According to a major Brazilian newspaper, the G20 countries have been spending a very significant amount of time in Seoul arguing... about the substitution of the words
"competitive devaluation of currencies"by
"undervaluations of currencies"They also reported the Mr. Geithner raised his voice during a speech after being heavily criticized.
They last time they tried these tactics was probably when they got TARP approved. You'd think they'd know they are now dealing with smart people, but that does not seem to be the case.
It would seem that we should not expect anything of substance tomorrow, other than a silly farsical consensus declaration.