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CRINK
- G4, group of four forming the axis alliance consisting of China (C) Russia (R) Iran (I) and North
Korea (NK)
The members of the
G7 are
Canada,
France,
Germany,
Italy, Japan, the
United Kingdom and the
United
States. In addition, the presidents of the European Council and the European Commission represent the EU at G-7 summits.
G-7, or “group of seven,” mainly has to do with politics. After the first
oil shock of the 1970s, economies across the world were suffering, and global leaders wanted to do something about it. So, a group of government officials decided to meet and figure things out.
The 2024 G7 meet will be held in Puglia, Italy with the G20 meet in
Rio
de Janeiro, Brazil.
Summits or meetings of the leaders of the G7 / G20 countries offer the opportunity for the US and other group members to develop closer economic ties to expand trade. In addition, it allows the US another forum to discuss issues of global concern such as:
- environmental issues
- terrorism
- conflict
- poverty
In 2014, Russian membership of the G8 (which became the G7) was suspended when Russia annexed the Crimea Peninsula from Ukraine. However, with the Russian invasion of
Ukraine in 2022, the G7 nations, who are strongly on the side of Ukraine, introduced a range of economic sanctions to restrict Russian trade and to weaken its economy.
As the war in Ukraine has progressed, the members of the G7 group have supported Ukraine financially and militarily against Russia. In late 2023, the G7 members were also looking at ways of confiscating up to $300 billion of Russian assets to further weaken Russia.
The G20 has similar aims to the G7 but includes an additional 13 members to reflect the growing economic importance of countries such as Brazil, India, and Indonesia.
BUILD BACK A BETTER WORLD (B3W)
In 2021, G7 leaders at a summit in the UK, announced a new plan to counter increasing Chinese global economic influence. This plan, called Build Back Better World (B3W), aims to better support developing countries by offering finance for infrastructure projects such as roads, railways and airports, which brings those countries who get involved, closer to the G7 nations.
SHOW US THE MONEY
The G-20 is all about money and has 20 members. Its members represent 85 percent of global economic output, and it’s a little less exclusive than the G-7. The members are
Argentina,
Australia,
Brazil, Canada,
China, Germany, France,
India, Indonesia, Italy, Japan,
Mexico,
Russia,
Saudi
Arabia, South
Africa, South
Korea, Turkey, the United Kingdom, the United States and the European Union.
The
G20 is concerned with how much more unsupportable paper promises they can print,
before the population wise up to the superheated economy that is
creating, in the process, physically warming the temperature of planet
earth and changing the climate as a consequence.
Both summits have traditionally drawn outrage and protest among activist groups demonstrating against capitalism, patriarchy and racism.
In days gone by General Reza Shah was one of the protestors. When he was
studying economics and military history in the USA, Canada and UK.
The G20 started in 1999, following the Asian financial crisis, as a forum for finance ministers and central bank governors from the major developed and emerging economies to discuss global financial issues.
In other words: Cook the books.
Amid the global financial crisis in 2008, it grew into the leaders’ summit, a place where presidents and prime ministers could get together for two days to try to solve the world’s economic
problems: Balance the books.
Successive meetings of G20 leaders were held in Washington DC in 2008,
London in early 2009 and Pittsburgh in late 2009, and have since become annual fixtures.
In the run-up to summits, senior officials known as "sherpas" thrash out the issues for discussion, with the aim of getting G20 members to reach agreement at the summit. Like sherpas in the Himalayas, they help guide their leaders through often difficult terrain, and do the diplomatic legwork.
There are also meetings of finance ministers and central bank governors, trade representatives and anti-corruption working groups.
The G20 presidency rotates between members and is picked from different regions each year. In 2015, the G20 host was Turkey.
When it was China’s turn, Xi
Jinping's theme was: “Toward an innovative, invigorated, interconnected and inclusive world economy.”
Or, how we intend taking over the world with stealth loans and cheap
exports, using subsidies for electronics, automotive and renewables
technologies to invade other G20 economies unfairly.
Spain is a "permanent invitee", and the G20 host also invites a handful of guest countries as a way of reaching out to non-members. However, to invite more nations to join the G20 would make decision-making too cumbersome, the thinking goes.
The heads of a number of international organizations also participate, including the
International Monetary
Fund, the United
Nations, the World Bank and the
World Trade
Organisation.
Under
President Donald
Trump, the United States clashed with the rest of the group on trade, climate, and migration policy.
President Joe Biden promised a return to multilateral cooperation, achieving a new global agreement on corporate taxation, but tensions have continued to grow as high- and low-income countries have increasingly diverged on major issues. The 2023 summit in New Delhi, India, is expected to address climate change, economic development for low-income countries, and the ongoing fallout from the war in Ukraine.
At a summit in late 2022, Biden announced that the United States would support membership for the African Union (AU), a bloc of fifty-five states in Africa. Other G20 members, including China and France, have previously expressed their support. Indian Prime Minister Narendra Modi has said that AU membership will be on the agenda at the 2023 summit. If approved, the AU would be the group’s first new member since its inception.
