You mean you don't trust these guys on the economy?
They look so experienced and confidence inspiring.
Posted on 03/11/2009 6:38:45 PM PDT by NormsRevenge
WASHINGTON/LONDON (Reuters) – The United States and Britain on Wednesday called on leading economies to ramp up spending to break a global recession to complement efforts to revamp regulations to prevent future financial crises.
The emphasis on economic stimulus has already been met coolly by many European nations, raising questions whether a gathering of finance chiefs from the Group of 20 rich and developing economies near London this weekend will make much headway battling a deepening downturn.
In Washington, Treasury Secretary Timothy Geithner argued the world economy is in dire straits and requires a long-haul effort to return to health.
"What we're seeing happen around the world now is without recent precedent," Geithner said, adding he wants the G20 to "put in place the kind of substantial, sustained commitment to stimulus necessary to lay the foundation for recovery."
He voiced support for a massive expansion, by as much as $500 billion, in the International Monetary Fund's lending capacity to buttress the global lender at a time when a growing number of developing nations are turning to it for help.
Britain's finance minister, Alistair Darling, sounded the same line as Geithner on the need for spending and said the two "see very much eye-to-eye" on policy.
"We need a commitment to boost demand using all the levers available to us, including monetary loosening; fiscal stimulus, which has now been widely agreed, but now needs to be implemented, and measures to stabilize the financial system and restore bank lending," Darling said.
(Excerpt) Read more at news.yahoo.com ...
Good LORD!
No one EVER gets out of debt by spending more!
Want to stimulate economies, DROP TAXES. When will these morons ever learn?
More stimulus? Hasn’t every liberal think tank and organization already raped the treasury enough?
You mean you don't trust these guys on the economy?
They look so experienced and confidence inspiring.
Actually, yes, it is indeed good economics to spend in a recession from the treasury. We have a nation that actually should rebuild vast amounts of infrastructure. Our nation is in the 50s when it comes to rail and the bridges and hwy system are in dire need of rebuilding. Spending money there is timely, needed, and a great place to plow funds. That kind of spending creates a real economy, and the return back to the treasury is good. But if you instead just fritter away a trillion, no, that is indeed extremely stupid.
G20 stimulus geeze what a load of bs.
I'z an ecommunist
...and that is the problem - rather than paying for raods and bridges, they a buying free beer for welfare clients.
Quit inflating the money supply, we are entering a depression and these jerks are doing everything possible to make it worse and longer!
Der Spiegel says that the UK is in the worst position in Europe.
This news is alarming that Obama insulted Brown, the only European agreeing with Obama’s deficit blowout policies.
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