Sydney-Australia (Feb 23) The world’s biggest economies vowed Sunday to boost global growth by more than $2 trillion over five years, shifting their focus away from austerity as a fragile recovery takes hold.
Finance ministers and central bank governors from the Group of 20, which accounts for 85 per cent of the world economy, also agreed to pursue greater transparency about monetary policy after rifts about the US taper.
They expressed “deep regret” that reforms to the International Monetary Fund have stalled, because the United States Congress has yet to ratify them.
After their meeting in Sydney, the G20 ministers issued what host Australia called “an unprecedented” and unusually brief two-page statement to drive “a return to strong, sustainable and balanced growth in the global economy”.
“We will develop ambitious but realistic policies with the aim to lift our collective GDP by more than two per cent above the trajectory implied by current policies over the coming five years.”
In other words……the “powers that be” have more or less thrown the towel in on any kind of “real growth” and have pretty much opened the “global door” wide enough to accommodate any number (or size) of printing presses.
We’ll see how markets react but perhaps the can will just get kicked “around the globe” a little while longer……an obviously “bullish signal”.
I’m looking for whatever additional USD strength we see this week to bank profits , and then prepare for further desecration. On the back of this news it looks “relatively obvious” that those with printing presses have been given the global green light so…..if you can’t beat em you might as well just keep making money.