In a world where we least expected to hear the words “socialism” and “protectionism,” the April 2009 Summit of the Americas is a welcome respite for Barack Obama and Stephen Harper. Despite the high expectations for both the US and Canadian stimulus packages, it seems more likely that nothing will work until people are put back to work and mortgage payments are brought back in line with current home values. It’s on days like these the trade unionists will tell the free market adherents “we told you so” and the Republican faithful will call President Obama a “socialist” as he proposes a Government-led expansion of health care (the Canadian Press, 11 March, 2009) and other Government-led initiatives to stimulate economic growth.
This much- touted globalisation had two important dimensions: free markets across the globe and the movement of resources to any location where business could enjoy competitive advantages. What the world ended up with is rabid disregard for accounting fundamentals, half-awake regulators and problems which are unsolvable even by throwing money at them.
Based on the evidence so far and all the expert comments, it is clear that putting people into jobs and bringing mortgage payments in line with current home values are likely to restore consumer confidence, critical to the movement of the markets.
Click the above link and read my column on what it takes to get the world's powerful economies going again.
Based on the evidence so far and all the expert comments, it is clear that putting people into jobs and bringing mortgage payments in line with current home values are likely to restore consumer confidence, critical to the movement of the markets.
Click the above link and read my column on what it takes to get the world's powerful economies going again.
No comments:
Post a Comment