How on earth to monitor markets of the world?

There have been many different opinions about the just concluded G20 summit in Washington. Some say it has failed to result in concrete steps - neither something of a Bretton Woods II nor big checks from the emerging market economies for IMF's further bailout spending.

Others tend to view from a seemingly larger perspective - alleging that time has changed and now that 80 percent of the world's GDP is represented in G20, the old G7 or G8 institution will become history.

These comments are more easily made, and even emptier, than the ideas arising from the officials' meeting. You have no risk by alleging any point in a longer process as having few concrete results, or having some vaguely-defined larger significance.