Blue-eyed bankers' prompt G20 divide- by Gaby Hinsliff
The attack last week by Brazil's president, Luis da Silva, on "white blue-eyed bankers" revealed a new anger among some of the world's most populous countries at being dragged into a mess not of their making - and a determination to hold the west to account. India's prime minister will use the summit to challenge what it says is creeping protectionism costing Asian jobs. China will exact more influence over the IMF in return for bailing it out. Chile's Michele Bachelet used a joint appearance with Brown to stress how, unlike Britain, her country saved vast revenues "during the good times" - which it is now having to spend.
One key issue for debate on Thursday is what role the difference in saving and spending habits between the two economic powerhouses of America and China played in triggering the crisis. While Americans love to shop, often on credit, Chinese households traditionally put money aside. For years, China used those savings to invest abroad, particularly in US bonds - thus pumping billions into the US economy and helping fund more cheap credit. Many economists believe a recovery now requires bursting that artificial bubble and rebalancing the economy so that Chinese consumers are encouraged spend a little more - reducing America's trade deficit - and Americans a little less. Malloch Brown suggests Britons, too, will need to relearn the art of saving.
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