From Reuters: IMF warns of financial meltdown

Kenneth Rogoff, a Harvard University professor and former IMF chief economist, said the G7 would have been better served adopting some version of the British plan so that banks would feel confident enough to loosen their grip on lending.

"Saying that they'll take all steps necessary leaves hanging the question of whether they know what is best and necessary," he told Reuters. "It was a signature moment for the G7. I think markets are going to be very disappointed."

Followed by today's IMF announcement: IMF endorses G7 plan to fight global credit crisis

The G7 countries have not described any specific plan, but have promised to work together and focus on the following key promises:

• Prevent the failure of major banks
• Get credit markets flowing
• Reinforce deposit insurance programs
• Fix the mortgage financing system
• Help countries with growing economies also affected by the crisis

So that means the big boys are endorsing a plan of no specific action.  The markets are not going to like this.