IMF: Watch and worry

The world’s leaders and bankers are on their way home from another largely useless show of global solidarity. Once again, the G7, World Bank and International Monetary Fund concluded their annual Washington boondoggle with a warning about so-called global imbalances. But what can they do about them? Consider a short list of the big problems in the global economy. There is the US trade deficit, which creates an international imbalance of both savings and industrial production. Then there is the g...