G7 Ministers Agree To Avoid The Real Issue

FakeBen says: "The G7 ministers agreed to fix yesterday's problems and leave the real problem unaddressed (which is how do you ensure a responsible Fed that does not constantly try to inflate growth, ignores asset bubbles, and disregards total credit growth relative to GDP). They also increased moral hazard, by providing more backstops. Get ready for hyperinflation!"

WASHINGTON - Finance officials from the world's top economic powers endorsed a plan Friday aimed at preventing another financial crisis like the credit and mortgage debacles that erupted in the United States and quickly sent tremors around the globe.

"Rapid implementation" of the plan "will not only enhance the resilience of the global financial system for the longer term but should help to support confidence and improve the functioning of the markets," the G7 officials said in a joint statement.