Economics: Canada, France, Germany, Japan, Italy, Russia, UK, USA - plus, yes, China! G8 will work on freer trade. oil price

Canada's Prime Minister, minority Lib govt leader, Paul Martin, will be present at the G8 Summit of advanced industrial nations in Scotland on July 6-8. Gleneagles, Scotland. As three Lib commentators said on a presigious news panel last nite, he will bring to the table "not much." The only thing he's distinguished himself for on the pressing economic policy issues of international implication are his definite No to Bono (who supported PM PM's re-election) and Geldof, regarding the request for Canada's commitment to the .7% of GNP revenues for international aid to impoverished nations thru-out the world. He's the only government leader to have done so, yet. Before the discussions even begin. Before the Live Aid Concert even has a chance to perform its grand lobbying effort to that end. So, that's about it re PM PM this Post Meridian.

France, famously in recent days, dissented again in its snotty way fromt the generally open reception that European govt leaders have given to US Prez Bush's address on the War on Terrorism in Iraq. On directly economic matters after the write-down la République has had to undergo on previously estimated profits in Iraq, it should be noted in reference to G8 issues that France, like several other G8s, subsidizes its own agricultural industries, thus making food cheaper and rendering poor countries which produce largely foodstuffs unable to compete on an open world market. Oil is also a continuing problem.

Germany, the other refuser of military help toward the democratic development of oil-rich Iraq. But wannabe Mr Clean, Helmut Schröder has just been wacked by the industrial proletariat in the country's manufacturing region where unemployment has reached near-catastrophic dimensions, and belt-titening is being resisted tooth-and-nail. Germany has to make some real structural readjustments, as its corporations move their manufacturing operations to Hungary, Bulgaria, and other East European states, while East Germany itself, is not having much of a redevelopment under capitalsim. Oil must be a continuing problem.

Italy has had mixed results in recent years under Berlusconi, Japan tuffed its way thru the worst of its sink and is slowly recovering toward, but very far to go, its former industrial strength, as its companies learn to create manufacturing facilities in the the countries where its autos are sold, for instance. The Ontario government just paid out $70 million to Honda to locate in our fair cawf cawf province. Canadians are buying Hondas. And will be even more so.

Russia's an add-on member of G8, for international political reasons. However, its take-over of the major oil company/ies on the basis of their previous capitalist corruption, means that the state oil biz in Russia and the rest of the Soviet empire, is a serious economic factor in world ecnomics today. Indeed, another guest to the G8 table this time around is the galloping golloximy of China - now a major consumer of Russian/formerSov oil - with many new pipelines and an armada of ocean/sea oil-bearing ships and ports in the works. China is the world's hottest economy, constantly in danger of overheating and heading the corruption-swamped system into collapse. It artificially keeps its currency, the yuan, at an artificially lower level of value (thus, subsidized by the Chinese govt), to the distress of other South East Asian countries which could compete with the monstroid were there a level playing field. China has once again to let its currency float freely on the international market, so there's a need for legislation against it, restricting trade, and opening trade to the competitors which need the business for their hardworking industrial-working populations. China is deeply subsidized by its slave labour, and its suppression of spontaneous movements to create free labour unions. Russia can be expected to back almost anything China wants, because the oil sales are important to Russia.

The UK has two main goals at the G8 Summit, July 6-8, not so much due to Tony Blair, but to his Finance man (I'll get back to you on this name) who has his eyes on the the next general election after Tony's retired (and we'll all be sad to see this stalwart man go). Anyway, whathisname wants an end to agricultural subsidies (which pressures also the US regarding its subsidy of its cotton home-growers, as this undercuts African cotton growers on the international market - but China has an interest in African cotton for its textile industries, in exchange for Chinese o-i-l, even tho China is a net importer of oil for all those new autos, trucks, buses, etc.). And the UK's treasury politico with a lust on for the Prime Ministry next round, also wants a whitewash of his liberal credentials, so is emphasizing throwing gobs and gobs and gobs of money at Africa. Which desperqtely needs it, but is in such said condition on the corruption that little of the money is likely to reach the people who could use it to create prosperity rather ruin in Africa, where drout doesn't bring everything agricultural to a halt. Africa's extractions industries are owned externally, mostly by what seem to be bandit corporations, like the former operations of Canada's Talisman in the Sudan.

The US's chief concerns may well be similar to those of PM PM (Canada's pm): no movement to the .7% GNP international standard. But I think Bush may evidence some movement in that respect. Also I think he realizes the utter unreality of maintaining especially the cotton subsidy in the face the need of other countries to get a decent return for theirs, on the global market. Other agricultural subsidies may be recalcitrant as well. Right now, on the other hand, Bush seems interested in pushing methan or ethanol or something I don't quite grasp yet, as an alternative fuel. The Prez has been consulting with these people annually. But elsewhere instead of corn as the source, I've seen straw mentioned. G8 may clarify some of these options, because they impinge on alternative sources for auto, truck, and bus energy. What you can't leave out of Bush's picture, however, is his drive to link freer trade and world prosperity to stepped-up democratization - not just in the Middle East, but in the African tyranniates and in China. - Owlb

G8 Gleneagles Official Website