April 26, 2009
G-20 Reloaded & moving to the gold camp
G-20 Reloaded, by Tony Phillips
This crisis is big, very big. Previous efforts have failed. Trillions of good dollars have been thrown after bad. The G-20 leaders announced in their communiqué that the "crisis […] has deepened since we last met." The communiqué describes their plans as "the largest fiscal and monetary stimulus and the most comprehensive support program for the financial sector in modern times." They "pledged to do whatever is necessary." They were "undertaking an unprecedented and concerted fiscal expansion […] that will, by the end of next year, amount to $5 trillion, raise output by 4%, and accelerate the transition to a green economy."
Lofty expectations indeed!
Posted by Tony Phillips at April 26, 2009 03:10 PMComments