Geithner Calls for Global Keynesianism

In a statement released by Treasury Secretary Geithner shortly before his departure to London for the G-20 meetings, Geithner is called for nothing short of Global Keyensianism.

In his statement, he said:

We believe it is important for G-20 nations to commit to substantial and sustained actions for a period that matches the likely duration of the crisis. The IMF has called for countries to put in place fiscal stimulus of 2 percent of aggregate GDP each year for 2009-2010. This is a reasonable benchmark to guide each of our individual efforts. We think the G-20 should ask the IMF to report quarterly on countries' stimulus efforts scaled against the relative shortfall in growth rates.

I am currently on a "pen and pad" press conference call with Geithner and will report back after the call.

UPDATE: Geithener's press conference remarks are embargoed until 2:00 ET, I'll be back then.