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At Camp David, world leaders agree on more spending to boost Europe’s economy
Washington Compost ^ | 5/19/2012 | David Nakamura and Howard Schneider

Posted on 05/20/2012 9:22:07 AM PDT by mojito

CAMP DAVID, Md. — Leaders of the world’s wealthiest nations opened the door Saturday to more government spending in Europe as way to revive the continent’s struggling economy, shifting away from the idea that the surest way to recovery was through strict fiscal austerity.

Meeting at the Group of Eight summit at Camp David, President Obama and his fellow leaders said they were committed foremost to creating jobs and growth, a shift, at least in emphasis, from previous gatherings dominated by German efforts to reduce high government debt through drastic fiscal reform.

In a joint statement, the leaders of eight of world’s richest countries said they would promote investment in education and infrastructure, as they also sought to rein in government debt. Obama, who has pushed for additional fiscal stimulus in the United States, said the new agreement affirmed the course his administration pursued during the financial recession at home. He said the move toward economic stimulus bolstered Europe’s chances of surviving the crisis.

“The direction the debate has taken recently should give us confidence that Europe has taken significant steps to manage the crisis,” Obama said in a brief statement to reporters outside his wooden cabin nestled in the leafy presidential retreat in the Catoctin Mountains. “There is now an emerging consensus that more must be done to promote growth and job creation right now in the context these fiscal and structural reforms.”

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Foreign Affairs; Front Page News; Politics/Elections
KEYWORDS: allaboutreelection; campdavidg8; euro; g8; idiots; keynesian; keynesianeconomics; keynesianism; morespending; obama; socialism; spendspendspend
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Socialists of a feather flocking together in a failed last hurrah of keynesian insanity.
1 posted on 05/20/2012 9:22:12 AM PDT by mojito
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To: mojito

Given the definition of insanity, these worlds leaders are certifiable.


2 posted on 05/20/2012 9:23:56 AM PDT by TwelveOfTwenty (With choices like Palin, Cain, and Bachmann, what could go wrong? Now we know.)
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To: mojito

More spending.

Good. Grief.

.


3 posted on 05/20/2012 9:25:45 AM PDT by TLI ( ITINERIS IMPENDEO VALHALLA)
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To: mojito

Obama wants to prop up the Euro until AFTER he has his second term.


4 posted on 05/20/2012 9:26:24 AM PDT by Shadow44
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To: Shadow44

It didn’t work in the past as always but when the economy recovers as it will always do, they will claim its because of the stimulus spending.


5 posted on 05/20/2012 9:29:31 AM PDT by ully2
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To: mojito


6 posted on 05/20/2012 9:32:25 AM PDT by Iron Munro (If you want total security, go to prison. The only thing lacking is freedom - Dwight D. Eisenhower)
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To: mojito

The stage is set for the new world order to make it’s presence from stage left.


7 posted on 05/20/2012 9:33:53 AM PDT by Blue Highway
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To: mojito

LOL...spend more money and get in more debt in order to reduce debt...


8 posted on 05/20/2012 9:34:47 AM PDT by jveritas (God bless our brave troops)
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To: mojito
I simply cannot resist posting the final paragraph from the first page here. It is absolutely priceless:

==================

Obama administration officials were careful to emphasize that the other leaders did not gang up on Merkel during two days of meetings at Camp David. Obama, aides said, made sure to spend time informally with each leader, strolling with Merkel along paths and sitting with her on the porch outside the Laurel Lodge.

9 posted on 05/20/2012 9:34:52 AM PDT by Cicero (Marcus Tullius)
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To: mojito; mickie; flaglady47
In a joint statement, the leaders said "they would promote investment (spending) in education and infrastructure.....".

Translated from the Eurocrap....."we are going to throw more money at the teachers unions and at the infrastructure unions so they don't occupy our city squares, smash store windows and picket our homes....and so they can return lots of laundered money to our campaign funds at election time."

