G7 “Deadbeat” Leaders Meet, But It’s All Meaningless Discussion

The leaders of the G7 nations met in Washington and agreed that they have to solve the “Financial Crisis”, although nobody really laid out a good plan for how to do it.  I’m sure that there was a lot of pomp and ceremony surrounding such a momentous meeting of all the leaders of the deadbeat countries. You can almost feel it, as it oozes from this picture posted in today’s WSJ.

All leaders pledged to work together to stand behind their respective country’s banking systems and to try to prevent a complete meltdown and lockdown of the world financial system.

These meetings are great but what’s the game plan, people? Leaders agree to stick together to solve all the problems until the sledding gets difficult.  This will bring new meaning to the phrase “Together we stand, divided we fall.”   We’ll see how this all works out over the next couple of weeks.  I’m not sure that they truly will all stick together.  The US’s problems are severe.  Europe’s problems are severe.  They’re trying to show unity, but, So What?

Where are China and Japan? It seems that they’ve got more at stake than G7 leaders.  They own the bonds that we sold to them.  Until we see them at the table to discuss resolution, it’s all pretty much meaningless discussion.

Posted in Categories: Contributor, Economy, Eurozone, External Research, Japan, USA.

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