We have had a recent democratic election that deposed the Republicans and their reckless and destructive financial policies. The newly elected Democrat, President Barack Obama, used Keynesian economics and its method of stimulus to rescue the ravaged economy from the brink of depression. The recovering economy is still fragile, teetering, and more stimulus is likely needed to create jobs and avoid a double dip recession.
Despite the substantial progress and measured success of the Keynesian strategy, the G-20 organization of global finance ministers is dictating to President Obama that the US has to go into an austerity mode and reduce its debt by 50 percent in three years. This is insanity!
When was it that the “government of the people” voted to surrender their sovereignty to G-20?
The G-20 finance ministers were the underlying cause of the world financial meltdown by abdicating the running of the international monetary system to private commercial banks (banksters) who used opaque derivatives and software programs to determine currency values. Simply stated, nation-states relinquished control of their wallets to this private bunch for a piece of the US and European markets, which will turn out to be fool's gold.
These banks are the same “too big to fail banks” that the taxpayers had to bail out in order to save the American people from the pain of a depression. A side benefit to the private bankster stock holders was that their equity went from zero back to where they were made whole. Now that they are bailed out, they are looking at the depression as another buying opportunity for them.
Years of self-serving trickle-down theory failed and collapsed the economy. The banks are still under investigation, and the American people are still wrestling with re-regulating them in order to prevent another financial meltdown.The executives of G-20 are the banksters and they have little credibility, their actions make them untrustworthy and their economics are commingled with ideology.
President Obama, you were elected by “we the people” that supported you for president of the United States. Please continue to take care of the welfare of American people, as there is no president of the world and we don’t want one.
Hoboken NJ 07030
Jun 30 2010 - 2:48pm