"These are major steps in the right direction, from both monetary and fiscal standpoints, by the world's industrial powers. It's really a remarkable display of unity and action by the major powers," Dawson said. "We're not out of the woods yet, not by any means because we have to monitor whether banks actually resume lending and don't hoard this additional cash, as well. But there are signs credit conditions are starting to improve."

Moreover, Dawson said he expects short-term interest rates, including the key London interbank offered rate, or LIBOR -- used as the base for setting the rates of more than $360 trillion in financial products worldwide -- to continue to fall.

U.S. and European governments have now pledged as much as $3 trillion to unfreeze credit markets, meet demand for dollars, and recapitalize banks, Bloomberg News reported.

"Governments have taken the initiative to unfreeze credit markets and maintain the backbone of the global financial system," Dawson said. "Purists and market absolutists are certain to complain about interfering with the free market, but my response is -- what would have been the alternative?"

Monetary Policy/Economic Analysis: The 'all fronts' action by the major, industrialized nations continues. The U.S. plan, designed to mirror the European plans, will prevent capital flight, and further loosen credit markets. Along with major central banks' adding dollars to the money supply, and a process to remove toxic assets from the system, the major economies have in place a plan to heal the global financial system. Numerous hurdles remain, as the IMF noted over the weekend, but at least a viable plan is place that points the credit markets of the developed/developing worlds toward recovery.