Skip to comments.At Camp David, world leaders agree on more spending to boost Europe’s economy
Posted on 05/20/2012 9:22:07 AM PDT by mojito
CAMP DAVID, Md. Leaders of the worlds wealthiest nations opened the door Saturday to more government spending in Europe as way to revive the continents 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 worlds 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 Europes 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 ...
Given the definition of insanity, these worlds leaders are certifiable.
Obama wants to prop up the Euro until AFTER he has his second term.
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.
The stage is set for the new world order to make it’s presence from stage left.
LOL...spend more money and get in more debt in order to reduce debt...
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.
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."
How sweet. The WH is working overtime to show the cuddly, caring side of Barry.
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).
The list, Ping
Let me know if you would like to be on or off the ping list
But Obama will have more leverage after the election. (Like he's going to give BP a refund?) Yeh...right...
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.
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.
Pedal to the metal! Full speed ahead, brakes disabled, off the cliff into the abyss!
How many of my tax dollars will be wasted today?
Good grief....Only idiot socialists would say the answer is more spending. Bye Bye Europe!
Why does the link not match up with the title pof the story???
They mean “Spending Other Peoples’ Money”.
Typical liberal logic
It matches up on my side
Why hold a meeting on this when we all know what the outcome will be.
UN=We want your money, damn it!
“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.
You Bitch! You Slut! You Whore!
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.
I never got my Obama pony. Can I have a Ducati instead?
“Socialists of a feather flocking together in a failed last hurrah of keynesian insanity.”
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.
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. :)
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.
“Another round on the house!”
That will fix things.....
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.
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.
They aren’t “World Leaders” they are World Destroyers hell bent on power and control.
Now that’s funny.
Where I click on your link I get the following...
And when I try to put this in face book the title of the article does not match either.
Eventually they will die, though. Look at the bright side. And who knows when “eventually” may happen!
None of them plan on being around in a few decades to reap the whirlwind.
More spending requires Merkel’s money and printing Euro’s.
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.
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
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.
That’s why their buttering up Merkel, get the Germans to spend their money and give up on Austerity.
Our kids and grand kids will curse us for this, and we'll deserve it.
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
I think the whirlwind is clearing its throat; there won’t be decades before it shows up.
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?