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G20 drops support for fiscal stimulus

cryptogenic

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G20 drops support for fiscal stimulus - CNN.com

The communiqué of the meeting made it clear that the G20 no longer thought that expansionary fiscal policy was sustainable or effective in fostering an economic recovery because investors were no longer confident about some countries' public finances. "The recent events highlight the importance of sustainable public finances and the need for our countries to put in place credible, growth-friendly measures, to deliver fiscal sustainability," the communiqué stated.

These words were in marked contrast to the G20's previous communiqué from late April, which called for fiscal support to "be maintained until the recovery is firmly driven by the private sector and becomes more entrenched".

That's it Bernanke, the jig is up. Time to shave that beard.
 
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