And so to Paris…

We hacks always get terrifically over-excited about these big international summits, the G20 meeting of central bank governors and central bankers in the city of love is about the closest many of us get to glamour – we’re talking Tim Geithner, Wolfganag Schauble, Mervyn King, George Osborne here, by the way. Yet there is no love lost between some of the participants – Chian and the Us especially – and yet again they’ll agree to disagree on the global imbalances and leave the root cause of the financial crisis and subsequent recession unresolved. For as long as the Chinese lend us money to spend – privately or by governments – we will continue to run up unsustainable debts, just as we did in the boom. The Chinese have basically told the rest of the world to get lost. They should have saved the air fares and stayed home. Maybe they’ll get some shopping in, and the food and wine will be excellent. Otherwise, another wasted opportunity.

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