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Kucinich: War Soon to Be the Only Thing Made In America

From Raw Story, Dennis Kucinich addresses Congress:

…“We are destroying our nation’s moral and fiscal integrity with this war supplemental,” Kucinich argued on the House floor Tuesday. “Instead of ending wars in Iraq, Afghanistan, and Pakistan now by appropriating only enough money to bring our troops home, Congress abdicates its constitutional authority, defers to the president, and asks for a report. That’s right, all we are asking for is a report on when the president will end the war.”

Kucinich continued, “There is also money for the IMF, presumably to bail out private European banks. Billions for the IMF so they can force low and middle income nations to cut jobs, wages, health care and retirement security, just like corporate America does to our constituents. And there’s money to incentivize the purchase of more cars, not necessarily from U.S. manufacturers because a ‘Buy America’ mandate was not allowed.”

“Another $106 billion dollars and all we get is a lousy war,” Kucinich said. “Pretty soon that is going to be about the only thing made in America – war.”

France & Germany Reject US calls For Cash Stimulus

Its seems as though the end result of all of this, the plan, is to keep the Euro strong while making the independent nations’ (like US and Britain) currencies weak in order to build a better case for a global currency/global economic order:

EU to urge IMF topup but resist extra stimulus callReuters, March 18,2009

BRUSSELS, March 19 (Reuters) – European Union leaders will agree on Thursday to push for the International Monetary Fund to have more firepower to fight the global slowdown, but resist calls to inject new cash into their own economies.

The two-day Brussels summit is aimed at fine-tuning the European stance for a G20 meeting two weeks later where the world will expect major powers to get to grips with an economic crisis that has strained rich and poor states alike.

Anxious to maintain the budgetary rigour underpinning the euro currency zone, continental European capitals have shrugged off U.S. calls for more fiscal stimulus and put faith in their generous welfare states to ride out the worst of the storm.

Interesting that Germany and France are reluctant to print large amounts of money as part of “stimulus” packages. Notice that the Euro is rising significantly against the GBP and the Dollar right now. It seems that at least a couple countries remember the history of Germany’s depression-era Weimar republic and the hyperinflationary consequences that followed love affair with the currency printing press:

U.S.-Europe Split On Economic Stimulus Erupts Ahead Of G20
Radio Free Europe, Radio Liberty, March 11, 2009

At the start of this week, Larry Summers, the top economic adviser to U.S. President Barack Obama, asked Europe to consider another round of stimulus packages to spark battle the global recession.

But on March 10, EU finance ministers meeting in Brussels rebuffed the idea. Speaking for the group, German Finance Minister Peer Steinbrueck said there was “significant bewilderment” over their U.S. colleague’s position.[Amen brother]

But “bewilderment” may be a good word for describing how both sides of the Atlantic are coming to regard each other’s approach to tackling the recession.

As the world looks to the G20 meeting of developing and industrialized states in London on April 2 for a coordinated strategy for reviving the global economy, in the run-up to the summit it’s becoming clear that the United States and Europe have very different philosophies about how to get out of the current crisis.

The United States has budgeted an $800 billion package, which is equivalent to some 5.9 percent of the country’s gross domestic product (GDP). That includes tax cuts to put more money in consumers’ pockets, funding for public works programs, and more benefits for unemployed people.

By comparison, Germany has budgeted a 50 billion-euro stimulus package, equivalent to some 1.3 percent of its GDP. France has done the same. And Britain has budgeted a package that equals about 1 percent of its GDP [more than that now, see Mar 11th article”*****Britain Monetizes Its National Debt*****“). That is largely to bolster social-welfare programs that normally help people in times of need.
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China Buys Large Stake in Wall Street Investment Bank

The Washinton Post reports today that Citic Securities, a Chinese firm controlled by the Chinese government in Beijing, would acquire a nearly 10% stake in Bear Stearns under a proposed joint venture. China has never purchased a stake in a Wall Street investment bank, previous to this announcement.

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