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Posted on Sustainabilitank.info on October 1st, 2008
by Pincas Jawetz (pj@sustainabilitank.info)

The plenitude of materials that show how much this calamity, started in the US, affects now Europe and the rest of the world, boils down to serious criticism of America Administration’s views on the essence of government.
And further – the proposed bail-out program did not make sense anywhere – but save-your-souls programs are very seriously needed – that is said by everybody.

What the Bush/Paulson effort was all about is the clear concept that the White House Knows Best – so the present White House will create a situation that binds the hands of the next Administration also. Just give away 1.5 trillion dollars to the cronies that managed a deregulated economy for their own benefit, and they will continue this mirage of government for their own benefit in the future as well – there will be no abrupt change amounting to   no upheaval – and as long as they will stay happy – so will the rest of the people have to stay quiet. The government is not there to help the people, but to help the system from needed change. in the end the tax-payer will be left to hold the bag while the former insider helps the present insider manage the huge puddle he left behind.

Europe is different. All of Europe seems to believe in much more government then the White House in Washington DC. Europe ranges from the Russian closing of the Stock Exchange so no impulsive reaction is possible, to plain Nationalization of Banks in Ireland – a great move that reassures the people and the businesses and removes the bankers – like one removes cancer. This latter treatment looked too radical to the folks in Brussels – but they also can do little more then say – each government is on its own – but we will all together back France and Germany in their call to view the crisis for what it is – the end of US hegemony on world economy and the establishment of a super structure that will share the responsibility that the US Superpower said it had for the world.

The best suggestions deal thus with the need of a global bail-out rather then again a US inside – job. Further, money is not dished out to the “IS” but governments take equity stakes in the fallen giants – this translating to the right to clean the houses from their rotten managers – as the saying goes – “the fish stinks from his head.”   With government ownership, comes now government responsibility that might indeed call for changes in accounting rules and in taxation laws – all so there is a new stimulus that moves the economy from the dead points it is stuck now.

Above all, the US cannot be allowed to get itself in a state of continuous disrepair with projected shadows to its business partners overseas. They want part of the action here because it is their money that is invested here.

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