Posted on 06/19/2010 9:55:40 AM PDT by mainsail that
""European participants are of the opinion that this is urgently necessary to prevent such crises from happening again in the future," Merkel said in her weekly podcast.
Leaders of the 20 biggest developed and developing economies meet on June 26-27 in Toronto, Canada.
Merkel's stance contrasted with that of U.S. President Barack Obama, who this week said public finance problems should be addressed "in the medium term" -- a warning that clamping down budgets should not be done at the expense of recovery.
European governments have been launching austerity measures to head off a spread of the debt crisis begun in Greece.
Merkel's cabinet earlier this month unveiled Germany's biggest post-war austerity drive, with planned budget cuts and taxes amounting to 80 billion euros over the next four years.
Economic growth must be sustainable, environmentally friendly and oriented toward the future, Merkel said."
(Excerpt) Read more at news.yahoo.com ...
The world is upside down....
The death of Keynsian economics ...
Hmmmmmmmmm.....Is that an “Up yours Obama?”
A lot of people complain that we’re becoming too much like Europe - after reading this all I can say is, “I wish!”
Zer0 just told everybody to keep stimulating. Zer0 ain’t gonna b happy.
Uh-oh. Someone call Krugman.
We killed it once in the seventies -- but it rose again.
what we have been doing is NOT Keynsian economics. This is a bastardization of what was never a free market situation to begin with.
This thing is worse since Keynes advocated saving and using the surplus as a means to manage the downturns. It was not an efficient market but he didn’t advocate borrowing and spending and whatever spending was to be done should have had a societal benefit such as public infrastructure.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.