g20

This week was a sharp reminder that the ancient ideal of democracy is just as threatened - and to some, just as threatening - as it's ever been. In government offices in Athens, G20 meeting rooms in Cannes, and "Super Committee" chambers in Washington, we learned that there are still places where the will of the people can be overruled by the whims of the powerful.

From the Parthenon to the Potomac, it was the same story: Elites still hold veto power over the democratic process, and they're not afraid to use it.

Democracy: 'Radical,' 'Irrational,' 'Dangerous'

Ironically, this week's ferment began in the country that's usually credited with creating democracy. In many ways the Greek economy couldn't be more different from our own. The government's fiscal problems there are due in large part to widespread corruption and massive tax evasion - not tax breaks, tax evasion - which are very different from our own problems. The government's finances dramatically worse than our own - almost like night and day - and a default could create the next major financial crisis.

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As today's Progressive Breakfast points out, NYT news reports suggests move is for real, part of fundamental change in Chinese economy: more »

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As the manufacturing infrastructure of suppliers, technology knowledge, etc., moves to China, dependence follows. China appears to be ready to answer, "So what are you going to do about it?"

The world is starting to realize this. Financial Times, yesterday, China reprimanded by G20 leaders more »

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It's fairly common to refer to the world's wealthier nations as industrialized nations, though with the advent of outsourcing and widespread export-oriented development strategies, that term isn't as precise as it used to be. more »

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Here is a wrap-up on the G20 Summit.

On the ground: more »

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The big "Bail Out The People" demonstration marched through Pittsburgh. There were somewhere between 3-5,000 people. They were peaceful. There was a contingent of anarchists, wearing masks of various types, shouting with raised fists which needless to say made the police really nervous.

I have several photos for you.

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Note - I was working on this post when I saw the news – if accurate – that Obama’s advisor on financial firm compensation Kenneth Feinberg is not going to cap pay or reveal any names. more »

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This story just hit the news: "Pay czar" will not cap compensation, reveal names. (Apologies for using the idiotic Glenn Beck term "Czar" to describe an adviser to the President, but Reuters felt it was appropriate to use Glenn Beck's framing, so I have to in order to report on it.) more »

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Today the world leaders attending the G-20 Summit get down to business. The main issues are economic restructuring to prevent another collapse, addressing trade imbalances, and discussions of climate change solutions. But the overriding issue for all of us boils down to jobs. more »

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The G-20 Summit is wrapping up today. We can compare its performance to promises made in advance. Leaders discussed financial markets, of course, but they also made promises about jobs and work. Some highlights: more »

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