Sarkozy to U.S.: Help regulate capitalism

washington times ^ | March 31, 2010 | Kara Rowland

[opentalk]

French President Nicolas Sarkozy on Tuesday praised President Obama's health care overhaul, called his push for stricter financial regulations "great news" and, standing alongside Mr. Obama at the White House, said he hopes their administrations can team up "to go even further in regulating world capitalism."

Mr. Sarkozy, a fierce advocate for tougher rules on global financial markets, said France will use its position next year as leader of a group of the world's top finance ministers to push for a new economic regulatory regime.

"During the French presidency of the G-20, [Treasury Secretary] Tim Geithner, [French Finance Minister] Christine Lagarde are going to be working hand-in-glove in order to go even further in regulating world capitalism, and in particular, raising the issue of a new world international monetary order," Mr. Sarkozy told French and American reporters gathered at the White House in a brief joint appearance.

[throwback]

Can’t take the French out of the Frenchman I guess.

[a fool in paradise]

liberty is overrated.

[bunkerhill7]

Sarkozy to U.S.: Help regulate French capitalism, please reduce imports of French Fries and French wines to U.S.

[Tarpon]

Americans to Sarkozy, freedom is much better than socialism. Heck France could actually have an economy in no time, instead of the union malaise they now have.

[marron]

In Euro terms, Sarkozy is a conservative.

Which is a good reminder that “conservative” in euro terms and American conservatism are two different things. American conservatives are classic liberals and constitutionalists. Euro conservatives are generally pro-business socialists. Patriotic socialists. Sometimes pro-church socialists. But classic liberalism really never took root there.

[Little Ray]

I think the other name for “regulated” Capitalism is Crony Capitalism. And we have enough of that already.

[Nosterrex]

The good thing is that France will cease to exist before the turn of the century. It will be just another Islamic state. That might actually be an improvement over what France has become today. The last thing that any American administration needs is advice from the French.

[andy58-in-nh]

Regulate government. Leave capitalism alone.

[FourPeas]

Just say “non” to French-style conservatism.

[Stand Watch Listen]

Hmmmmmm...

French President Nicolas Sarkozy on Tuesday praised President Obama's health care overhaul (misery loves company) , called his push for stricter financial regulations (misery loves company) "great news" and, standing alongside Mr. Obama at the White House, said he hopes their administrations can team up "to go even further in regulating world capitalism." (misery loves company)

Mr. Sarkozy, a fierce advocate for tougher rules on global financial markets, (misery loves company) said France will use its position next year as leader of a group of the world's top finance ministers to push for a new economic regulatory regime. (misery loves company)

"During the French presidency of the G-20, [Treasury Secretary] Tim Geithner, [French Finance Minister] Christine Lagarde are going to be working hand-in-glove in order to go even further in regulating world capitalism, (misery loves company) and in particular, raising the issue of a new world international monetary order," (misery loves company) Mr. Sarkozy told French and American reporters gathered at the White House in a brief joint appearance.

[SunkenCiv]

“...and remember to bang your waitress.”

[SunkenCiv]

OPEC Has Already Turned to the Euro
GoldMoney Alert
February 18, 2004

...The source for the euro exchange rate is the Federal Reserve, and I have calculated the euro's average exchange rate to the dollar for each year based on daily data.

US Imports of Crude oil
(1)	(2)	(3)	(4)	(5)	(6)
Year	Quantity (thousands of barrels)	Value (thousands of US dollars)	Unit price (US dollars)	Average daily US$ per € exchange rate	Unit price (euros)
2001	3,471,066	74,292,894	21.40	0.8952	23.91
2002	3,418,021	77,283,329	22.61	0.9454	23.92
2003	3,673,596	99,094,675	26.97	1.1321	23.82

We can see from column (4) in the above table that in 2001, each barrel of imported crude oil cost $21.40 on average for that year. But by 2003 the average price of a barrel of crude oil had risen 26.0% to $26.97 per barrel. However, the important point is shown in column (6). Note that the price of crude oil in terms of euros is essentially unchanged throughout this 3-year period.

As the dollar has fallen, the dollar price of crude oil has risen. But the euro price of crude oil remains essentially unchanged throughout this 3-year period. It does not seem logical that this result is pure coincidence. It is more likely the result of purposeful design, namely, that OPEC is mindful of the dollar's decline and increases the dollar price of its crude oil by an amount that offsets the loss in purchasing power OPEC's members would otherwise incur. In short, OPEC is protecting its purchasing power as the dollar declines.