G-20 conference statements reinforces chances of future economic recovery

The current primary global economic policy mechanism succeeds the Group of 8, reflecting the steady evolution of many Third World nations to First World industrial powerhouse status, and the need for a more inclusive body to attack massive global challenges.

Conferences of heads of government and finance ministers from the nations involved, central to stability, have made enormously important collective moves to attack continuing world financial turmoil and recession. Yet their gatherings have not been receiving much media attention and making headlines. TV talking heads in particular these days largely turn their attention elsewhere.

The fictional British super sleuth Sherlock Holmes can help us understand this inattention. In the story 'Silver Blaze,' Holmes solves a vexing crime on the basis of evidence not present, specifically a dog that did not bark, thus pointing the finger — or paw — at a suspect the animal knew. Another intruder would have caused the hound to raise a racket.

Holmes knew the value of seeing what has not happened. In the case of the G-20, dramatic collective efforts have generally succeeded in stabilizing the global economy, at least for the time being. The very rapid steep decline of financial markets, sparked by the collapse of Lehman Brothers, was driven by a U.S. housing market artificially inflated by credit derivatives removed from tangible value. Had the crisis resulted in global collapse, rest assured media attention would be continuous and loud. Disasters make for great headlines; avoiding them does not.

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