Economist David H. Wang agreed with Soros that Europe's interbank loan guarantees and monetary policy actions to increase dollars in the global money supply are "significant, positives step" to get a handle on the global financial crisis.

"What we are seeing now is a global response, not just an American response, to keep credit flowing and to recapitalize key banks," Wang said. "Using medical terms, we have a patient that is getting additional blood to stabilize his system, but very soon we will have to operate to unclog several arteries."

Toxic assets, primarily mortgage backed securities, are clogging those arteries, Wang said, and he took pains to underscore the status of the U.S. economy, even after the toxic assets have been removed. "We must keep in mind that removing the toxic assets does not immediately mean the economy will be grow. The U.S.'s economic fundamentals remain weak, and they have to be addressed. The toxic asset removal and credit market stabilization simply means that the bottom of the financial system will not fall out, which, from where we were, represents progress."

Monetary Policy / Economic Analysis: As Soros noted, a welcomed positive step from across the pond in the effort to end the global financial crisis. Europe has committed a large some of money to stabilize its banking sector: it's time for the United States to do the same. The reason for the United States' delay in announcing its recapitalization plan? U.S. officials are trying to keep its recapitalization free market-oriented and voluntary: they are noble goals, but ones that should not take precedence over financial system stability.