Text of G-7 plan of action

Fri Oct 10, 2008 7:19 PM EDT

politics, meltdown, treasury-department, communique

Text of G-7 finance ministers and central bank governors' plan of action, as provided by the Treasury Department:

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The G-7 agrees today that the current situation calls for urgent and exceptional action. We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth. We agree to:

1) Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.

2) Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.

3) Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.

4) Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.

5) Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary.

The actions should be taken in ways that protect taxpayers and avoid potentially damaging effects on other countries. We will use macroeconomic policy tools as necessary and appropriate. We strongly support the IMF's critical role in assisting countries affected by this turmoil. We will accelerate full implementation of the Financial Stability Forum recommendations and we are committed to the pressing need for reform of the financial system. We will strengthen further our cooperation and work with others to accomplish this plan.

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{"commentId":3430242,"authorDomain":"jdunn"}

jdunn

Here's what I heard may be going on. First of all, you have to understand that there are only a few things on this planet which have any real value. One of them is gold, but most all the gold bullion has already been bought up. The other one is real estate. The bankers and federal reserve are letting the market go as low as possible so they can buy up as many properties as they can. In the meantime they won't issue credit so they can have all these deals for themselves. Once they've secured enough properties, they'll say the market has recovered, home prices will go up, then they'll start issuing credit again so they can sell you your house twice, at a profit. Oh the Zionist conspiracy of it all!

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#1 - Sat Oct 11, 2008 12:14 AM EDT

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Text of G-7 plan of action

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