G 20 or Gee Whiz What Happened?

I am not sure what gets accomplished at these high level meetings. Does anyone really? I fully appreciate the value of face to face meetings but what truly can get accomplished today given the current state of world economic affairs? Most countries believe in debt financing which seems to have helped create societies that are more developed and humane but at the cost of their future generation's earnings. How does a country generate enough wealth in the near future to be able to pay off the huge debts incurred over the past decade? Answer is they can't.

Capitalism-based economies are based on consumerism. Produce, sell, buy and tax and the governments (at all levels) are happy. Sales taxes, business taxes, property taxes and income taxes keep feeding the huge bureaucracies and all is well. But what about the case when people do not buy but rather pay down their debt? Where does the government get its revenue then? I think in order to meet their interest payments governments borrow more money from external sources - which leads us into a borrowing spiral to which there is no end....

I firmly believe the time has come for a new monetary policy that embraces the principles of capitalism but with severe limitations. My understanding is that we do have limitations already - but are they sufficient enough to get us out of this mess or merely keep the wolves at bay. I believe we in Canada are blessed with natural resources which other countries will need way into the future. But I hope the vision of becoming a knowledge based economy is still there for our children's sake since resources tend to run out or they get very expensive to extricate. The choice is ours.