The media are applauding the G20 rescue plan even before it's been announced - heralding the "sheer scale" of the stimulus which amounts to less than one trillion dollars.
The big surprise today will instead be the sheer scale of the extra sums made available in new loans and other liquidity boosts, particularly to kickstart growth in the emerging markets of China and Latin America.
Like China has a big problem! Sure their growth has been cut by half, but they are still growing - unlike Europe or the USA. I have to admit that one trillion dollars sounds like a lot of money - but it isn't in the context of this financial crisis. It is the merest drop in the ocean of debt - it amounts to roughly one third of the debt owed by the UK alone. When you consider it in the context of global debt it amounts to sticking a plaster over a gaping bullet wound.
This isn't going to rescue anything - it might stave off the inevitable for a few more months, but it will not prevent the world slipping into depression and it is a depression that will hurt Britain more than most - because we no longer make enough of anything to sell to ourselves or the world.
Only one thing will work to revive our economy - protectionism. Nothing else will stop us becoming an economic basket case and remaining one for some years until we start to produce something ourselves. The trouble is, we've become so used to our ever improving living standards that we can not conceive the possibility of them declining significantly - but they will.
I really don't think many people actually understand the potential decline that we're going to suffer, but it will be massive. There will be 4-5 million unemployed (on top of the 4-5 million already not working for various reasons) and average incomes will halve unless we start now to take steps to prevent it.