The meeting of G20 finance ministers and central bankers held in Ankara, Turkey over the weekend underscored the inability of the major capitalist powers to initiate any measures to halt the recessionary forces overtaking the world economy. Rather than a proposal for concerted action, the official communique was a public relations exercise aimed at masking the acuteness of the crisis and the impotence of the economic and financial authorities.
The meeting was held in the midst of turbulence on global financial markets fuelled by growing fears that the efforts of central banks to prop up the economy with injections of money are being swamped by deflationary trends.