However, despite the public success, serious economic problems underlying the current global financial crisis still remain. The main reason for its success is that these issues were largely avoided when it became evident that an agreement on them was not forthcoming.

These issues are extremely important for addressing the crisis. They remain unresolved just as they did prior to the summit. Our financial problems have developed as a result of globalization of the financial system. Any solution will require global cooperation.

However, there is serious disagreement regarding the use of fiscal stimulus. The United States and Great Britain favor it. Much of Europe, particularly Germany, is against it. Unless the United States erects protectionist barriers, much of this stimulus which is funded by deficit spending may leak outside the country. Other countries will receive the benefits at American taxpayer expense. Since there will be no increased stimulus by these countries, we will receive no corresponding benefit. In essence, these countries will become true FreePassers.

There are similar problems with bank bailouts as well. We saw this with American International Group (NYSE: AIG). Several foreign banks with Credit Default Swaps with AIG were only able to be paid because of cash injections by the U.S. government.

The entire world must be on the same page for any potential solution to alleviate the current crisis. Otherwise, the more conservative countries, such as Germany, benefit from the actions of the more aggressive countries, such as the United States. This is an unfair and unstable situation. Protectionist sentiments can develop in the United States as a result with potentially disastrous consequences. Despite the public G-20 success, these problems still remain.

Doug Roberts is the Founder and Chief Investment Strategist for ChannelCapitalResearch.com, an independent research firm focusing on investment strategies using the Federal Reserve's impact on the stock prices.