For obvious reasons, they never refer to the place they meet as the G-20 Spot.

The G-20 (a group of 20 countries (including an EU representative) that represent the 20 countries that are members of the G-20) held an emergency meeting this week in Washington DC to address the worldwide credit crunch.

The G-20 describes itself as “an informal forum that promotes open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability.”

In other words, it’s a kind of Facebook-style social networking group for global economic powers (Saudi Arabia is feeling sad).

There was, however, some disappointment with the results of the meeting, as critics suggested that not much was really accomplished.  This is very unfair as the G-20 issued a lengthy, detailed statement following Saturday’s meeting including 16 specific principles and an “Action Plan” that clearly demonstrates the important work that is being accomplished.

We summarize below:

Statement of Principles

1. We held a meeting because things are bad.
2. We should probably do something about that.
3. Some people screwed up.
4. Other people also screwed up.
5. We’ve done some things to make it better.
6. But we need to do more.
7. Therefore, we agreed to continue doing what we’ve been doing.
8. But also promise to do some other good-sounding stuff.
9. To accomplish this, we adhere to common principles of good-sounding stuff.
10. Specifically, we have charged our people with reviewing things.
11. We’ll meet again in six months to review the progress being made on these reviews.
12. We think the free market is still nifty.
13. Free trade is nifty too.
14. Helping poor countries is also nifty.
15. We are still committed to all the other important stuff going on.
16. This will probably work.

Action Plan to Implement Principles for Reform

We are committed to taking rapid action to implement these principles. We instruct our people to take the following actions:

• Review things.
• Study things.
• Review some more things.
• Collect information.
• Did we mention review things, because that is critical.
• Explore things.

Now that’s putting the "act" back in "action!"

It is exactly this kind of coordinated international cooperation that helps us sleep soundly at night and we look forward to additional meetings of the G-20 in the future.

Hey, that Shafer Cabernet Hillside Select 2003 is not going to drink itself.

J.