27 February 2012

The Group of 20 finance ministers and central bank chiefs, meeting in Mexico, said they will not provide the International Monetary Fund anymore money until Europe, specifically Greece, makes more even drastic government cuts.

This follows reports that the World Bank will issue a report warning China to privatize its remaning government held businesses.  Many analysts believe what the G20 really wants is total privatization of governments.

Yesterday I speculated that the problems of Greece are actually related to its lack of participation in the developing of the Leviathan gas and oil fields. Greece is also being pushed to privatize many government services.

The G20 also demanded that the United States back off of its Volcker banking rule, which was created to tighten the regulation of runaway too big to fail banks!  The Volcker rule is supposed to stop banks from using customer deposits to make investments strictly for the banks own profit! G20 officials claim the Volcker rule are interfering with international banking!

The Volcker rule doesn’t even go into effect until July, 2012!