Sunday, June 27, 2010

The economy is recovering, it must be stopped

This is the unspoken agenda of the G8/G20 summit talks going on in Toronto. Despite efforts by the US to have them reconsider, the majority seem determined to inflict fiscal bondage and discipline on their respective bodies politic.
Despite President Obama’s pitch at the summit meeting for developed nations here for continued stimulus measures to prevent another global economic downturn, the United States will go along with other leaders who are more concerned about rising debt and join in a commitment to cut their governments’ deficits in half by 2013, administration officials said on Saturday.

That goal is the proposal of Stephen Harper, the prime minister of Canada and the host of the two-day Group of 20 summit of developed nations. Mr. Harper wanted it to be part of the communiqué on global economic policy that the group adopts before concluding on Sunday, and he had the support of European leaders, including David Cameron, the new prime minister of Britain, who has proposed the most ambitious austerity plan of spending cuts and tax increases in his country in a half-century.
We can only thank our lucky stars they did not call for a restoration of the gold standard.

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