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| Obama at the G8, this very weekend |
<<< Obama and European leadership try to balance utopian fantasies against harsh financial realities.
(Reuters) - U.S. President Barack Obama pledged at a summit
on Saturday to work with Europe on a package that balances growth with debt
reduction as world leaders try to prevent the worsening euro zone crisis from destabilizing
the global economy (link)
Reuters quotes our version of a monetary genius (Barack
Obama) as saying,
"All of us are absolutely committed to making sure that
both growth and stability, and fiscal consolidation, are part of an overall
package in order to achieve the kind of prosperity for our citizens we all are
looking for."
The most obvious flaw in Obama’s thinking is this notion
that he and the remaining national leaders in the room, have the responsibility of package prosperity
for the individual citizen. Understand that
when a government “packages” prosperity,
we all are equally poor, and,
more importantly, without control
over our own destinies, financially speaking.
Make note of the fact that no mention is made of balancing
budgets, only balancing "growth with stability." This is the
same rhetorical nonsense Obama spews when he is "home," alone, with his own economic crisis. With his
philosophy, he has managed to oversee the slowest economic recovery in
American history. His national economy has lost its AAA rating,
his national debt is, now, more than the national income
(15.2 trillion GDP versus a debt of 15.6 trillion and growing). His economic theories have amassed more debt,
during his Administration, than all previous presidents, combined
and, yes, that includes George Bush.
Understand that if Europe gets serious about its spending
problems, Obama's nonsensical financial strategy is "hung out to dry."
Time will tell if the G8 will buy [back] into his destructive
theories. The most stable economy in
Europe is Germany’s and its financial governance is, at this time,
the most “austere.” Why that fact has so little meaning in the thinking of Obama and his fellow socialists, is beyond me.
Point of post: to give the reader a brief review of what is being considered at the G8 summit. Obama is doing his best, this weekend, to convince Europe to move away from efforts to balance budgets. He hopes to convince these leaders that the "gold standard" in a society is the poorest of the poor, that leadership is about packaging prosperity for that individual. Will his utopian fantasy be attended to, by the European collective? All of them, including Merkel of Germany, believe in Obama's fantasy as they work to deal with a reality that is much harsher than their dreams. I hasten to add that Merkel is not so caught up in her sense of idealism that she cannot see the need for fiscal responsibility. Her views, in terms of immediate solutions to the European crisis, is significantly different from that of Obama's Her country, by the way, is the most financially secure of the several communities represented in the G8, including the U.S. Her problem is found in the fact that Germany is tied to Europe and Germany's survival, in all this, stands at the mercies of the larger European population.
Know this: in the end, reality trumps fantasy every
single time.
Understand that when reality is couched in
an aggressive uptopian context, economic destruction is the
only outcome.
Update: as the G8 morning meetings broke for lunch and an afternoon
session, today, Merkel was seen walking well ahead of Obama, perhaps
indicative of her disagreement with Obama as to what is best for Europe at this time. Again,
she has the same sense of idealism, but Merkel clearly believes
that "social justice" for all comes after a nation comes to terms
with its financial realities.
Understand that when reality is couched in
an aggressive uptopian context, economic destruction is the
only outcome.
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