Euro Trash Talk

The G20 Summit meeting was a success, providing world leaders, especially the Europeans, a bigger stage to complain more loudly about Americans. The Euros take the world economic downturn as proof that the US is too free-market, too innovative, like these were bad things. Makes you wonder, if the Euros were so sober and responsible, then why are they suffering from the woes of AIG and the US banking system? In fact, they were near the front of the line to buy the risky financial 'products'. Lord, save me from temptation, but not just yet.

The real divergence on economic matters is not in regulation but openness. Compare the information available about companies on the NY Stock Exchange to those on the German DAX or the English FTSE or the French Bourse, etc. The US Securities and Exchange Commission ensures that the information is reliable, up-to-date, and not misleading. In contrast, most other world stock markets are obscure and much more biased in favor of insiders. Swiss banks specialize in protecting the privacy of tax cheats, drug lords, dictators, slavers, and arms merchants. Prescriber, heal thyself.

Though he was the newest leader at the meeting, President Obama, as usual, mastered the occasion by treating it as what it really is: a meet-and-greet, grip-and-grin among politicians for consumption by the home town papers. By reducing the tension, mastering 'detente', he won more leaders to his ideas on stimulating the economies and helping in Afghanistan.