G20 gives up on IMF reforms until year end

Here we have it. The G20 issues a statement that they will give the US until year end 2014 to approve the IMF reforms.

So unless there is a major global crisis this year it appears no reforms will be approved. If the Republicans win this fall as is currently expected, there is really no reason to think anything will change before 2016.

This pretty much takes the biggest agent for major system change off the table for now. We will continue to follow events and anything can happen at any time. But for now, it seems unlikely that anything major would happen this year unless a major global financial crisis unfolds.