European economy to dominate G8 summit

In an election year, U.S. President Obama needs Europe to pull its economic weight lest revival stall at home.

B92

Obama's main priority is to get elected at any cost.I guess his advice to Europeans would be either to allow the ECB to create additional credit to member states out of thin air ( bonds) or allow states to run budget deficits higher than the limits stipulated in the Maastricht treaty.We all recall that last year when Obama raised the debt ceiling in US he said" that increases in the debt ceiling are “normal”, and that most presidents are prone to hiking the barrier every once in a while. Yet, back in 2006, when George W. Bush increased debt limits, Obama had this to say:

"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. Government can't pay its own bills…Instead of reducing the deficit, as some people claimed, the fiscal policies of this administration and its allies in Congress will add more than $600 million in debt for each of the next five years…Increasing America's debt weakens us domestically and internationally. Leadership means that 'the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

One thing those leaders haven't realised yet is that the wheels are starting to come off this corrupt and unsustainable system.The sad fact is that it is going to get worse for the vast majority of people in the world whilst these leaders cling to the last vestiges of this failed experiment.

The world is faced with a stark choice, we either continue to propagate the largest pyramid scheme ever or use this as an opportunity to construct a fairer more equitable system thus apportioning wealth.The alternative is hard to contemplate.

In an election year, U.S. President Obama needs Europe to pull its economic weight lest revival stall at home.

B92

Obama's main priority is to get elected at any cost.I guess his advice to Europeans would be either to allow the ECB to create additional credit to member states out of thin air ( bonds) or allow states to run budget deficits higher than the limits stipulated in the Maastricht treaty.We all recall that last year when Obama raised the debt ceiling in US he said" that increases in the debt ceiling are “normal”, and that most presidents are prone to hiking the barrier every once in a while. Yet, back in 2006, when George W. Bush increased debt limits, Obama had this to say:

"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. Government can't pay its own bills…Instead of reducing the deficit, as some people claimed, the fiscal policies of this administration and its allies in Congress will add more than $600 million in debt for each of the next five years…Increasing America's debt weakens us domestically and internationally. Leadership means that 'the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

One thing those leaders haven't realised yet is that the wheels are starting to come off this corrupt and unsustainable system.The sad fact is that it is going to get worse for the vast majority of people in the world whilst these leaders cling to the last vestiges of this failed experiment.

The world is faced with a stark choice, we either continue to propagate the largest pyramid scheme ever or use this as an opportunity to construct a fairer more equitable system thus apportioning wealth.The alternative is hard to contemplate.