In the weekend in the glorious city of Tokyo met the financial authorities of the Big Seven. Actually, the U.S. economy, Japan, Germany, France, Britain, Italy and Canada - no longer the largest in the world, China will be bigger. But it's not the point. And that is head of G7 now define the global economic policy and the world was the use of mummy would be very interesting to see what they offer, as measures to counteract the growing crisis.

During the meeting, the high side released a memorandum, which, however, greatly disturbed the experts. First, the finance ministers and central bankers of the Group of Seven "spoke" in favor of joint action to stabilize world financial markets are still

suffering from the effects of mortgage crisis in the U.S Even I would say, reassuringly. There is only one question: what are the measures they are going to take? The answer to this question is no. And any argument that such decisions are made "in secret" will not work - since, frankly, pathetic crisis, Bush's proposal, even as something to talk about is indecent.

Secondly, in a joint statement stating that "in all countries of the world, one way or another, economic growth will slow for a short period of time, which would reflect the situation in the global economy and financial markets." In order to make such statements not to be a genius - the U.S. has begun an economic downturn, and as the country provides 40% of the world aggregate demand, then it will inevitably pull for each other and the world economy. While the G7 and tried to say something about that, "a U.S. recession may not yet be, but let's apply the mummy and face the truth. After the recent catastrophic decline of the index of business activity in non-production (which is more than 70% of the total U.S. economy), taking into account the many other indicators, this assertion seems strangely unconvincing. That is, of course, you can draw almost any figure, but the reality will be affected slightly.

We note here another circumstance. "Recession" - a word that in the U.S. used to refer to quite specific phenomenon, namely, a situation where in the cyclical downturn of the economy, more than two consecutive quarters of decline in GDP recorded. Recession in the U.S. today is not cyclical but structural, and with regard to GDP, the U.S. statistics that are so hopelessly overstated (and directly through the attached Rent and hedonic indices, and indirectly, by understating inflation) that talk about "recession" just funny. If the U.S. authorities will need (and before the election will almost certainly need to), then there is no recession will not be - as, indeed, let the world G7.

Then, thirdly, G7 asked the oil-exporting countries, with a request that is necessary to increase production of raw materials as oil prices last month exceeded $ 100 per barrel. Note that prices for a month at least not grow and you can buy a mummy, with a peak, they fell by almost 10%, and most importantly, they have successfully manipulated by financial institutions of the same G7, we are not so long ago, showed in a previous text. There was is a graph of oil prices, which is with remarkable tenacity showed local minima in the days when the United States measures the inflation target. But even if we ignore this fact, we note that the rise in oil prices is behind rising prices for gold. That is worth G7 countries go to the "gold standard" - and oil prices begin to fall! What is thought-provoking that their growth is associated not with a shortage of oil, and with the excessive emission of dollars! But this is the problem the United States, and not countries - exporters of petroleum.

Closing Statement at all remarkable phrase: "We will continue to monitor the world economy, and will be ready, individually or jointly take all necessary measures to maintain stability." Because, as noted in the beginning, it is unclear what measures, and most importantly, why they are not used so far? Do they believe that the situation is normal and under control? But then why the entire Internet is full of alarmist reports that as soon as the end of China's New Year's holidays, so crashing down at first local, then all the other stock markets? Why G7 did not explain clearly what steps it has taken to prevent this meltdown?

In general, the declaration of the G7 meeting was that the mummy to buy you can. A mixture of platitudes and absurdities, and nothing but the growth of panic on world markets, it can not cause. As demonstrated utter helplessness of the organization towards the challenges that now confront the global economy. Alas.