At least we have one world leader who has not lost her sanity. Angela Merkel, the German chancellor, last night led the assault on the Prime Minister Gordan Brown's “global new deal” for a $2 trillion-plus fiscal stimulus to end the recession. “I will not let anyone tell me that we must spend more money,” she said. Also, the Spanish finance minister, Pedro Solbes, also dismissed new cash being pledged at Thursday’s London summit. He stated that I and the rest of my colleagues from the Eurozone believe there is no room for new fiscal stimulus plans. Also, Nicolas Sarkozy, the French president, has insisted that “radical reform” of capitalism is more important than tax cutting.
The assault by European Union leaders also represents a defeat for President Obama, who is desperate for other big economies to copy his $800 billion stimulus plan.
Thank you Chancellor Merkel!
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