A who's who of world leaders representing the G-20 - the G-8 industrialized economies plus leading developing countries - descend on Washington this Saturday, invited by the Bush administration, to discuss what should, in theory, become the first step towards a Bretton Woods 2 agreement. The problem is these world leaders would rather be discussing policy with the US President-Elect, Barack Obama, who will dispatch two high-level emissaries to the summit. The disparities among the players may be huge, but the global economy's profound crisis affects them all. Mark Weisbrot, co-director of the Center for Economic and Policy Research in Washington tells Pepe Escobar the summit will not accomplish much. He also forcefully criticizes the International Monetary Fund (IMF), mostly controlled by the US Treasury, as the coordinator of a huge transfer of wealth from developing to developed economies. Weisbrot argues that any new efforts towards a new global financial architecture would have to explore alternative solutions, and institutions.

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