Dear G20, welcome to Washington
Thank you for visiting. Admission is free, but your generous donation would greatly help with our capital improvement projects such as bank bailouts, depositor guarantees and mortgage overhauls. We normally like to keep this an intimate gathering of just the Group of Seven, but given our current predicament, the more the merrier.
As global stock markets tanked once again, the pressure was mounting on the G7 to come up with a comprehensive plan to guide the economy past the credit crisis that threatens to trigger a global recession. The G7 meets on Friday, and the broader G20, which includes reserve-rich developing economies such as China and Russia, will convene on Saturday.
The buzz words are “coherent” and “coordinated” as world leaders acknowledge that they can no longer afford to focus on problems at home when everyone is feeling the pain.
Judging from the reaction on Wall Street, investors don’t seem to have much faith that world leaders were up to the challenge . We’re opening up a giant suggestion box. Any ideas? Post them here.