Category Archives: Debt

Obama To G-20: Print More Money, Don’t Make It

Barack Obama, Debt, Democrats, Economy, Europe, Federal Reserve Bank, Foreign Policy, Free Markets, Political Economy

The following is from my new, WND.Com column, “Obama To G-20: ‘Print More Money, Don’t Make It'”:

“German Chancellor Angela Merkel is not returning U.S. President Barack Obama’s calls.

I’m being theatrical. Obama is demanding that Germany pull its weight in the global-recovery effort by aping the US: spending more and producing less.

Here are the providential orders verbatim, via the WSJ:

“U.S. President Barack Obama [has called] for Germans to aid the global recovery by spending more and relying less on exports.”

It is not only Germany that Obama wishes to knee-cap economically, but Canada, Japan and China too. Given that big-spending Americans exist at the sufferance of the frugal, productive Chinese, I don’t quite know how this would work.

“Ms. Merkel countered that Germany’s growth and employment are rising—and therefore the world’s fourth-largest economy has no reason to rethink its dependence on its powerhouse industrial sector and large trade surplus.” …

The Obamarxist-Merkel contretemps are a prelude to the upcoming “Group of 20” summit in Canada, where, by the looks of it, the US (once the economic engine of the world) will bicker with Germany, China, Canada, and Japan (nascent economic powers) to cut back on their robust exports and match its level of government and household debt. …

The complete column is “Obama To G-20: ‘Print More Money, Don’t Make It.'”

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Canada Rising

Canada, Conservatism, Debt, Economy, Federal Reserve Bank, Political Economy

The Left will tell you it’s “regulation” that accounts for Canada’s strong banking system and solid economic growth. Nonsense on stilts; conservative financial practices account for the fact that Canada’s “economy grew at a 6.1 percent annual rate in the first three months of this year. The housing market is hot and three-quarters of the 400,000 jobs lost during the recession have been recovered.” (AP)

Canadian banks “aren’t as leveraged as their U.S. or European peers.” And I imagine that they did not aim to make home owners of those who cannot afford homes, and give credit to those who are not creditworthy.

The other day, CBC front man, Peter Mansbridge, reported approvingly on a Fed interest rate hike intended to prevent the distortions and the overextension that our artificially low interest rates are perpetuating. On American TV you’d have someone come on to give the Keynesian line to the contrary; government must stimulate; make up for sluggish demand, keep rates low. The CBC, as left as they come, did not present the “another side” to the interest rate hike story—-and rightly so.

There is only one correct economics, and it’s not the Keynesian kind.

Hey, Big Spender

Barack Obama, Capitalism, Debt, Economy, Inflation

Remember when, “right after signing his $857 billion economic stimulus program into law last year, Obama convened the now-forgotten White House Fiscal Responsibility Summit,” the one “where [he] promised to cut the annual federal deficit by half by the end of his term”? As the Washington Examiner reports, he’s done it again: made a symbolic, deceptive gesture.

BHO’s “Budget Director Peter Orzag announced with great fanfare Tuesday that President Obama wants all nonsecurity agencies to cut spending by 5 percent.”

That’s proof that he’s serious about cutting spending, right? At least that’s how the Washington Post sees things:

This is “the latest in a series of initiatives, legislative proposals and veto threats in recent weeks aimed at demonstrating that Obama is minding every penny.”

Readers of this blog don’t “take seriously any of these White House PR campaigns to make Obama look responsible on the spending issue.”

After all, in less than two years in the Oval Office, Obama had added more than $4 trillion to scheduled federal spending, driven the annual budget deficit from $467 billion in 2008 to nearly $1.6 trillion in 2010, and pushed the national debt from $10.6 trillion to more than $13 trillion. All of these marks are mileposts on the road to fiscal calamity.

So, Obamarxists needn’t lose heart—and can with confidence, renew their vows to The Chosen One. BHO is here to hammer the final nail in the coffin of American capitalism.