My Way News - Obama, Geithner: recession requires global action
AP reports: "The administration said decisive action is needed by all countries to complement what is being done in the United States. Treasury Secretary Timothy Geithner outlined an ambitious agenda, including a tenfold increase in the size of an emergency fund the International Monetary Fund uses to help countries in trouble to as much as $500 billion. [...] The U.S. challenge highlighted a rift with European nations who are balking at U.S. calls for more stimulus spending, arguing they do not want to pile up huge levels of debt."

Comment: Odd that they are not going along with calls for greater international coordination of the global economy. I think the problem is that the U.S. wants voluntary coordinated action, while Europe wants to create new international institutions to govern the global economy. The time will come when someone in power will do exactly that.