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Socialism and Money Do Not Mix
THE ECONOMY: This weekend’s Jackson Hole Economic Policy Symposium in Wyoming has again placed under scrutiny the American and European economic crises.
The symposium was led by three financial gurus: Ben S. Bernanke, Chairman of the Federal Reserve. Jean-Claude Trichet, President of the European Central Bank—and Christine Lagarde, the new Managing Director of the International Monetary Fund.
Not much was uncovered from the reading of the tea leaves during this symposium.
Bernanke remained ambiguous, something which was expected given the upcoming FOMC meeting in September– which Bernanke said would “allow a fuller discussion”.
Fuller discussion of what? QE3?
Given the Federal Reserve’s QE1 and QE2 failure — the fear is that implementation of a QE3 will further devaluate the US dollar— eroding our economy even more.
Christine Lagarde stated that economic risks “have been aggravated further by a deterioration in confidence and a growing sense that policymakers do not have the conviction, or simply are not willing, to take the decisions that are needed.”
Lagarde’s statement reminds us of the U.S. Senate Democrat majority’s refusal to accept ‘Cut, Cap & Balance’ as a legitimate solution.
Jean-Claude Trichet stated during the symposium that “the distribution of wealth and general economic well-being needs to ensure some acceptable social balance.”
It’s a good thing that Monsieur Trichet is coming to the end of his tenure.
Trichet’s high level talks with Jean-Claude Juncker (Euro Group President and Prime Minister of Luxembourg) and the Progressive Alliance of Socialists and Democrats in the European Parliament, apparently did not stop the encouragement and rewarding of bad spending behavior– as in the recent Greek bailout. These “progressives” suggested increased taxes and a “Eurobond”—which would actually lead to a “debt union” instead of a solution to their crisis.
The European socialist model should serve as an example to Americans of how socialism can bring about the economic collapse of entire regions.