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No ‘decider-in-chief’ for global crisis

10/08/2008

I recently talked with a senior official of the IMF about the global credit crisis. He thought a global crisis required a global solution, but there is no “decider-in-chief.” The U.S. can no more solve the global credit crisis than Virginia can solve the American credit crisis. Interesting! By coincidence, the G-7 conference is this weekend, and may be the most important one in decades. There will be some serious horse-trading in the hallways. It might even be less dignified than passage of the “bailout/rescue” package approved by Congress . . . if that is possible.

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