Regulation at the G-20

The G-20 is in full swing right now, in London. Now that President Obama is there, everyone should be watching carefully to see what kind of economic regulation comes out of the leadership meetings.

Particularly scary is the talk of a “global new deal”–even though German Chanchellor Angela Merkel has squashed the idea put forward by British Prime Minister Gordon Brown:

“We need a global New Deal — a grand bargain between the countries and continents of this world — so that the world economy can not only recover but… so the banking system can be based on… best principles,” Brown said at a pre-summit meeting of European leaders last month.