UK and US have outperformed eurozone for same reason they did better in 1930s: they have made fewer macro-economic blunders I told you so. Barack Obama is too schooled in the niceties of diplomacy to put it as bluntly. But he would be well within his rights to utter those four words when he sits around the table with Angela Merkel at the G20 summit next week. Back in 2010, when the half-yearly gatherings of developed and developing countries were in their infancy, the G20 met in Toronto. Up until this point, the summits had shown a welcome unity, with all nations committed to the goal of avoiding a second Great Depression. In Toronto, the consensus broke down. Obama’s view was that the recovery was fragile and that this was the time to keep the pedal to the metal. The view in Germany, supported by Britain, was that there was a need to rein in the budget deficits that had widened during the Great Recession. At the European Central Bank, there was concern that the deep cuts in interest rates and the unorthodox policies being pursued by the Federal Reserve and the Bank of England posed a threat to price stability. Despite the onset of a five-year sovereign debt crisis that almost destroyed the euro, the ECB raised interest rates a year later. Interesting article even though the jury is still out since the canary is, technically, still in the damn coal mine. http://www.theguardian.com/world/20...ng-great-recession-eurozone-economic-blunders
Perhaps Odumbo's "pedal to the metal" only delays the inevitable while making the end game much worse.. As our "debt bubble" expands and rises, it gets ever closer to the PRICK! (I don't mean Odumbo... an actual pointy one.) The ONLY thing Odumbo deserves credit for is THE HARM HE'S DONE TO AMERICA!!
Obama, fortunately, had enough good sense to rely on the experts at the Treasury and Central Bank. Draghi would have far sooner followed the same policies and procedures as the Bernanke led U.S. Fed had there not been so much opposition from German, Finance Minister Wolfgang Schauble. Draghi is also in a more difficult position because the EMU lacks a Euro bond and there is more political interference in CB operations in Europe. (Something some of our less informed U.S. politicians are hoping to visit upon the U.S. Fed with their dangerous "audit the Fed" nonsense, which of course has nothing to do with an audit. The Fed is already thoroughly audited several times over.) In spite of difficulties peculiar to the EMU, and much misguided opposition from the Germans, Draghi is pressing on with the ECB version of QE.
Your posts are always good for comic relief. Why not just come right out and say it, "We are all all going to die and it is Obama's and the Fed's fault.
I really don't know why you guys keep blaming the man who is trying to extract the US plus allies from a disastrous situation created by that dimwit Bush. He should be fined to help pay the costs but instead he relaxes on a big Texas ranch as if he had done something wondrous. He certainly has the mass morons fooled big time.