Do-little G20 summit cheers spared bankers

Comments (21)
STORYBURNcool wrote:

The US needs to go through the same Austerity programs Europe is going through. All the while pulling a rabbit out of the hat and boosting job growth

Jun 27, 2010 8:53pm EDT  --  Report as abuse
nodeception wrote:

Obama is the worst example for austerity as possible. He’s single handedly bankrupting the U.S. and knows NOTHING about economics. Spending and borrowing are all he knows. Which is just the opposite of what’s required. If Al Qaeda were trying to destroy our economy they couldn’t do a better job than Obama’s doing right now. As such anything he recommends should be disregarded as dangerous and disastrous.

Jun 27, 2010 9:31pm EDT  --  Report as abuse

Obama is all talk and i bet $1 trillion that QE2 and more Federal Reserve currency manipulation via printing is just around the corner. Add to that, the Federal reserve will continue interest rate manipulation via buying (monetizing)USA debt. It makes perfect sense why gold is over $1200/oz, even though Bernanke lied to congress during questioning saying he did not know why gold was doing so well. So if Obama and Bernanke are lying, you can count on more of the same from Washington DC. Smart people are short dollars and long gold.

Jun 27, 2010 11:20pm EDT  --  Report as abuse
LolaF wrote:

Austerity = letting the poor starve
Financial reform = letting the poor starve
Fiscal restraint = letting the poor starve

The G20 is scheming to find ways to turn us all into cheap labor for the corporate oligarchy. They are sharing citizen-information databases with each other. They are beefing up and consolidating their police state apparatus in anticipation of the day when the People rebel against the capitalist-imposed poverty that is taking us down one family at a time. Governments/corporate-oligarchy will be ready to crush us as soon as we become desperate enough to fight back.

Death to capitalism!

Jun 27, 2010 12:14am EDT  --  Report as abuse
nilbud wrote:

Perhaps the US is right, the austerity measures reduce spending on services as consumers spend on necessities only, dropping the morning coffee seems minor until millions do it, and that in turn causes job losses. Those job losses are most probably in the service industry, those people also don’t but the morning coffee, etc. etc. With cumulative losses in tax, which was needed to pay for Unemployment to keep people from starving (contrary to popular belief, people in service industries most at risk do not have alarge savings.

Consumer spending accounts for about two-thirds of U.S. economic activity so European austetity measures would have a crippling effect on the economy – realistically, export led growth must be on the basis of a realistic and stable local / internal economy.

Jun 28, 2010 6:55am EDT  --  Report as abuse
tbink wrote:

People (and nations) are buying gold because it has intrinsic value and is scarce. It is a form of currency that has maintained value over thousands of years hence such demand.
When you see the ‘likely lads and lasses’ above it begs the question, would you buy a car off any of them?
They are managing the worlds economy and I see very little coherence between what they are saying and what they are doing. They are actually trying to push Germany into being a spendthrift so as to boost the EU economies!! Madness.

Jun 28, 2010 7:25am EDT  --  Report as abuse
kaceltd wrote:

Don’t spend what is yet to be earned!!!
This simple truth, was taught to me as a youngster. I sought credit, only for large ticket items like an automobile and the house. The bank will earn thrice what the house cost; but my taxes are increasing, and the house is depreciating relative to its final cost. My first credit card was not used for some twelve years. I obtained it to cover unforeseen circumstances. Oh yeah; I usually saved up over a period of time to purchase most consumer items. I liked getting a cash discount. Governments need to be more fiscally responsible. They are killing the goose that lays the golden “taxable” egg!!

Jun 28, 2010 7:30am EDT  --  Report as abuse
dastu11 wrote:

There are enough resources in this world for the whole mankind, but not for their greed. The wealth of the most developed countries are being spent on illegal wars for looting natural resources of another countries. They give exorbitant subsidies to their farmers and advice poor countries to abandon subsidies.And they squeeze them with stringent conditions for providing loans from the financial institutions that they control. This is injustice.

Jun 28, 2010 9:24am EDT  --  Report as abuse
FriendlyTxn wrote:

Let’s see, I don’t have enough money to pay my household bills, so I’ll just take out a high-interest loan for that. Then I’ll get another credit card to buy myself some new shoes, a nice car, and then perhaps I’ll see about going out to get a job…. But if I can’t get a job, I’ll just apply for more unemployment benefits. Yeah, that makes sense, right Obama? Good Lord.

Jun 28, 2010 9:36am EDT  --  Report as abuse
AlexVallas wrote:

Obama is the worst example for austerity as possible. He’s single handedly bankrupting the U.S. and knows NOTHING about economics. Spending and borrowing are all he knows. Which is just the opposite of what’s required. If Al Qaeda were trying to destroy our economy they couldn’t do a better job than Obama’s doing right now. As such anything he recommends should be disregarded as dangerous and disastrous.

You, along with most GOP and Tea Party suffer from a serious case of amnesia. It was Bush that put this country in a financial crisis. Obama is doing everything possible to correct the Bush blunders. It was Bush and Cheney who were NOT concerned with debt — read up. Financial reform is needed. Just ask someone like me who lost tens of thousands of dollars in my retirement annuities due to Wall Street fraud and greed promoted by Bushie and Party. Wake up.