Leni

10 posted on 05/20/2012 9:36:27 AM PDT by MinuteGal
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To: Cicero
He presented a chocolate birthday cake to Japanese Prime Minister Yoshihiko Noda, who turns 55 on Sunday. And Obama chatted up British Prime Minister David Cameron about the euro crisis as they worked out together on the treadmill, White House officials said.

How sweet. The WH is working overtime to show the cuddly, caring side of Barry.

11 posted on 05/20/2012 9:43:39 AM PDT by mojito
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To: mojito
Reminds me of a Danny Kay movie where the king takes a drink of poisoned wine and begins to choke.
Those around him, scared for his majesty's health, try to make him drink MORE of the toxic drink in order to stop the gagging, he retches even worse with every sip and they become even more desperate that he drink the deadly drink to save his life.
12 posted on 05/20/2012 9:51:12 AM PDT by Happy Rain ("Biden and Obama--funny ha ha and funny queer.")
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To: jveritas

There is no need for industry, manufacturing, services.
Jus’sit at home (safe) and have gummit to print mo’money and give it to people not to work (equallllllyy).
/s


13 posted on 05/20/2012 9:52:56 AM PDT by Leo Carpathian (fffffFRrrreeeepppeeee-ssed!)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


14 posted on 05/20/2012 9:53:47 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: mojito
Cameron is stuck on stupid. Obama's treatment of BP hurt a lot of Americans AND BRITS.

But Obama will have more leverage after the election. (Like he's going to give BP a refund?) Yeh...right...

15 posted on 05/20/2012 9:53:59 AM PDT by Sacajaweau
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To: TLI

One thing we can be sure of. The Germans are too smart not to destroy their currency , and with it their country. They’ve “been there, done that” before. So even if it looks like they’re suddenly printing and spending zillions of moola, it will be USA loans, probably through the IMF borrowing from the Fed. That makes the ultimate currency the USDollar that gets printed and debauched. Count on it.


16 posted on 05/20/2012 9:55:56 AM PDT by faithhopecharity (remember when "Four more years!" was a credible campaign slogan for an incumbent?)
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To: mojito

As all of the other nations spend it’ll make the republicans look bad for cutting. Boner folds.

But, I thought we had already invested a bunch of money in infrastructure.


17 posted on 05/20/2012 9:56:51 AM PDT by Terry Mross ("It happened. And we let it happen." Peter Griffin - FAMILY GUY)
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To: Nachum

Pedal to the metal! Full speed ahead, brakes disabled, off the cliff into the abyss!

WHEEEEE!!!!


18 posted on 05/20/2012 10:00:46 AM PDT by little jeremiah
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To: mojito

How many of my tax dollars will be wasted today?


19 posted on 05/20/2012 10:00:53 AM PDT by bgill
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To: mojito

Good grief....Only idiot socialists would say the answer is more spending. Bye Bye Europe!


20 posted on 05/20/2012 10:07:41 AM PDT by jakerobins
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To: mojito

Why does the link not match up with the title pof the story???


21 posted on 05/20/2012 10:11:00 AM PDT by ColdSteelTalon (Light is fading to shadow, and casting its shroud over all we have known...)
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To: mojito

They mean “Spending Other Peoples’ Money”.


22 posted on 05/20/2012 10:22:44 AM PDT by Gaffer
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To: jveritas

Typical liberal logic


23 posted on 05/20/2012 10:34:28 AM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: ColdSteelTalon

It matches up on my side


24 posted on 05/20/2012 10:36:55 AM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: mojito

Of course.

Why hold a meeting on this when we all know what the outcome will be.

UN=We want your money, damn it!


25 posted on 05/20/2012 10:37:39 AM PDT by TribalPrincess2U (Criminaliens or Crimigrants...0bamao's people?)
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To: little jeremiah

[Chorus]
“You picked a fine time to leave me, loose wheel
With four hungry children and a crop in the field.
I’ve had some bad times,
I’ve lived through some sad times,
But this time the hurtin’ won’t heal.

