Developing countries backed a Group of Seven plan to tackle the financial crisis, a 'first' step in global coordination to restore order to global markets, IMF head Dominique Strauss-Kahn said.
Strauss-Kahn bluntly said the world's reeling financial system was teetering on "the brink of systemic meltdown."
"It is so important that the first coordination took place today in the IMFC when emerging market economies and low-income countries agreed with the principles and actions decided by the G7," he said at a news conference on the first day of annual International Monetary Fund and World Bank meetings in Washington.
"The first coordination between advanced countries and the rest of the world is now on track," Strauss-Kahn added [Veronica Smith, "IMF Chief Hails 'First' Global Coordination on Financial Crisis," AFP via Yahoo News, 2008.10.11].
Those nutty globalists, all freaking out and trying to come up with a massive multi-government solution, when a quick trip away from Wall Street to Main Street would show them the small-scale model of sensible, community-based banking that has so far avoided the credit crunch:
At the same time, many smaller banks said they were actually benefiting from the problems on Wall Street. Deposits are flowing in as customers flee riskier investments, and well-qualified borrowers are lining up for loans.
"We collect money from local savers, and we lend it in the local community," said William Dunkelberg, chairman of Liberty Bell Bank in Cherry Hill, N.J. "We're doing fine. There are 9,000 financial institutions out there, and most of them are small and most of them are doing fine."
Dunkelberg, a professor of economics at Temple University and chief economist for the National Federation of Independent Business, added that a recent survey of that group's members found that only 2 percent said getting a bank loan was the great challenge facing their businesses.
"If you can't get a loan, my advice is to go see your local community bank," Dunkelberg said [Binyamin Applebaum, "Smaller Banks Thrive out of the Fray of Crisis," Washington Post via AARP Bulletin, 2008.09.26].
Gee, small community banks are able to do what big banks can't. Of course, if you read the Madville Times, you already know that.
Small is beautiful. Be a yokel: bank local!