International pressure for Wall St. regulation, thanks for the advice
Mar 31st, 2009 | By Mike | Category: International Affairs, Issues, Obama |
President Nicolas Sarkozy, the President of France, has threatened to walk out of the G20 summit if the United States does not increase its regulation of Wall Street. Really? Because none of us realized it was a lack of regulation that led to the demise of our economy. Seriously though, the posturing of these countries, upset at the USA for causing the financial meltdown, is almost comedic. Obviously mistakes were made which need to be fixed, but guess who is going to lead the global economy out of this mess? I would put my money on the good ole US of A. Our country has seen many recessions and oddly enough just as many rebounds to become once again the world economic leader. So thanks for the whining advice.
Russia has also made comments about elmininating the US dollar as currency. While that will never happen, I am worried that President Obama be bullied to over-regulate. I do think we need some regulation, we do not want to end up destroying what makes our country so great. Free markets and capitalism have proven over and over to be the best economic strategy in the world. However, less fortunate countries would like nothing better but to see our prosperous nation drown in our own greed. (That just made me think of how sweet it will be to see the Dow back at 13,000…take that, Russia!) Hopefully we will see President Obama take a strong stand at the summit and let the world know that we are aware of the situation and we are going to pull ourselves out of it. That’s just our American nature.
Mike -
I hope you are right. And though I do not subscribe to conspiracy theories, this ‘opinion’ comes from a former Indiana state official who has been privy to many resources most of us have no access to. And though his ‘opinion’ may never come to nothing, I believe it at least is worth filing in the watch but not react bin until such a time as we are confident its either nothing but hot air or there’s something to it. The full piece is here: http://www.garykah.org/article16.html.
We know that the Fed can only lower its rates a few more times. Unless the Fed’s interest rate cuts somehow stimulate the economy enough to cause a substantial rebound, the dollar will eventually crash. I personally believe we are headed for a major dollar crisis. If (when) this happens, the central bankers of North America will argue that we need to start from scratch with a new unified North American currency that can effectively compete with the Euro. Such a regional currency shared by the United States, Mexico, and Canada is being discussed even now by our countries’ leaders. The proposed name for this new currency is the “Amero.” However, if US citizens feel uneasy about such a giant step, the currency could be given a different name that might sound less radical, such as the North American Dollar (NAD), or something similar.
Poiema
There is absolutely no way I want our country sharing a currency with a country that is borderline 3rd world. Yes I am talking about Mexico. Mexico country needs substantial improvements in infrastructure, labor regulations, and standard of living before I would even consider the throught os sharing a currency with them. The current Peso is doing horrible and the country would bring the same problems and “spread the non-wealth”.