You picked a fine time to leave me, loose wheel.

Yeah that makes sense: If you’re having money trouble, spend more money. That’s what my fellow die and I do ....
Gotterdammerung, here we come.
BLOAT


26 posted on 05/20/2012 10:37:40 AM PDT by tumblindice (Our new, happy lives.)
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To: tumblindice
You picked a fine time to leave me, loose wheel

You Bitch! You Slut! You Whore!

27 posted on 05/20/2012 10:38:29 AM PDT by dfwgator
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To: Gaffer

Translation: The ECB and the US Fed will print money to infinity and beyond. Of course it won’t work but guess who gets left holding the IOU’s?

Your kids and grandkids.

Don’t you feel better now.

The world has been saved.

If your grandkids can pay the bill.


28 posted on 05/20/2012 10:40:20 AM PDT by Lets Roll NOW (A baby isn't a punishment, Obama is)
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To: mojito

I never got my Obama pony. Can I have a Ducati instead?


29 posted on 05/20/2012 10:41:18 AM PDT by GunsAndBibles (All that is necessary for the triumph of evil is that good men do nothing)
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To: mojito

“Socialists of a feather flocking together in a failed last hurrah of keynesian insanity.”

####

Nice sentence.

However, I doubt if it is the last hurrah of Lord Keynes’ embarrassingly wrong economic mythology.

Only socialists, enabled as they are by fiscally ignorant voters, are able to consistently ignore the slam-dunk historical record of Marxism as a failed system of government/economics.


30 posted on 05/20/2012 10:43:08 AM PDT by EyeGuy (Armed, judgmental, fiscally responsible heterosexual.)
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To: mojito

So they got together and decided that they’re right: they’re going to keep spending. :)

Wonder where they’re going to get the money from.

Oh right, the grandkids.

Hate to be them. :)


31 posted on 05/20/2012 10:43:25 AM PDT by Tzimisce (THIS SUCKS)
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To: mojito

Absolutely amazing. Even a total moron could see that it is the spending that got them in the condition they are in (and we here in the US are Hell-bent on following in their footsteps.


32 posted on 05/20/2012 10:44:11 AM PDT by TheBattman (Isn't the lesser evil... still evil?)
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To: TLI

“Another round on the house!”
That will fix things.....


33 posted on 05/20/2012 10:45:57 AM PDT by Kozak (The means of defence against foreign danger, have been always the instruments of tyranny at home JM)
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To: mojito
They KNOW they're wrong.

Unfortunately, Spending is the only option left to keep Grandma, who has been DEAD now for quite some time, propped up in the rocking chair under the premise that she's just taking a nap.

Fools, all.

34 posted on 05/20/2012 10:46:04 AM PDT by VideoDoctor
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To: mojito

Adjusted for inflation the $5T that Barry has spent in 3 1/2 years is the same amount FDR spent on WWII. Think about it.


35 posted on 05/20/2012 10:50:05 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: TwelveOfTwenty

They aren’t “World Leaders” they are World Destroyers hell bent on power and control.

PERIOD!


36 posted on 05/20/2012 11:04:33 AM PDT by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: tumblindice

Now that’s funny.


37 posted on 05/20/2012 11:11:37 AM PDT by little jeremiah
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To: Kaslin

Where I click on your link I get the following...

http://www.washingtonpost.com/politics/at-camp-david-obama-calls-iranian-nuclear-program-a-grave-concern-for-us-allies/2012/05/19/gIQAjxcwaU_story.html?hpid=z1

Iranian Nukes???

And when I try to put this in face book the title of the article does not match either.

Very strange...


38 posted on 05/20/2012 11:11:51 AM PDT by ColdSteelTalon (Light is fading to shadow, and casting its shroud over all we have known...)
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To: EyeGuy

Eventually they will die, though. Look at the bright side. And who knows when “eventually” may happen!


