London:
British media has not been swamped by any international event like the way it has been by the G20 summit. Branded as the London Summit, this is Gordon Brown's chance to show to the world that the United Kingdom can steer this ship out of troubled waters.
India on its part is trying its best to be heard at the high table; the two most qualified Sikhs in Indian establishment represent our interests. Sherpa Montek Singh Ahluwalia and Prime Minister Manmohan Singh who must be relieved at taking a break from the Varun-obsessed politics back home.
For all the 20 countries representing 90 per cent of the global economy, this is make or break or as they would like us to believe. I do think it is make or break specially since never ever before since the 30s has government action been sought after with such a zeal.
The London Summit is best described by three R's - Restore, Revive and Resist. Restoring confidence in the present world is very crucial. Going by the pathetic reputation bankers are enjoying at the moment (bankers in London have been advised to avoid wearing pin striped suits so that they don't attract protestors!). It is key that the people start believing that a stable banking system is helpful and not hurtful. Without international banking nothing will work so it is best we start believing in it again.
Reviving the world economy is of utmost importance, if we all sit and sulk nothing will ever get going. We need action and that has to come from the government. Europe is up in arms against Obama's magic wand of more fiscal spending. Angela Merkel has been merciless in saying that she doesn't any more advice on spending from anyone. While no one is right and everyone will be wrong if governments don't act, it is important that the good weather in London turns the good mood on at the end of the summit.
Lastly, resisting or closing down of trading with countries will help to determine who is the man amongst them all. Right now Brown is hammering away the need to say no to protectionism but it is Obama's troupe, which stinks of insular thoughts. We stop trade and raise barriers and we are certain to end up with a more miserable world. India too has a role to play and be more open minded on WTO related issues. Of course elections back home and uncertainty of its outcome adds to India's lack of rational handling of WTO.
Bottomline, hopes are running high, anger on the streets is visible and outcome looks more and more complex. The 20 leaders better have a united front on second evening or else all the protestors will know when it comes to sorting out their issues every country wants to be selfish, so why shouldn't they in wanting to keep their jobs and lead stable lives while growing in their ambitions. After all the byline of London Summit is, Growth, Stability & Jobs.