It is April's Fools Day on Wednesday, a fact that demonstrators are jumping on just in time for the G-20 summit in London. Anti-capitalist groups are converging on the Bank of England for "Financial Fool's Day", a day in which protestors plan to hang bankers from lampposts in effigy. These types of protests have gained momentum because of the general anger over economic difficulties - difficulties the protestors blame on greedy bankers. In the meanwhile, leaders from 20 countries are gathering in London to discuss ways to ameliorate the world financial situation.
Ten thousand people marched peacefully through London on Sunday, a collection of 150 unions, environment, and other groups. Their umbrella organization Put People First stated, "Our future depends on creating an economy based on fair distribution of wealth, decent jobs for all and a low-carbon future. There can be no going back to business as usual."
While these anti-capitalist marchers remained peaceful, police fear smaller groups, like the anarchists who smashed windows and vandalized war memorials at anti-globalization protests in 2000-2001.
According to the G-20 Meltdown's website, protestors plan to hang up the likenesses of bankers on lampposts around London's financial district. "We are going to be hanging a lot of people like [RBS's Fred Goodwin] from lampposts on April Fool's Day and I can only say let's hope they are just effigies," states the website. They claim they will also have the opportunity to feast on bankers' brains on Wednesday as a "rare delicacy."
Michael Rainsbro, a spokesman for the group, says it's all in fun. "It's April Fool's day," he says. "Do you seriously think we're gonna go down and eat bankers' brains? Come on."
Still, security at the G-20 summit is already a nightmare for local police. Twenty of the world's most influential leaders will be attending the summit as thousands of demonstrators protest the world's economic woes outside. Workers in London's financial district have been told to wear plain clothes, swapping their suits for jeans, so that they will not attract attention and ... spray paint.
The G-20 Summit:
As the carnival of fools proceeds outside, leaders will begin to arrive for the G-20 summit on April 2. Leaders from 20 nations will meet and attempt to agree about how to handle the world's economic crises. Already skeptics argue that the summit itself will be a toothless effort since each country has its own agenda heading into the meetings.
Time online states, "If Obama's goal is the have a unified position from the G-20, a position which he can take back to the business and financial communities and Congress, he has lost that battle before it began. He is, essentially out of luck before he boards Air Force One."
Obama and British Prime Minister Brown want everybody to spend more - throw more money at the problem. Gordon Brown has been trying to sell a plan he calls "a global New Deal." Europe, however, has protested saying, "With what money!"
German Chancellor Angela Merkel told the Financial Times, "This crisis did not come about because we issued too little money but because we created economic growth with too much money, and it was not sustainable growth."
Many nations' leaders argue that the current financial predicament was caused by lack of regulation and oversight of the banking industry. It doesn't take much money to pass laws and reform banking systems. On the other hand, more regulation might not make the financial markets any less risky, and what's more, it might actually drag out the recession by tying the hands of investors et al.
There seems to be a consensus to avoid protectionism and encourage free trade. There is also general interest in reforming and restructuring global financial institutions. India's Prime Minister Manmohan Singh has called for the "adequate flow of finances" to developing countries.
There is skepticism that the G-20 meeting will accomplish anything real or lasting. French President Nicolas Sarkozy promised to walk out if the meeting ends up being all talk and false success with no commitments. Yet, many see this as just one in a series of meetings to deal with the global financial crisis. A spokesman for Prime Minister Brown said that the April 2 meeting was part of a "process that is nearer to its beginning than its end."
There is a G-8 meeting scheduled in Sardinia in July, and Italian Prime Minister Silvio Berlusconi has already offered to inflate it to include the Group of 20. This meeting is just part of the trend toward greater globalization of government.