39 posted on 05/20/2012 11:12:47 AM PDT by little jeremiah
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To: unixfox
Each of these world leaders know more spending is politically beneficial to them personally in the short term.

None of them plan on being around in a few decades to reap the whirlwind.

40 posted on 05/20/2012 11:24:10 AM PDT by skeeter
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To: Cicero

More spending requires Merkel’s money and printing Euro’s.


41 posted on 05/20/2012 11:26:27 AM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: mojito

BALANCE THE BUDGET NOW! Want to know how much to cut. Well. that’s simple: If the deficit is $1.2 trillion, then the next federal budget should cut exactly that amount — maybe a bit more, just to be sure. NONE of that should come out of defense. Not one cent.


42 posted on 05/20/2012 11:34:27 AM PDT by GodAndCountryFirst
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To: mojito
Another “Triumph” for the Black Jesus (as Axelrod calls the WON)
43 posted on 05/20/2012 11:40:11 AM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: EyeGuy

Yes, they aren’t even applying their Keynes stimulus theory correctly, Government spending “may” start an economy in a depression;

A REVIEW OF KEYNESIAN THEORY
http://www.huppi.com/kangaroo/Keynesianism.htm

Keynes explanations of slumps ran something like this: in a normal economy, there is a high level of employment, and everyone is spending their earnings as usual. This means there is a circular flow of money in the economy, as my spending becomes part of your earnings, and your spending becomes part of my earnings. But suppose something happens to shake consumer confidence in the economy. (There are many possible reasons for this, which we’ll cover in a moment.) Worried consumers may then try to weather the coming economic hardship by saving their money. But because my spending is part of your earnings, my decision to hoard money makes things worse for you. And you, responding to your own difficult times, will start hoarding money too, making things even worse for me. So there’s a vicious circle at work here: people hoard money in difficult times, but times become more difficult when people hoard money.

The cure for this, Keynes said, was for the central bank to expand the money supply. By putting more bills in people’s hands, consumer confidence would return, people would spend, and the circular flow of money would be reestablished. Just that simple! Too simple, in fact, for the policy-makers of that time.

If this is the proposed definition and cure for recessions, then what about depressions? Keynes believed that depressions were recessions that had fallen into a “liquidity trap.” A liquidity trap is when people hoard money and refuse to spend no matter how much the government tries to expand the money supply. In these dire circumstances, Keynes believed that the government should do what individuals were not, namely, spend. In his memorable phrase, Keynes called this “priming the pump” of the economy, a final government effort to reestablish the circular flow of money.


44 posted on 05/20/2012 11:46:37 AM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: faithhopecharity

That’s why their buttering up Merkel, get the Germans to spend their money and give up on Austerity.


45 posted on 05/20/2012 11:48:42 AM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: Lets Roll NOW
The world has been saved. If your grandkids can pay the bill.

Our kids and grand kids will curse us for this, and we'll deserve it.

46 posted on 05/20/2012 11:53:33 AM PDT by TwelveOfTwenty (With choices like Palin, Cain, and Bachmann, what could go wrong? Now we know.)
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To: ColdSteelTalon

Oh, you are talking about the link. I thought you meant the title of the article. I never pay attention what the link says, just the title


47 posted on 05/20/2012 12:00:40 PM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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Keep FR Running
Let's get to Yellow!

48 posted on 05/20/2012 12:01:10 PM PDT by RedMDer (https://support.woundedwarriorproject.org/default.aspx?tsid=93)
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To: skeeter

I think the whirlwind is clearing its throat; there won’t be decades before it shows up.


49 posted on 05/20/2012 12:07:07 PM PDT by little jeremiah
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To: TwelveOfTwenty

This use of the debunked Keynesian economic policy shows their willful placing of the world’s economy on the railroad to disaster.

The question is, why are they willfully doing it?


50 posted on 05/20/2012 12:19:20 PM PDT by jonrick46 (Countdown to 11-06-2012)
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