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 ...
They just keep telling voters...
Debt = growth!
war = peace
freedom = slavery
ignorance = strength
It’s obviously not true, but it’s good propaganda!
IMHO, Obama is trying to kick the can down the road a little further, to get enough "improvement" by November to get himself re-elected.
Zer0 wants to destroy Western Civilization so that the Islamic system rules mankind. He is using the seduction of socialism against us.
I am looking at the idea of destroying Western Civilization so that the third world, ruled by Islam, emerges over the ashes.
At that point there will really be austerity, not the trivial cuts that are being complained about.
Germans know a little about inflation and will throw out politicians who want to give their money away to deadbeats.
You'll have to ask Audi (nicely). They just bought Ducati in April. After adding Lamborghini to their portfolio a few years back. Can Ferrari be far behind when Fiat finally runs out of government money (or is sucked down the money hole by Chrysler)?
As long as they are spending the money to create government jobs the government will get bigger and bigger. Thus government will cost more and more. Then taxes have to go up to pay for the larger government and we go “broker” and “broker”. These are financiers????
How are you going to rein in government debt by trying to stimulate the economy by increasing government spending financed by increased government deficits? Inflation? Higher taxes? More government borrowing? All of those are destructive to the economy in the long run.
I'd invest in wheelbarrow company stock tomorrow, but our wheelbarrows are all made in China now. The suitcases too, probably.
Pretty soon, our paper money will be made in China, also.
Things don't look too good from any angle, do they!
Ach du lieber!
I all B.S. Spend more, but rein in debt? This statement was written to benefit Obomber.
The last thing these governments need is more spending
Its funny. when I paste the link into a facebook post it does not come out right.
In the long run it may be cheaper for Germany to just conquer Europe.
You have to figure Angela is not happy about this.
I think the Germans were on the right track, but
now obama has gotten them ALL to drive off the cliff
in order to placate the leftist base in each of their
This time I think I will root for the Germans !
Nobody is protesting higher spending (even though they should).
But lots of people are rioting and getting violent over austerity measures.
Which course of action would your average political coward follow, when pushed?
More spending, coming right up sir!
Problem is that there has been NO austerity, spending cuts.
Only threats of spending cuts and the riots follow.
IF actual spending cuts happened, the riots would be huge and the pols in power would be held responsible.
So in order to keep their cushy jobs, they threaten cuts, then scale back, then go back to promises of more spending thus extending and expanding the problem.
No one on the public dole wants to give up an inch, but in the end they all will lose everything.
When your outgo exceeds your income, your upkeep WILL be your downfall.
Socialist idiots cannot accept reality.
IIRC, I think BP got to write off all its losses in one fell swoop thanks to a convenient change in the law. It was BP’s competitors that got screwed with the moratorium on drilling in the Gulf.
Essentially these people are saying “thrift is bondage!” or “debt is freedom!” when they says the solution to government deficits is to spend more money.
Without this background, trying to read the New York Times columnists attacking Republican budget-cutting (Krugman, for example) makes no sense.
And this is one of Obama’s current advisors.
But of course FDR didn't go far enough. SOME of the power still does rest with the people.
Once the EU and the US inflate, the Chinese and Arabs will demand gold for their stuff (consumer products and oil). There will be middlemen who will get the gold to them and the stuff to the consumers in the West. Uncle Sam will try to become the exlusive middleman. They will ban transactions in precious metals (but they will not confiscate or ban private ownership).
I remember reading a story about a person getting robbed in Weimar. They left the useless money and took the bag that money was carried in.
You would negotiate a price for your breakfast before you ordered and paid for it then because by the time the order was under-way in the kitchen the price had already skyrocketed.
American’s need to realize that something like this can happen here. It is what the globalist progressives need, a crisis of such proportion to bring America and our dollar to its knees to usher in real hope and change...
Look at the Fabian socialist imagery:
They need to forge a new world through hammering.
The impression that I get is that these stimulus packages are an economic kick start that might get things back on an even keel (i.e. get us out of debt), but you cannot use it as an alternative to a sound, thrifty economy. And what happens if the kick start doesnt work? What do we do then? Interest rates cant get any lower. What else is there but "quantitative easing" - a euphemism for the horror of currency devaluation?
We're living in bizarro world.
It's starting to sound like it might be more a process of foreclosure than conquering.
I sure hope that the rumors that Fort Knox is empty are not true!
I will venture a guess... Christina Romer.
She is ALWAYS going on about FDR.
But of course FDR didn't go far enough.
They are communist agenda "progressive liberals."
There is no "far enough" for them.
Heron cures junkies too.
Jack Daniels cures alcoholics.
Yes - that is her. And the article was written in 2009 IIRC.
I read it with my 14-year old daughter for her homework - she was asked to discuss it with a parent. It was a pretty hard read to just “discuss”, so I spent 2 hours answering the homework questions in writing to myself, and then discussing it with her.
She also handed in my three pages of typed comments.
I asked her if the teacher gave her any indication of when they might be at the house to drag me off to the re-education camp.
(Personal note - that DID happen to a friend’s dad back in Vietnam shortly after the war).