Sunday, May 20, 2012

European Debt Crisis Discussed At Camp David...

by: Les Carpenter
Rational Nation USA
Liberty -vs- Tyranny

As President Obama is hosting a summit with G8 leaders at Camp David this weekend to discuss nothing less than "economic growth" I couldn't help feeling just a bit cynical. it's probably just me, nonetheless being the skeptic has become normal for me over the last eight years.

I mean there are these, just a few select examples from yesterday's The New York Tines...
Leaders of the world’s richest countries banded together on Saturday to press Germany to back more pro-growth policies to halt the deepening debt crisis in Europe, as President Obama for the first time gained widespread support for his argument that Europe, and the United States by extension, cannot afford Chancellor Angela Merkel’s one-size-fits-all approach emphasizing austerity.
So, what the other leaders are really going to do is to pressure Germany's Chancellor to fully adopt the Keynesian economics that apparently all socialist counties, including the USA accept as the best world economic view. I may be off base here but it seems to me this is just a brick being lain in the building of the foundation for a one world economic and government order.
The leaders did concede somewhat to Ms. Merkel’s position on austerity, acknowledging that national budget deficits had to be addressed. But they added that spending cuts must “take into account countries’ evolving economic conditions and underpin confidence and economy recovery,” a recognition of how much the austerity packages have dampened consumer and political confidence in Europe.
This I suspect amounts to "throwing Chancellor Merkel a bone", just enough to get her to accept their view of "the bigger picture" and what they consider as the correct remedial approach to the worlds economic woes. I do find it quite interesting the nation that spawned Karl Marx is the nation most inclined to less government in the present. At least from a world or global view.
... While Greece is not part of the Group of 8 — the club is made up of the United States, France, Germany, Britain, Italy, Canada, Japan and Russia — the political and economic crisis facing Athens hovered over the meeting. Greece has been unable to form a government after voters, angry over austerity measures, brought down the last government, and there is now talk of bringing back the drachma and abandoning the euro.
One would think with the experiences of Greece and the problems it's pathetic socialist government is responsible for causing all other nation's and their governments would gain a clearer picture of the dangers of ever greater dependency on leviathan. Apparently not so.
With his own re-election bid tied to a fragile American economic recovery that could easily reverse if Europe’s economy takes another turn for the worse, Mr. Obama was pushing hard on Saturday for a euro-zone growth package. American officials said they hoped that after the full-court press this weekend at Camp David, Ms. Merkel would be more amenable to the pro-growth argument when she meets with European leaders this week at a summit to come up with specific steps to fight rising debt while spurring the economy.
Ah, could President Obama's primary motivation be to save his political skin? Of course it is. Rational, or in the President's case irrational self interest at work, just as it ultimately is for everyone, whether rational or irrational.
In comments to reporters afterward, Mr. Obama said that the group needed to discuss “a responsible approach to fiscal consolidation that is coupled with a strong growth agenda.”

“If a company is forced to cut back in Paris or Madrid, that might mean less business for workers in Pittsburgh or Milwaukee,” Mr. Obama said to explain why the European crisis matters to the United States. He said that while Europe’s predicament is “more complicated” since it requires coordination among multiple governments, steps his own government took to blunt the impact of the American financial crisis in 2008 and 2009, including the stimulus, can stand as an example for Europe.
It should be clear the President is hitting on two of his overriding themes here: A) Increased government involvement in the economies of both European nations as well as increased influence and intervention by Leviathan in America's business sector, and B) His narcissistic belief in his own intelligence, importance, and that his policies have actually worked wonders when clearly they have not.

As I said my skepticism has grown considerably over the past eight years. As I see more movement towards increasing the size of Leviathan in our United States of America, the growing trend towards accepting the idea of a One World Economic, Social, and Government Order {ex: European Union} my skepticism continues to grow. Perhaps it's just me, however as I think about it I suspect there are others who share my concerns.

Now, The New York Times article in full.

Via: Memeorandum


  1. Heavens no! We wouldn't want any "austerity" after decades of stupidity!

  2. Simple Math. Raise taxes to pay our debts.

  3. Austerity leads to prosperity! The only world leader with their head on straight in the gang of 8 is Merkel. Government spending is not the answer because the resulting debt devalues the currency. The fact that the Joker wants everyone to join him on the path of destruction is typical. Angela needs to stand her ground and say to the Joker that you aren't taking up down with you. The spendthrifts are seeing reduced growth over the countries that have cut spending and taxes.

  4. I found it particularly amusing when they framed it as Obama urging Europe to abandon "austerity" (which no one has embraced) and instead embrace "growth."

    Yeah, like Obama's "growth?"

    By growth, the mean government growth through more taxes, which will suck even more life out of an already staggering economy.

    They want growth? Then free us! Free people participating in free markets create economic growth, not governments.

    Anyone who doesn't understand that is too stupid and irresponsible to be trusted anywhere near the levers of government.

  5. We've been doing demand-push stimulus for quite some time now; Bush's non-defense discretionary spending (yes, it mushroomed under the prior administration) and tax rebates, Obama's stimulus, omnibus, extensions of unemployment compensation, cash for clunkers, food stamps, extensions of the payroll tax holiday, etc., etc. and it's been followed by one of the most anemic economic recoveries in U.S. history. I mean, yeah, maybe we shouldn't be doing a total about-face and all but a bipartisan approach such as Bowles-Simpson, Rivlin-Domenici, or the Gang of 6 wouldn't necessarily be a bad option, either, in my opinion.

  6. Austerity is failing. As any true capitalist or "classical liberal" would full know, state investment in infrastructure, welfare, and jobs, is the sure enough way to create the opportunity for economic expansion.

    Austerity if the self-rationalizing philosophy of the short-minded selfish and dumb.

    Austerity is the philosophy of puritans, not free marketeers.


    1. a ratta tat, a ratta tat, a ratta tatta tat... Keep on a marching dude... LMFAO at your naivete.

    2. Two questions for JMJ (that he won't likely answer):

      1) How much is too much deficit spending?

      2) What is the highest tax rate that ANY American individual should pay?

    3. A trillion a year obviously isn't enough, LCR.......And Jersey obviously slept through that whole lost decade in a half that the Japanese went through; multiple stimulus projects and protectionism way up the ying-yang.......Or he didn't and didn't think that THAT was enough!

  7. "one of the most anemic economic recoveries in U.S. history"
    That slow recovery is due to the amount of debt, which scares away investment money.


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