once Brown’s last commentariat fan. What is interesting about this story from a UK perspective is how the Aussie PM’s spin-doctors responded. Lachlan Harris, the PM’s press spokesman, initially tried to cover up the incident with a flat denial that it had even occurred. When irritated air force top brass contradicted him the rude Rudd gave an evasive half-truth of an apology to the press via Lachlan. Lachlan Harris is a protege of our very own Alastair Campbell, who was hired to advise on how to sharpen up Aussie Labor’s spin operation. Clearly Lachlan has learnt from the master of dodgy deceit.Was it one trillion dollars? Or less than 100 billion?
April 3, 2009 11:44am
Chris Giles does a great job of gutting the financial pledges made at the G20. The big numbers are, predictably, not quite what they seem. His conclusion:SATURDAY, APRIL 4, 2009
Grand National Tip
Aussie PM Rude Bully of Air Hostess
Aussie PM Kevin Rudd has more in common with our own Prime Mentalist than Guido realised. His foul temper reduced a 23 year-old RAAF flight attendant to tears when he exploded because she was unable to serve him the in-flight meal he wanted. No Nokias were harmed during the incident.
Saturday, 4 April 2009
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