Posted by WARREN MOSLER on March 24th, 2009
The last thing we need to do is encourage policies that empower billions of foreign consumers to compete with us for scarce real resources and diminish our real terms of trade.
But that’s what happens with an administration that does not understand the monetary system.
by Tony Czuczka
Mar 24 (Bloomberg) — President Barack Obama urged fellow Group of 20 leaders to provide a ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œrobust and sustainedÃƒÂ¢Ã¢â€šÂ¬Ã‚Â fiscal stimulus, saying that ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œmuch moreÃƒÂ¢Ã¢â€šÂ¬Ã‚Â action is needed to fight the global recession.
In an article published today in newspapers including GermanyÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s Die Welt and the Paris-based International Herald Tribune, Obama also urged increased funding for international lenders and a ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œcommon frameworkÃƒÂ¢Ã¢â€šÂ¬Ã‚Â of steps to restore the world economyÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s flow of credit.
ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œOur efforts must begin with swift action to stimulate growth,ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â Obama said in the article laying out U.S. goals for the G-20 summit in London on April 2. ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œOther members of the G- 20 have pursued fiscal stimulus as well, and these efforts should be robust and sustained until demand is restored.ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â