G20 “Passing the Buck”

Check out this article in The Guardian as a primer.

This new economic crisis is reaching a feverish level. As if news of a renewed housing slump wasn’t bad enough. The G20 – 1 (the U.S.) would be happy to balance their budgets at the expense of a generous America, which will then need to print dollars and create a further deficit and trade imbalance to prop up the U.S. …. and the world economy. The U.S. realizes that not all countries are able to slash their budgets without seriously altering the lives of its’ people, but then there are countries like Germany which is in a relatively good position (propped up by American spending in the defense of Germany). There is also China, a country that has taken jobs away from Americans to sustain a “worker’s paradise.” Each country must make efforts toward temporary stimulus and long term debt reduction to the best of their ability, but national interests may, as normal, prevail.

For the little guy, trying to support his family and employees, while keeping a business afloat, there is less and less hope. My one suggestion is that each of us must both spend and save as if the world depended on our small decisions to correct the larger economic outlook.

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