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The campaign to abolish the G20

  • And so another taxpayer financed weekend minibreak gets underway, as twenty countries fly their officials around the world to have their photograph taken and to issue a pre-agreed communiqué. At a guess the communiqué will say that the G20 likes growth and doesn't like recessions.
  • Japan's economics minister has abandoned the Nikkei equity market target that he declared last weekend. Not the way to give confidence to government policy targets. Newswires are reporting government disagreement over who the new Bank of Japan governor should be.
  • Spain gives us inflation data today, but inflation is probably not the most pressing problem facing the Spanish government right now. The UK has retail sales. The UK consumer is not that badly off (relatively speaking) and we see a moderate improvement.
  • US data today is seen with a softer tone. Industrial production will be tempered by mining output, and the University of Michigan consumer sentiment has seemed to be more sensitive than other measures to the impact of higher taxes at the start of the year.

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