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It's not the job of finance ministers and Central Bank governors to accelerate a crisis.

It's our job to try and avoid a crisis.

The danger of what's going on in market at the moment is that it does feedback to the real economy.

Right now, I don't think we need to do any new fiscal policy so it's really a question about what's

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Good morning, I'm Michael McKee.

It is 7 a.m. on Wall Street, 8 PM in Shanghai, where the

Yuan is falling after China cuts bank reserve ratios by 50 basis points.

The rest of the world, so far ignoring it, the G20 of course over the weekend telling

investors they worry too much. This morning markets throwing their toys

out of the pram in response. Tokyo finished down 1.3 percent. Europe at the moment

is lower the stock 600 by 3 tenths about a point. The Dax is down 95 points, full percentage point

lower. We are at the moment looking at a headline from the Bloomberg Professional Federal Mogul getting a merger proposal

from ICON Enterprises.

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