After the Pittsburgh summit, we found out that the major group economic decisions by large industrialized nations will be made within the G20 framework. This deflated expectations for last weekend’s G7 meeting in Istanbul. This smaller group may shrink further as the US has proposed a Seinfeld-like G4 of US, Japan, Europe, and China. Remember, one year ago the G7 issued an agenda to resolved the panic that was occurring in the financial markets.

At the meeting this year, there were the obligatory comments from Geithner that the US would do everything we can to sustain a strong, stable dollar … …READ MORE