Angela Merkle Is My New Hero
German Chancellor Angela Merkle has led an assault on UK Prime Minister Gordon Brown’s “global new deal”, and is my new hero by doing so. Brown’s “global new deal” calls for a $2 trillion plus fiscal stimulus package to end the global recession. In addressing the “global new deal”, Chancellor Merkle said, “I will not let anyone tell me that we must spend more money.” The Spanish finance minister Pedro Solbes echoed Merkle’s sentiments stating, “In these conditions, I and the rest of my colleagues from the Eurozone believe there is no room for new fiscal stimulus plans.”
The assault by EU leaders is also a defeat for President Obama’s plans for other countries to copy his $800 Billion stimulus plan. Other nations are ready to challenge the plan due to their perception that it was the American banking system’s collapse that led to the global economic situation now being faced. However, even though his economic plans are not being well received, President Obama is still being welcomed by Europeans as an embodiment of American ideals. Harvard economist, Kenneth Rogoff speaking of how the president will be received said:
The rest of the world is yearning for him. On the one hand, they’ll all be criticizing him, and criticizing the American model, but they all want to hear that he does have a miracle to deliver.
For his part, the president will have to show a high level of confidence that his stimulus bills will work to jumpstart the economy, while demonstrating to the world that he understands that our actions to end recession here will not hurt their recovery efforts. Personally, I would rather see him have the courage of Chancellor Merkle and stand up for his principles-even though I don’t agree with most of them.
Three Cheers for Chancellor Merkle!!
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About the Author: Bill is a 51 year old IT Professional who enjoys political blogging in his spare time after work and after the daily grind at the gym.