Nouriel Roubini's 8 point plan to prevent a double dip recession is a must read for economic wonks. The plan calls for an internationally coordinated effort with countries either acting to stimulate their economies or cut back in spending depending on their fiscal health. His advice for America is as follows:
Countries where bond-market vigilantes have not yet awakened – the US,
the UK, and Japan – should maintain their fiscal stimulus while
designing credible fiscal consolidation plans to be implemented later
over the medium term.
Given Roubini was a prominent economist who actually predicted the financial collapse before it happened, it might be an idea for governments to heed his advice.