G7's to-do list won't save the world. Let's grey out the catchwords:
1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure. (Means: pump money into the markets.)
2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding. (Means: pump more money into the markets.)
3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses. (Means: we need money, no matter where it comes from. Then pump it into the markets.)
4. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits. (Means: ... - you got it.)
5. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary. (Means: after pumping money for satisfying the biggest criminals we have to take care for the smaller ones.)
Hey, they absolutely don't have an idea!