Thursday, March 26, 2009

EU leader condemns US ‘road to hell’

Franklin D. RooseveltFranklin D. Roosevelt (via

Two things here: One, it's not just "right wingers" who believe Obama is giving us worldwide socialism - it's much of the rest of the world, too!

The other, second point is that he is right. Roosevelt DID cause the great depression to last for over a decade! GDP was no larger in 1940 than it was in 1930. Anyone who had money would have been a fool to invest it when FDR was taking %90 of all cash in the system!

Also, no, Financial Times, it's NOT just "a view held by a small handful of right wing economists" that FDR is to blame - unless you include Milton Friedman and thousands of mainstream economists worldwide!...T

European Union hopes for a new era in relations with the US were thrown into chaos on Wednesday when the holder of the EU presidency condemned American remedies for the global recession as “the road to hell”...

“The US Treasury secretary talks about permanent action and we, at our spring council, were quite alarmed at that . . . The US is repeating mistakes from the 1930s, such as wide-ranging stimuluses, protectionist tendencies and appeals, the Buy American campaign, and so on,” he told a European parliament session in Strasbourg. “All these steps, their combination and their permanency, are the road to hell.”

Other leaders of EU member states, including Angela Merkel, Germany’s chancellor, disagree with US calls for big fiscal stimuli to battle the recession. But they have couched their opposition in more diplomatic language than Mr Topolanek’s.

Mr Obama has vigorously opposed the view that the Great Depression was caused by too much spending, rather than too little, a view held by a small handful of rightwing economists.
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