Every Nation For Itself?

Great post by Peter Boone and Simon Johnson in the Washington Post entitled "The Next Word War? It Could Be Financial":

"The global financial outlook grows more dire by the day: The United States has been forced to shore up Wall Street, and European governments are bailing out numerous commercial banks. Even more alarmingly, the government of Iceland is presiding over a massive default by all the country's major banks. This troubling development points not only to an even more painful recession than anticipated, but also to the urgent need for international coordination to avoid something worse: all-out financial warfare."

They list "six steps toward avoiding a situation of "each nation for itself". Please read them.

1) Recapitalize Banks.
2)Guarantee on banks deposits and debts.
3)Lower interest rates jointly.
4)Continue and guarantee pumping in liquidity.
5)A stimulus plan of at least 1% of GDP.
6)Some kind of relief to homeowners.
Plus:
7)Let prices fall to market levels.
8)Times are going to bad, whatever we do.

They all make sense to me, at this point.