The G-20’s meeting was only laying the foundation stone for the next, even bigger crisis.

Instead of "stability, growth, jobs," the summit's real slogan should have been "debt, unemployment, and inflation."

The summit participants took the easy way out. Their decision to pump a further $5 trillion (€3.72 trillion) into the collapsing world economy within the foreseeable future, could indeed prove to be a historical turning point further downwards.

The crucial questions went unanswered because they weren't even asked. Why are we in the current situation anyway?

The reality is that the failure of the markets was preceded by a failure on the part of the state.Wall Street and the banks, the greedy players of the financial industry played an important, but not decisive, role. US President George W. Bush enormously expanded the cheap dollar, which eventually flooded the entire world, artificially bloating the banks balance sheets, creating sham growth and causing a speculative bubble in the US real estate market and else where.

The lack of transparency in the financial markets ensured that the toxic poison could spread all around the world.Two things that no private company can do on its own is wage war and print money, which was Bush's response to the terrorist attacks of Sept. 11, 2001. Bush's first mistake was the invasion of Baghdad, but his second error was flooding the global economy with trillions of dollars of cheap money has barely been acknowledged in the main stream media, with exception such as in the book by Alan Greenspan “The Age of Turbulence”.

In History no other president has ever printed money and expanded the money supply at such a rate.This new money was not backed by real value in the form of goods or services.Consumption in the US kept the global economy going for years. But the growth rates generated in the process were pure illusion.

The US sold more and more billions in new government bonds in order to preserve the appearance of a prosperous nation, when it really it was near broke.Private households copied the example of the US state. The average American now lives from hand to mouth and has 10 or more credit cards, and the savings rate is almost near zero.

The president and the head of the Federal Reserve, Alan Greenspan, knew about the problem very well, and Greenspans book made that clear. “The Age of Turbulence”.

To make matters worse, Since 2006, figures for the total number of dollars in circulation have no longer been published in the US, and as a result, a statistic which is regarded by the European Central Bank as a key indicator is now treated as a state secret in the US.

The outside world can only on independent estimates get a sense of the internal erosion of what was once the strongest currency in the world. Last year alone, the money supply in the US increased by 17 percent. As a comparison, the money in circulation in Europe grew by a mere 5 percent during the same period. The change of government in Washington has not brought a return to self-restraint and solidity, but it has led to further abandon. The only things which are currently running at full production in the US are the printing presses at the Treasury, and One-third of the budget is no longer covered by revenues. Stranger still was that non of the delegates at the G20 summit talked about these issues, or that the crisis is being fought with the same instrument that caused it in the first place. Cheap dollars will now be extended once again. Only this time, the US state is acting as the dealer, so that it can personally take care of how the trillions are distributed.

The IMF was authorized to double, and later triple, its assistance funds, by .....you guessed it borrowing more!

The World Bank is also being authorized to increase its borrowing, and all the participating countries want to help their economies through state guarantees, which, should they be made use of, would result in a huge increase in the national debt. The US is preparing a new, debt-financed economic stimulus package, and other countries will more than likely follow its example.

History shows us that the In dollar terms, American exports declined from about $5.2 billion in 1929 to $1.7 billion in 1933, and In most countries of the world recovery from the Great Depression began between late 1931 and early 1933. What policies countries followed after casting off gold and what results they got varied widely. We live in truly historic times - in that respect, German Chancellor Angela Merkel is right. The West may very well be giving itself a fatal overdose.

The United States recovery began in the spring of 1933, and the money supply growth caused by huge gold inflows was a crucial source of the recovery of the United States economy . The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of political situation in Europe, which was very handy to the US. Even more handy was the fact that the Nazi's let 338,000 Allied troops from Dunkirk successfully evacuate instead of capture or total annihilation.

Enter the US Lend-Lease program which supplied $31.4 billion to Britain following Dunkirk and the loss of so much military materiel on the beaches. The British Army needed months to re-supply properly and some planned introductions of new equipment were halted while industrial resources concentrated on making good the massive losses. As at 31 March 2001, principal of £243,573,154 [$346,287,953 at the exchange rate on that day] was outstanding on the loans provided by the United States Government in 1945.

In other words Britain went broke after WW2 , and the US became a super power, and certainly out stepped the great depression from its profits from war. Mean while British offshore havens helped to keep sterling and the City afloat. A total of $50.1 billion (equivalent to nearly $700 billion at 2007 prices) worth of supplies were shipped: $31.4 billion to Britain, $11.3 billion to the Soviet Union, $3.2 billion to France and $1.6 billion to China. Lend-Lease was a critical factor in the eventual success of the Allies in World War II, and some say critical to keeping the war a float to 1945, which would of ended far sooner, but the longer the war took the richer the US became. The similarities of 1929 and 2009 are astounding, yet the underlying agenda behind those events are like chalk and cheese.

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