I think the current fiscal plans are madness and will lead to severe problems for the US down the road. And Europe agrees with me! Politicians in the EU are not only resisting calls for a more aggressive European stimulus plan they’re beating the hell out of the US’s stimulus plan.
From the WSJ cap journal in article on how the EU is aligning with Republicans on the stimulus :
“Mr. Trichet (president of the ECB) also suggested that the U.S. approach might be shortsighted because it could drive up interest rates in the long term, crippling any recovery.
In effect, the nations of the Western World’s largest consortium that for decades has viewed government as much more central to building a thriving economy, are telling Washington that they don’t think it’s wise to go as far as the Obama administration has gone.
What Mr. Trichet is saying is that European nations, which on a per capita basis have agreed to stimulus packages about half the size of the U.S. effort, believe they have done enough and that further government intervention in the economy is unwise.”
“The current crisis is a loud and clear call to extend regulation and oversight to all systemically important institutions – notably hedge funds and credit-rating agencies,” Mr. Trichet said at a conference of European securities regulators in Paris.
So we should let Europe run our country? Funny how that turned out the last time they tried it. WSJ is nothing but a Republican talking head. Use Bloomberg for real news and policy discussions as they relate to business. Much superior.
Meanwhile in Swedish media I’m seeing the European response being roundly criticized for not taking the crisis seriously enough and that European leaders have bought into the idea that it’s still essentially an American issue.
from what i have read, it isn’t the EU that thinks this, it is the CZ rep who does, and he just happens to be the speaker for the EU right now. He’s got a big mouth, apparently.
Wow, the two countries that were best buddies with Bush, the Czech Republic and Poland, are taking the same reactionary stance to Obama as the Limbaughs and Hannity’s of the world. There’s a shocker.
You might be more surprised to learn that they are now the mouthpiece for all of Europe, and that even Europe apparently thinks Obama is way too liberal and socialist.
Don’t project US a political framework on what’s going on over there, you’ll get misleading results.
Near as I can tell, the short version is that Germany dominates economic policy making over there, and Germany has a long history of being incredibly averse to anything that might conceivably cause inflation. Plus you have the “beggar thy neighbor” thing in a downturn where domestic stimulus and import shutdowns can drag money out of other economies. So far the first world has been oddly resistant to coordinated planning on a response, so you get sniping.
Our current president has adressed the Union Parliament to say that the Union sucks (I seem to recall he was in fact ruder than that) and then gone to the US to address a climate change denial conference.
Imagine the US presidency held by turns among state governors. This would be like Palin’s semester.
I’m of course referring to the OP’s unlinked but cited article which turned out to be from a blogger who insinuated a continental alignment based on the out-of-context criticism of one man.
Peter Brown’s perspective on Trichet’s perspective:
What Mr. Trichet is saying is that European nations, which on a per capita basis have agreed to stimulus packages about half the size of the U.S. effort, believe they have done enough and that further government intervention in the economy is unwise.
Trichet’s perspective on Trichet’s perspective:
The current crisis is a loud and clear call to extend regulation and oversight to all systemically important institutions – notably hedge funds and credit-rating agencies
I would say no. However, during Bush’s presidency, it was very common to hear people on this board charging that his administration should be listening more to Europe to avoid alienating our allies. Why should that be different now?
It was also common to hear conservatives say, “BUT CLINTON…” every time a criticism of Bush was posted. Funny now to see McCain’s name come up, as Mordrak says, completely out of context… (I agree with Mordrak on this point - argue your points, don’t slam McCain. Mordrak and NWJ!!!).
