An comments on this article from FT.com? Ignoring how poorly it was written.
From FT.com (5 Jun 10) "Finance ministers from the world’s leading economies ripped up their support for fiscal stimulus on Saturday, recognising that financial market concerns over sovereign debt had forced a much greater focus on deficit reduction."
I really liked this statement:
"Even Dominique Strauss Kahn, managing director of the International Monetary Fund who cham
And one from ol' faithful Keynesian Timmy:
"Tim Geithner, US Treasury secretary, argued: “Concerns about growth as Europe makes needed policy adjustments threaten to undercut the momentum of the recovery”.
It still surprises me that the US is the primary interventionist here, I guess I am still recovering from my conservative upbringing. China lets its insurance bank fail and the US is trying to save everything. What the hell has happened?
Does anyone here believe they will change Fiscal policy; can they break from the money printing addiction (quantitative easing).
The political clout they get from these destructive stimuli are not as great as the fall out. So far I count 5 stimuli in the USA alone and they have done nothing to stem the tide of unemployment and lost productive capacity.
Since I posted this the watch word here in the UK (and across the continent) has become "fiscal austerity." Let the welfare-drunk masses begin the riots.
Larkin:Since I posted this the watch word here in the UK (and across the continent) has become "fiscal austerity." Let the welfare-drunk masses begin the riots.
It's odd because here in Toronto about 4 blocks from the convention centre where the G8/G20 are meeting they need $1.2 billion in security, chainlink fences, police, etc.. Yet I've never heard of the Mises having an economic meeting discussing local ownership, gold-backed currencies, privacy rights, questions about globalization, etc, and requiring any police at all to protect them. If the G20's ideas are so useful, why don't they just discuss them in an open forum like this one.
A politician would spend 50% of GDP on a mousetrap, nevermind security. Steven Harper and the CP are afficionados of grandiosity as well.