PostHeaderIcon New Capitalism?

While America’s news organizations are salivating over Obama’s big speech promising that we will “spend” our way out of this, who is paying attention to what the Europeans are busy doing today? Take a peek at “Sarkozy, Merkel, Blair call for new capitalism“:

PARIS – The head of Europe’s biggest economy said Thursday that world leaders should be looking at the massive U.S. deficit and other economic imbalances, not just problems caused by financial markets, as they debate a new global order

Merkel said the International Monetary Fund has not managed to regulate global capitalism, and she called for the creation of an economy body at the United Nations, similar to the Security Council, to judge government policy.

French President Nicolas Sarkozy, …called financial capitalism based on speculation “an immoral system” that has “perverted the logic of capitalism.”

“It’s a system where wealth goes to the wealthy, where work is devalued, where production is devalued, where entrepreneurial spirit is devalued,” he said.

But no more: “In capitalism of the 21st century, there is room for the state,” he said…

Measures will be taken by global leaders meeting in London on April 2, Sarkozy promised, urging the U.S. to join the international consensus.

Blair called for a new financial order based on “values other than the maximum short-term profit.”

(bold emphasis mine)

Be afraid. Be very very afraid. The Obamessiah will be all for this globaloney. The timing of his speech today may have very well been to keep our press busy and this global agenda out of the news. ◄Dave►

4 Responses to “New Capitalism?”

  • Bah, those windbags can talk all they want. What are the chances they can get more than a small fraction of the globe to agree on anything? They couldn’t order a pizza together much less create ‘global order’.

  • ◄Dave► says:

    I wish I could be so sure. Remember, it is the bankers who really run the world. It isn’t that hard to make a case that this whole international financial melt-down was contrived to take our funny money printing presses away from us. There has been talk of establishing an international reserve currency besides the US Dollar for quite some time. If they take away the ability of the Feds to monetize our debt, DC politicians are going to be instantly in deep do do. What leverage do we have left (that we would use) to prevent the world from doing it? What would happen if we held a T-Bill auction and nobody came? ◄Dave►

  • I don’t know, but I’d love to find out.
    I’ll be putting up a post this weekend about how I think this all started.
    Times are getting tough, my employer just layed off 20% of their workforce today. All I could think to do for the now jobless was put up a website for them so that they might organize a better future for themselves.

    I actually think the economy is going to start coming out of this within a year. That doesn’t mean we will have a new and great America, but I don’t think it is as dire as people make it out to be. There is very little different about the economy now than a couple years ago, except public opinion and the availability of credit.

  • ◄Dave► says:

    There is very little different about the economy now than a couple years ago, except public opinion and the availability of credit.

    How about 25%+ more dollars in circulation, consumers’ personal ATMs (home equity loans) deflated, a lousy Christmas sales season, a $500 Billion deficit last year, a $1.2 Trillion projected deficit for this year (so figure on $2T minimum), and a Marxist about to become President, who has promised that we will spend our way out of this. That is more than public opinion, that is data; and all of it negative.

    Meanwhile, the Baby Boomers are starting to retire, and we are one year closer to the $56 Trillion in unfunded entitlement liabilities looming ever larger over our heads. There is NO way to ever get out of this without hyperinflation and/or a total collapse of our government. It is no longer a matter of “if,” only “when.” It could not be otherwise. At my age, it doesn’t much matter; at your age… please prepare yourself for some very hard times ahead. By 2013, there will only be two workers for every retired person, and the Ponzi scheme will start to unravel. Hey, I hope I can count on you and a reliable partner to make sure I get my SSI check each month. 🙂 ◄Dave►

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