At first glance, the G-20 looked harmless. As predicted, it cost much and accomplished nothing. No decisions were taken, no minds were changed. Politicians had their pictures taken; the press hailed mushy communiques as breakthroughs and delusional protesters played silly ‘revolutionary’ games.
That would be fine under normal circumstances; wasting taxpayer money on pointless pageantry is one of the least harmful things the world’s political leaders ever do.
And he's just getting warmed up.
Given Mead's worries re the world economy, you have to wonder about those nations (like our own, for example) that are looking to wind up their stimulus packages and bring in austerity measures. If you look at the U.S. housing market over the past six months, its clear that the only thing holding it afloat was the federal first time buyer's tax credit. Now that that's been removed, home sale have gone back into the tank. It's very much unclear right now if the current, tenuous economic recovery can stand on its own. As mentioned in the comments section: Krugman is right.