ORLY-EP0158 - What is the G20?

The Random Acts Company ORLY-EP0158 - What is the G20 Download Welcome to ORLYRADIO #158 recorded Friday, July 7th, 2017 - where we dismantle the current events for your edutainment through mostly rational conversations that make you go ‘Oh Really’! I’m your host Andy Cowen with my usual suspects, David O’Connor. We make mistakes. Please, if you find one, pause the podcast, and send us a note. [email protected] or phone it in 470-222-6759 Thank you to our Patreon Supporters!Donald DavisMelissa G.HenryDaniel DuncanGlobal Pulse:http://money.cnn.com/data/markets/ <figure class=" sqs-block-image-figure intrinsic " > International Monetary Fund (IMF) XDR/SDR Basket CurrenciesFive most-traded currencies in the foreign exchange market referenced against the US Dollar.$1 USD &nbsp;= &nbsp;€0.88 Eur = ¥6.81 CNY = ¥113.89 JPY = 0.78 GBP $1 USD &nbsp;= 0.00040 Bitcoin{As of the 2015 decision by the IMF: U.S. dollar 41.73%, Euro 30.93%, Renminbi (Chinese yuan) 10.92%, Japanese yen 8.33%, British pound 8.09%}Over a barrel = http://www.nasdaq.com/markets/crude-oil.aspx$44.23USD per barrel Watch that puppy grow!http://www.usdebtclock.org/http://www.poodwaddle.com/worldclock/reg1/ Facts Matter: Foundation for further discussion.What is the G20?The Group of Twenty (G20) is an international forum that brings together the world's 20 leading industrialised and emerging economies. The group accounts for 85 per cent of world GDP and two-thirds of its population.Much of the important business takes place on the sidelines and in informal meetings.Initially attendance at G20 summits was limited to the finance ministers and central bank governors of members when it was established 17 years ago.But since an inaugural meeting between G20 leaders in Washington DC following the collapse of Lehman Brothers in 2008, summits between G20 leaders themselves have become an annual event.The first G20 summit occurred in Berlin, in December 1999, and was hosted by the German and Canadian finance ministers.Since then there have been 20 G20 meetings between finance ministers and central bank governors, and 11 summits between heads of state or government of G20 economies.After the last summit in China, Germany assumed the G20 presidency in December 2016. Although Berlin hosted ministerial-level G20 meetings in 1999 and 2004, the Hamburg event will be the first time Germany has hosted G20 heads of government.The G20 is made up of:ArgentinaAustraliaBrazilCanadaFranceGermanyIndiaIndonesiaItalyJapanMexicoRussiaSaudi ArabiaSouth KoreaTurkeyUnited KingdomUnited States of AmericaChinaSouth AfricaThe final member is the European Union, represented by the European Commission, rotating Council presidency and the European Central Bank (ECB). Spain as a permanent non-member invitee also attends leader summits.Other countries also attend summits at the invitation of the host country, while it &nbsp;has become customary for the Chair of ASEAN (Association of Southeast Asian Nations) and representatives of the African Union and NEPAD (New Partnership for Africa’s Development) to be present at leader summits.How often do they meet?Meetings tend to occur on an annual basis; however leaders met twice a year in 2009 and 2010, when the global economy was in crisis.Next year, Buenos Aires will host the gathering as Argentina becomes the first South American nation to host a G20.How does the G20 differ from the G8?The Group of Eight (G8), established as the G7 in 1976 but renamed after the admission of Russia in 1998, is an international forum for the eight major industrial economies. It comprises: Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States.However, since 2014 Russian membership has been suspended following the country’s annexation of Crimea.The G8 seeks cooperation on economic issues facing the major industrial economies, while the G20 reflects the wider interests of both developed and emerging economies.If you’ve enjoyed what we do here and would like to help us out, there are a few ways.You can donate to the show through www.Patreon.com/orlyradio and get early access to full show content.Make the Algorithm work for us by reviewing us on iTunes to boost our ranking.Use your Words and tell someone about us.And of course, engage us! Send us an message on the social medias or the electronic mails @ [email protected] or if you are the more talkative sort 470-222-ORLY (6759) is always ready to take your call or text. &nbsp;And if you don’t like what we’ve done here this evening, you can contact the National Suicide Prevention Hotline at 1-800-273-8255, available 24 hours a day, 7 days a week. The Lifeline provides free and confidential support for people in distress, prevention and crisis resources for you or your loved ones, and best practices for professionals.Thank you for choosing us to waste your valuable time on! This has been ORLYRADIO, Part of The Random Acts Company. This work is licensed under a Creative Commons Attribution 3.0 United States License, including the music Rocket and Pamgaea created by Kevin MacLeod (www.incompetech.com)