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The draft G-20 communiqué is here.  The final communiqué is here.  Looking solely at the section on financial regulation, it’s hard to see too many huge differences.  Regulation of hedge funds, which Obama was said to be resisting, is still there.  However, Obama was also said to be opposed to a greater role for international regulatory bodies, and he appears to have won that round.  The draft section that called for regulators “to supervise cross-border institutions and to complete the establishment of colleges of supervisors for all significant cross-border financial firms” is gone.

What else?  The section on tax havens got beefed up rhetorically with a single sentence: “The era of banking secrecy is over.”  That’s nice.

I haven’t looked at the rest in any detail, but it includes about a trillion dollars in loan pledges and IMF support, but no specific targets for domestic stimulus.  That number could have been higher, and probably should have been higher, but reality being what it is, that’s not bad.

And the big losers in all this?  Protesters.  The street wars were a big deal in Seattle, guys, but with every passing year your schtick just looks more and more pro forma.  Time to give it a rest.

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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