Tuesday, June 22, 2010

Europe Slams Obama's Stimulus Plan; History Shows Obama's Plan is Ass Backwards; Yuan Falls Most Since December 2008

President Obama is hanging out to dry all by himself as ECB president Jean-Claude Trichet, German Chancellor Angela Merkel, and British Prime Minister David Cameron are all wisely going ahead with austerity measures instead of the stimulus measures that Obama and his Keynesian clown advisors want.

Trichet Tells Obama To Shove It

The New York Times reports Despite Obama’s Plea, European Bank Renews Call for Austerity http://www.nytimes.com/2010/06/22/busin ... ss&emc=rss

European countries need to keep a sharper eye on one another’s finances, and sanctions against fiscal rule-breakers should kick in automatically, the European Central Bank president, Jean-Claude Trichet, said on Monday.

The remarks, to members of the European Parliament’s Economic and Monetary Affairs Committee, meeting in Brussels, showed that Mr. Trichet continued to take a hard line on government spending despite a call by President Obama for Europe not to withdraw economic stimulus too hastily.

Mr. Trichet stuck to the argument he has made in recent weeks that fiscal prudence is the best medicine for the European economy. Unless Europeans believe that governments can get control of their budgets, “then households are going to be frightened, they will not spend,â€