Global Stimulus Shot Down

It's every country for themselves when it comes to jump-starting the economy, as finance ministers have failed to come up with a coordinated stimulus plan at a G-20 meeting in England. While the group, whose nations comprise 85 percent of the world's economy, pledged to take “whatever action is necessary” to bounce back from global recession, there was no agreement on how countries should boost demand or deal with the toxic assets that have frozen credit around the world. The G-20 did find some common ground on international aid, pledging to boost contributions to the International Monetary Fund to help bail out desperate economies in Eastern Europe as well as Iceland, Pakistan, and others. But no specific dollar amount was put on the aid, punting the issue down the line. The US wants a $500 billion increase to a total of $750 billion.