G20 Summit: it's no place to put out the raging fire

Telegraph
"The world economy is in a relentless downward spiral but G20 finance ministers have barely noticed, judging from the communiqué of their mid-March meeting. ....There can be no Grand Bargain where the US agrees to fix its banking system because the EU agrees to aid Eastern Europe. It is in the interest of the US to fix its banking system purely on domestic grounds. Similarly, it is in the EU's own interest to staunch the bleeding in its East and avoid blowback to its financial system, US bank recapitalisation or not. Saying to the Congress "we should recapitalise our banks because the EU requires this as a quid pro quo for taking the lead in Eastern Europe" would be a nonsequiter."