April 1, 2009

There are major protests going on in the UK while all the members of the G-20 are gathering for their summit.

The G20 protests in central London turned violent today ahead of tomorrow's summit, with a band of demonstrators close to the Bank of England storming a Royal Bank of Scotland branch, and baton-wielding police charging a sit-down protest by students.

Much of the protesting, from an estimated 4,000 people in the financial centre of the capital, was peaceful, but some bloody skirmishes broke out as police tried to keep thousands of people in containment pens surrounding the Bank of England on Threadneedle Street. A minority of demonstrators seemed determined to cause damage, seeking confrontation as they surged towards police lines. Late tonight, much of the City remained cordoned off.

By about 8pm, running battles between riot police and demonstrators were taking place across London Bridge. Bottles, sticks and bricks were thrown.

President Obama and Gordon Brown held a presser and he was asked if the US is to blame for the economic crisis. He said it was a time to look forward.

If you look at the sources of this crisis, the US certainly has some accounting to do with respect of a regulatory system that was inadequate to the massive changes that had taken place in the global financial system,” he said.

He went on: “At this point I am less interested in identifying blame than in fixing the problem. I think we have taken some very aggressive steps in the United States to do so.” It was a relaxed, totally commanding, Clintonesque performance.

Yes, our free market deregulating freaks had nothing to do with it. Obviously the President wasn't going to blame the US and indeed the global markets were making money hand over fist too so what was their excuse?

I'd like to see the CNBCers broadcast from Europe and play CEO apologist over there. I doubt the whining bankers and Santelli's would get much love either.

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