But… but… they told us there was no crisis!
When we left you yesterday, Treasury Secretary Jacob Lew was throwing cold water on the notion that finance ministers and central bankers from the G-20 nations would produce an “emergency response” to the turmoil in global markets when they meet in Shanghai starting tomorrow.
“Don’t expect a crisis response in a noncrisis environment,” were his words.
Heh… “The global economy needs bold multilateral actions to boost growth and contain risk,” says a briefing note from the International Monetary Fund issued in advance of the G-20 meeting.
OK, those aren’t exactly hair-on-fire words. But even by the IMF’s restrained standards, we detect a few follicles getting singed.
The note said global economic growth is already falling short of 2016 forecasts. Emerging markets are a mess. Oil producers in developing countries are short on cash. “These developments point to higher risks of a…