Jun 28, 2010 10:19am EDT  --  Report as abuse
nodeception wrote:

Austerity = Stable economy benefits the poor
Financial reform = Stable economy benefits the poor
Fiscal restraint = Stable economy benefits the poor
Capitalism gave the U.S. the highest standard of living in the world.
Socialism and progressivism is like a cancer destroying what Capitalism created.
Death to socialism and progressivisism.

Jun 28, 2010 10:30am EDT  --  Report as abuse
Whittier5 wrote:

Numbskull Europeans, US Republicans, and fiscal ‘hawks’,
You cannot Save your way out of a Depression! Every major Economist knows this because everyone learned that lesson during the 1st Great GOP Depression.

One definition of ‘Crazy’ is doing the same thing over and expecting different results.

For all of the ‘know-it-all’s out there trying to put this in terms of their household ‘budgets’. MacroEconomics does not work like ‘household’ budgets. Take a class and learn something.

There is no impetus in the ‘Private Sector’ to cause Growth or Jobs. There are 2 alternatives: 1) Nationalize Big Banks; or 2) Government Spending.

‘Austerity’ is NOT one of the options. ‘Austerity’ will only cause a ‘double-dip’ just as it has done before. Look to Japan for more modern proof.

Obama’s failures have been trying to work with Republicans and allowing the ‘Stimulus’ bill to be $250B too small!

Jun 28, 2010 10:37am EDT  --  Report as abuse
tbink wrote:

Every dollar, pound, euro or other currency should be backed up by collateral of known value. with that in place would we have this merry-go-round or is it pantomime?

Jun 28, 2010 11:12am EDT  --  Report as abuse
Whittier5 wrote:

@nodeception wrote: “Socialism and progressivism is like a cancer destroying what Capitalism created.”

You must have been asleep like Rip Van Winkle during the past 30 years and especially the past 3. It was ‘capitalism’, unbridled capitalism, that destroyed the whole World’s Economy. Drink some coffee and wake up.

A humble revision to your ill-informed world-view:
Jobs at a living wage = “benefits the poor” and everybody else
pre-Reagan tax levels on the uber-rich = “benefits the poor” and everybody else

Hope you wake up soon.

Jun 28, 2010 11:24am EDT  --  Report as abuse
pilgrimson wrote:

Deficit spending is like a highly- addictive and ultimately lethal drug. There is no exit strategy except wishful thinking for prosperity to return. We’ve had deficit spending most of the past 30 years, and what wasn’t overt, was concealed “off-budget.” The Clinton-Gore forecast of surpluses as far as the eye could see was just an illusion.

John Maynard Keynes is the deficit-spending drug pusher king of modern time, and America is the biggest hopeless addict.

Jun 28, 2010 1:28pm EDT  --  Report as abuse
DLB wrote:

Blow that dollar folks thats what I like to see and then down the line when this country(america)falls out again and it will with the ones blowing every penny they get a hold on.Then people like me will start getting it all.Gold will be useless because when they come to my farm wanting food to eat one thing will hold true I can’t eat gold what else do you have to trade.In the end world trade will make us the lower lower class paid people and the rich richer.

Jun 28, 2010 1:46pm EDT  --  Report as abuse
Aarky wrote:

Why is it tht we didn’t hear about Merkel of Germany and a couple others having given Obama some serious wedgies when he tried to tell them what a great job the US Congress has done to re-regulate and reform the crooks on Wall Streeet? They seem to be too polite to point out that wild speculation and irresponsible banking activity in the US set off a world wide financial fiasco.

Jun 28, 2010 2:21pm EDT  --  Report as abuse
tbink wrote:

Completely off the point, yet in response to the farmer above.
My father came through the great depression and he told me of a farmer he knew who at that time was trying to sell cabbages. People did not have enough money to buy one from him (his prices were too high) so he took them home and let them rot! Some fella that farmer, He rotted away a long time ago.
People have very long memories dont they?

Jun 29, 2010 2:25am EDT  --  Report as abuse
He11o wrote:

Note: Canada, Japan, Austrailia, Brasil…
all these countries have limited military spending. Duh…Connect the dots. Not only can they balance their budget, but they can control their tempers and egos too.

Jul 20, 2010 11:12pm EDT  --  Report as abuse
Neau12 wrote:

It’s not capitalism that hurts the poor. It’s socialism in all forms. When they can’t take anymore from the people, then they start a resource war and take it from someone else. Capitalism only thrives in a free trade zone, not a war zone. Dems always make capitalists out to be the enemy so they have a scapegoat for their failed socialist agenda. Toyota is a case in point. There is nothing the G20 can do to fix that. Depending on the gov instead of capitalism is just how the dems like it. We need to get back to capitalism, and stay away from more debt, it’s the only thing that will spur the economy at this point. The dems are just digging us deeper in, with resounding applause for the rhetoric.

Aug 12, 2010 7:48pm EDT  --  Report as abuse
Neau12 wrote:

I might remind you that it was Reagan, a democrat, who started the banking fiasco back in the 80’s along with Margret Thatcher. It was they who deregulated banking and pushed us into globalized central banking in the first place. You might remember the savings and loan fiasco that followed. It was during that time banks were allowed to cross state lines. Something were prevented from doing 40 years earlier to help prevent a another depression. I’m not looking to dems to fix a problem they created by pouring gas on the fire.

Aug 12, 2010 7:54pm EDT  --  Report as abuse
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