The G8 finance ministers met over the weekend, and after agreeing that the world economies are still stuck “in the middle of the worst crisis since the Great Depression” felt that there’s no time like the present to plan for the unwinding of all the steps so far preventing another Great Depression. This cognitive dissonance is also apparent on Capitol Hill, where the opposition party asserts the failure of the Obama stimulus package barely four months after its passage, and where some Democrats and Republicans in Congress are seeking to strip the Federal Reserve Board of the supposedly dangerous and expanding powers that the governors used to prevent the U.S. economy from falling off the cliff – while many in the Beltway fiddled.

The June 13 meeting of the G8 ministers yielded something called the Lecce Framework, filled with rousing yet amorphous language similar to previous statements of alarm and resolve. The resulting “strategy” ostensibly would “create a comprehensive framework, building on existing initiatives, to identify and fill regulatory gaps and foster the broad international consensus needed for rapid implementation.” Given the well-reported lack of international consensus on this topic, it might be best to leave the stopwatch in the drawer.

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