Who rules the world?

We may live in an interconnected world economy, but there is no reporting of how workers from China to Chile are affected by the second wave of the financial crisis or who is to blame.

This time round the wave is hitting workers with over 205 million people unemployed, and it’s not the bankers and financial institutions. It’s nurses and teachers as public sector budgets are slashed.

After 5 days in the media hub of the annual International Monetary Fund (IMF) and World Bank meetings in Washington DC I’ve been left wondering who rules the world and who is left to write about it.

Are our Governments in control of financial markets or is Goldman Sachs? A recent interview of one trader on BBC TV gives a fascinating insight into a traders view. A view that many can’t believe is true as rumours of a hoax swirl around from ink to internet news sources.

“This is not a time for wishful thinking that things will governments will sort things out

Governments don’t rule the world, Goldman Sacks rules the world.”

Twice a year the IMF, who are responsible for providing advice on financial and economic policies to Governments around the world and the World Bank have a global meeting attended by over 5000 people.

This year the meetings were dominated by the crisis in the Eurozone, where Greece may default on its sovereign debt, after being bailed out by the German government and US politics where bi partisan politics is leaving congress paralysed to act on the jobs crisis.

The IMF finally declared the world economy is in the danger zone, something that over 205 million unemployed people and millions of more insecure workers may have intrinsically felt for some time.

Meanwhile the G20 Finance Ministers had a dinner party to discuss their response to the second wave of the financial crisis. Perhaps they made a toast to Wayne Swan who was voted ‘Finance Minister of the Year’ by financial magazine EuroMoney.

What ever was discussed there were no table scraps for journalists to report. In a tightly worded communiqué the G20 promised co-ordinated action to tackle the Eurozone crisis.

In the press conference that followed, question after question from journalists to the French Finance Minister asked, stock-markets are crashing, Greece will default and all you do is come up with strong language, how come? The Minister deftly referred a hungry pack of journalists to re-read his communiqué and in the French language of diplomacy said  “there are no more answers to give.”

Amidst the news filled with the rise and fall of the markets and the politics of action and inaction, who is left to report on the voice of the workers. A story where working people will drive the world out of the financial crisis not the bankers and certainly not the speculators or the ratings agencies. Who would you believe ?

by Gemma Swart, Associate Director – EMC International

Gemma is based in Brussels working with our international clients. She is currently advising the International Trade Union Confederation (ITUC).