Group of Thirty (G30)

The Group of Thirty (G30) is yet another agglomeration of various countries' leadership developed under some mysterious process that is intended to emphasize that countries work better when they get together in a group. It is a kind of promotion for global governance.

In 1978 when the Group of Thirty was formed, The Group of Thirty's main thrust was to deepen the understanding of international financial and economic issues. Also known as the G30, the Group of Thirty explores the international repercussions that public and private decisions have on the global economy. The G30 delivers recommendations to the private and public sector so positive action can be taken to avoid financial and economic crises.

The Group of Thirty helps establish tools that can address issues like liquidity, credit, leverage and supervision. The G30's reports can include policy action that's hard to implement and at times controversial.

The 30 members of the G30 include a who's who of international bankers and government financial experts. Nine members are from the United States, but Canada, Israel, China, Italy, Switzerland, Poland, Mexico, Denmark, Germany, Japan, Brazil, England, Argentina, Singapore and India are represented in the G30 as well.

In 2009, the Group of Thirty released "Financial Reform: A Framework for Financial Stability," which identified flaws in the global financial system and made 18 recommendations to prevent another global financial meltdown. Jacob Frenkel, chairman of the Group of Thirty, wrote, "The G30 today is focused squarely on the policy changes required to strengthen the global financial system to ensure a greater degree of stability and resilience to shocks that we may confront in the future."

Frenkel also said deflating asset bubbles as well as intervening in future financial booms and busts may be controversial and is not easy, but when macroprudential policy tools are understood they are an important addition to the existing options available to central banks.

The purported goal of the Group of Thirty is not only to identify and prevent future global meltdowns; it wants to provide the tools the world needs to maintain a healthy financial balance without disrupting economic growth. It is just another example of an organization of central planners who think they can outsmart the free market where billions of people act out of self-interest.

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