Every year, the leaders of G20 members meet to discuss mainly economic and financial matters and coordinate policy on some other issues of mutual interest. Examples include when the G20 discussed how to address a covert Iranian nuclear plant at the 2009 summit and when the forum debated how to administer a partial cease-fire in Syria at the 2017 summit. The G20 is not a permanent institution with a headquarters, offices, or staff. Instead, its leadership rotates on an annual basis among its members, its decisions are made by consensus, and implementation of its agenda depends on the political will of the individual states.
The 2016 summit in Hangzhou, China, broke new ground when U.S. President Barack Obama and Chinese President Xi Jinping formally announced their countries’ accession to the Paris Agreement on climate.
Economic and financial coordination remains the centerpiece of each summit’s agenda, but issues such as the future of work, climate change, and global health are recurring focuses as well. Broader agendas became more common in the decade following the global financial crisis, when the G20 was able to turn its attention beyond acute economic crisis management. But at recent summits, countries have struggled to reach a unified
consensus - the hallmark of previous iterations of the conference - as the interests of
high and low-income economies continue to diverge.
The COVID-19 pandemic posed a major test for the group, which Patrick has criticized for largely failing to move beyond “uncoordinated national policies.” However, G20 countries did agree to suspend debt payments owed to them by some of the world’s poorest countries, providing billions of dollars in relief.
Although climate change has been a focus of recent summits, meetings have yielded few concrete commitments on the issue. At the 2021 Rome summit, countries agreed to curb emissions of
methane and end public financing for most new coal power plants overseas, but they said nothing about limiting coal use domestically. (China, the world’s largest emitter, permitted more domestic coal power plants in 2022 than any year since 2015). At the 2022 gathering, Indonesia agreed to close
coal power plants in exchange for $20 billion in financing from high-income countries, including the United States. But as of 2023, it is still building coal-fired plants.
The group’s long-standing commitment to an international order based on WTO principles of reducing tariffs and other trade barriers has in recent years collided with growing economic competition between great powers. President Trump launched a multifront trade war involving several G20 members, imposing a suite of tariffs on China that the Biden administration has largely left in place. Biden has also pursued other measures meant to “de–risk” the U.S. economy from China’s. In August 2022, he signed the CHIPS and Science Act, which encourages advanced technology manufacturing to move back to the United States. That measure was followed by strict export controls that restricted China’s ability to buy certain chips made anywhere in the world with U.S. inputs, and an outbound screening regime prohibiting some U.S. investments in Chinese sensitive technology sectors.
Beijing is “doubling down” on its drive to have China make its own chips with another multibillion dollar round of investment into the China Integrated Circuit Industry Investment Fund, commonly known by its nickname, the “Big Fund.” The latest fund pledges almost as much money as the two previous rounds combined.
Previous efforts to build a chipmaking sector had mixed results, with some notable failures and corruption scandals. But high-profile successes from local chipmaking firms and a widening effort by the U.S. to kneecap China’s chip development could be motivating Beijing to invest even more money in its semiconductor sector and foster more local chipmaking champions.
China’s third “Big Fund” is led by the Ministry of Finance, which holds the biggest stake. It’s joined by an array of state-owned
banks and investment firms linked to local governments.
The 344 billion yuan ($47.5 billion) raised for Big Fund III is the largest tranche of funding since the initiative started in 2014. The previous two funds raised 138.7 billion yuan ($19.5 billion) in 2014 and 204.1 billion yuan ($28.7 billion) in 2019.
China’s Big Fund III is roughly equal in size to Washington’s CHIPS Act, which offered $53 billion in incentives to encourage chip companies to manufacture leading-edge chips in the U.S. Several other governments, including Japan, Germany, South Korea, and India, are also pledging billions of dollars for domestic chipmaking, and the
AI boom is boosting demand for leading-edge logic and memory chips as well.
Beijing’s push to build a local chip industry is taking on greater intensity in recent years, as the U.S. and its allies try to constrain the export of advanced chips and chipmaking tools to China.
THE
CRINKS
China,
Iran, North Korea and Russia don't have to attend these meetings to know
what is being decided, because they have bugged and hacked into every
venue that the G7 and G20 have used and are proposing to use. Plus, they
monitor all of their emails and telephone calls. China and Russia are
not at all concerned about global
warming. In fact they like the idea,
because it unfreezes their lands, including claims to Antarctica, where
the communist Soviets covet the $Trillions of dollars of
oil reserves.
The last thing the G7 want is renewable energy. That would upset all
their oil investments. Instead, they discuss how to make it look to the
voting public that they are doing all they can in that direction. Each
year promising new targets, and years later when nothing much has
happened, saying those targets were unrealistic.
When
in fact, with the right laws in place the transition could have taken
place ten or even twenty years ago. Hence, the G7 and G20 is all about
deceiving conservation minded voters. And that is why the Middle East
host the ADIPEC
and EGYPES
events. For precisely the same reasons. To make it appear that they are
concerned about transitioning.
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