Unjustified and undue

The argument that a glut of savings from fast-growing nations such as China and other oil exporters laid the seeds of a global credit bubble has nothing to do with the dire financial and economic realities the world faces.

Worse, pointing fingers will only frustrate international efforts needed to fight off the global recession.

The year of 2009 has come with no end in sight for the deepening financial crisis. This is a bitter fact for policymakers around the world, who tried very hard to save their financial systems and economies since late last year. It seems quite obvious that more government efforts, especially, from developed countries, are urgently needed to restore financial stability and economic growth.