WHAT HAPPENED?

Nothing, actually. One interesting moment that transpired was when The Leader told the President of Brazil, Lula, that he was the best looking guy in the place. Memo to historians: another first. President Obama is the first visually impaired President in history. Then again, if he was right even I have a shot.

Gordon Brown. One wonders what the British people must think of this. If Blair was Dubya's poodle what the hell is poor Gordon? My God, that was embarrassing.

Of course, the GRAY LADY is sort of treating this thing like a 20-strong Neville Chamberlain event; Peace and Unity in our times and all that rubbish. Good. Hopefully that view will keep their mind off things for a while.

Anyway, politicians did what politicians do best; enter into an agreement to spend 1,000,000,000,000 dollars of somebody's else's money on an ill-defined mission to produce ill-defined results in an ill-defined time frame. The best part is the enlistment of the International Monetary Fund and The International Bank for Reconstruction and Development--quick, what's that?--that's right the World Bank--to get it done in part at least. For the better part of the last ten years these have been two players in search of a mission so this direction comes non-too-soon. No one really minds the World Bank but for a national leader to ask for assistance and the accompanying conditionality from the IMF, is in some parts of the world, an invitation to have your government overthrown. Therefore, there can be the expectation that not a lot of damage is going to be done soon, but there comes the realization that it is simply easier that the leaders of the G20 find it far simpler and preferable to turn over their constituents wealth to one of the greatest bureaucracies of the modern world and to get seriously involved themselves in the very real problems of the developing world. Sad. And the staff is all tax free in Washington...as Our Hero can attest. Remember that little interlude?

Unbridled joy at the announcement that THE ENTIRE WORLD has agreed to new, progressive, all-encompassing, robust and comprehensive regulation of the financial community WORLD WIDE! Ah, hold on.

Any idea what it's going to look like?
Well, no, actually, but it's going to be comprehensive and we will never experience another period such as the one we have just experienced.
Well, whose going to write it, then?
Don't know that yet, but the French are very keen.
The French? Aren't they a bit airy-fairy so they can interpret stuff any way they want?
Well yes, but we can work with them.
Really? Ever try to work with the French on regulations?
No.
This EU mob been trying to do that for 20 years haven't they?
Yes
Any luck?
Well, not much, actually.

Perhaps I was wrong. Maybe a great deal happened

A final note: read Krugman in the Times today. I think he read the blog. Poor bugger got it wrong again. Mr. Krugman seem not to understand the differences between Bills, Notes and Bonds and that they are specific instruments that should be referenced specifically. Nor does he understand the Chinese and their art of negotiation. Makes one wonder if he uses chop sticks at Sunday night dinner.

Have a good weekend.