We have already seen the two key points everyone seems to have agreed on.
They agreed that cutting interest rates was essential. We are witnessing that happen. It seems to have worked as well as pill 1 in a 30 round pill regimen to stop an infection. The US is at 1%, not much wiggle room left there.
The second point is to continue with fiscal stimulus plans like our $700Billion bailout to nowhere. The idea is to try to "align them across borders."
Playing the role of the pessimist - sarcastic curmudgeon here, the only decent news seemed to be Bush's admission that this was his last economic meeting with world powers. Its hard to imagine Bush himself actually inputting substantial policy ideas into a meeting of this nature. I think of it as like bringing your 3 year old to a meeting where you put him in a chair with a coloring book and a fruit drink.
Reuters: Leaders pledge fiscal boost to save world economy
Australian Prime Minister Kevin Rudd said $1 trillion of public money had already been put up to pad spending around the world. But he added that the IMF had warned leaders on Saturday that it expects $1.8 trillion worth of economic activity to be drained away by the crisis next year.Here is one immediate response to the summit -
"Each country's fiscal stimulus can be twice as effective in raising domestic output growth if its major trading partners also have a stimulus package. Everywhere, where you have low inflation, this has to be considered," he said.
Breitbart.com: Gulf stocks plunge as G20 fails to halt panic
Stock markets in the Gulf states plunged on the week's opener Sunday as panic from the fallout of the global economic crisis continued to dampen investor sentiment.Can we assume that Wall Street will follow this trend on Monday?
The slump came despite the approval by leaders of the G20 nations of an action plan on Saturday to restore global growth and prevent future financial upheaval while promising new spending plans and a set of reforms.
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