Anyone who understands what happened in the international area over economic cooperation from 1929-1933 well knows what this kind of thing portends. What's more, the economic isolation policies which were the outcome of the failed London Conference of the time predicted the political and military isolation which followed, along with the avoidance of war policies of Europe.Disagreements between the European Union and the US over how to combat the global recession widened on Tuesday as EU governments made clear they had little appetite for piling up more debt to fight the collapse in output and jobs.
Finance ministers from the 27-nation bloc insisted in Brussels that it was doing enough to support world demand and did not need at present to adopt another fiscal stimulus plan, as Washington is urging.
The US-European differences are casting a shadow over next month's summit in London of leaders from the G20 group of advanced and emerging economies, an event to be attended by Barack Obama on his first visit to Europe as US president.
It also emerged that Gordon Brown, UK prime minister, was struggling to organise the summit. Britain's most senior civil servant claimed it was hard to find anyone to speak to at the US Treasury. Sir Gus O'Donnell, cabinet secretary, blamed the "absolute madness" of the US system where a new administration had to hire new officials from scratch, leaving a decision-making vacuum.
"There is nobody there. You cannot believe how difficult it is," he told a conference of civil servants.
The critical condition of Europe's economy was underlined by official data on Tuesday showing French industrial output fell at a year-on-year rate of 13.8 per cent in January, the worst fall since records started in 1991. Despite the gloomy figures, stock markets around the world rebounded strongly. In New York, the S&P 500 index surged 6 per cent by mid-afternoon, while the FTSE Eurofirst 300 index of leading European shares gained 5.3 per cent.
France, Germany and Italy, the eurozone's three biggest countries, are anxious that the 16 countries sharing the euro should not run up ever-bigger budget deficits and public debt, potentially threatening the stability of the single currency area.
And the American people GET IT just by observing.
RASMUSSEN:Most Americans (53%) now think the United States is at least somewhat likely to enter a 1930's-like depression within the next few years.
The latest Rasmussen Reports national telephone survey found that 39% think this outcome is unlikely.
Nineteen percent (19%) say a Depression is Very Likely while 7% say it is not at all likely.
The latest results are more pessimistic than those found in early January, when 44% said a 1930's-like depression was likely in the next few years, and 46% disagreed.
If this was the Bush admin the screams of incompetence would be deafening. Whatever problems Obama 'inherited' (he did seek the job), failure to act responsibly on his own is not one of them.
Right now, this is a SHAMBLES.
Nobody there?
4 comments:
But...but...but...something is being done. BHO is running up and down the steps of helicopters.
Pffft.
It's maddening that Obama wants to emulate the EU.
Quote above: "The critical condition of Europe's economy"
Europe's stressed economy clearly demonstrates the predicted failure of decades long socialist policies. Socialism/communism never worked. Never will.
That the EU attempts to hitch their broken financial cart upon the US gravy train shows a hell of a lot of audacious GALL {pun intended}.
In saner times, the US would highlight examples of failing and suicidal EU policies (immigration/socialism/PC/MC/new world order, military). The US should blast these examples as guides on how TO DESTROY Western Civilization.
im afraid news of zerO's incompetence is still a well guarded secret.
its gonna have to get much worse before its unhidable by the media
"Britain's most senior civil servant claimed it was hard to find anyone to speak to at the US Treasury."
All too busy printing money to pick up the phone.
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