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ABC and CBS both called in talking heads to help us understand what it all means. CBS anchor Katie Couric interviewed Vincent Cable, a member of the British House of Commons, sloppily without identifying which political party he represents. Cable--a Liberal Democrat, a centrist minor party--told Couric that "this is an extraordinary grouping. It has now the two big superpowers of the world, which are the United States and China." ABC anchor Charles Gibson talked to Robert Hormats of Goldman Sachs and Fred Bergsten of the Peterson Institute. "In a very important sense it does represent a New World Order," Bergsten averred. "G20 includes five countries from the Americas, five from Asia, five from Europe, five from elsewhere. It is the true globalization of economic decisionmaking."
CBS' Couric in her summary feature came to a similar conclusion: "Economists have been talking about globalization for years but few could have predicted the speed with which foreclosures in American cities could result in bank runs in Asia and Europe. This Great Recession proves it is much more than a catchy ad campaign--we are All Connected."
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