A hopeful meeting

The G20 meeting in London resulted in a document promising concerted efforts to fight the economic crisis. It's encouraging that widely differing countries like the US, China, and Russia can come together to save us from a global depression. Not that it still can't happen, but if everybody sticks to what they've agreed to this may be a turning point.

For once the protesters' focus was not anti-American which was refreshing. Rather they took their anger out on the bankers, not without good reasons one have to say. Unfortunately, we have to save the banks, because if the banking system goes down a depression will follow. To help prevent future mismanagement of financial companies the G20 will set up a Financial Stability Board that will suggest stricter lending rules and even introduce "tough new principles on pay and compensation". Hopefully that means an end to ridiculously high bonuses that have blinded people in the financial sector, often driving them into far too risky lending practices and investments. To review how the crisis started in the US housing market, see Washington Post's revealing three-piece story The Bubble.

President Obama had a cold but that didn't deter him from shaking everybody's hands. Let's hope everybody stays healthy now when they return to implement their agreement at home.