So it seems the new “masters of the universe” have fixed all our worldly woes… time for glamour shots!
Oh, my. Where do we begin?
As a snarky economic commentator -- really -- pictures like this are what dreams are made of: Berlusconi’s vintage moment of Italian overaffection… Medvedev’s uncomfortable “can’t believe you’re touching me” expression… Gordon Brown looks like he’s lost… both Asian representatives sticking to typically straight, honorable postures… Africa’s reprehensive (Meles Zenawi) off to the side, clearly an outsider… Saudi King Abdullah is looking awfully mischievous… and of course, our commander in chief, thumbs up and as confident as ever. If there is a picture out there that better captures the current state of global leadership, we haven’t seen it.
“Let the G-20 leaders have their self-congratulatory moment in the New World Order sun,” “Their plan is a failure because it blames the credit crisis on deregulation, fraud, free markets and bad bankers. This is a deliberate attempt to obscure the origins of the credit crisis and the recession/depression we now face: the credit boom that preceded it.
“Governments themselves were largely responsible for that credit boom. Their coordinated interest rate cuts and the dollar-pegged global currency system led to an explosion in money, credit and, inevitably, leverage, risk-taking and now losses. They are trying to prevent those losses by throwing more borrowed money at the recession to ‘fight it.’
“That's moronic.
“We think this counterattack by Big Government to stave off the second wave of the credit crisis gives you time to sell stocks into a rally and diversify your assets ahead of the coming devaluations and inflation. Ultimately, the credibility of national governments and their currencies will be eroded and damaged beyond repair, based on unsustainable fiscal and monetary policies.”
Oh, my. Where do we begin?
As a snarky economic commentator -- really -- pictures like this are what dreams are made of: Berlusconi’s vintage moment of Italian overaffection… Medvedev’s uncomfortable “can’t believe you’re touching me” expression… Gordon Brown looks like he’s lost… both Asian representatives sticking to typically straight, honorable postures… Africa’s reprehensive (Meles Zenawi) off to the side, clearly an outsider… Saudi King Abdullah is looking awfully mischievous… and of course, our commander in chief, thumbs up and as confident as ever. If there is a picture out there that better captures the current state of global leadership, we haven’t seen it.
“Let the G-20 leaders have their self-congratulatory moment in the New World Order sun,” “Their plan is a failure because it blames the credit crisis on deregulation, fraud, free markets and bad bankers. This is a deliberate attempt to obscure the origins of the credit crisis and the recession/depression we now face: the credit boom that preceded it.
“Governments themselves were largely responsible for that credit boom. Their coordinated interest rate cuts and the dollar-pegged global currency system led to an explosion in money, credit and, inevitably, leverage, risk-taking and now losses. They are trying to prevent those losses by throwing more borrowed money at the recession to ‘fight it.’
“That's moronic.
“We think this counterattack by Big Government to stave off the second wave of the credit crisis gives you time to sell stocks into a rally and diversify your assets ahead of the coming devaluations and inflation. Ultimately, the credibility of national governments and their currencies will be eroded and damaged beyond repair, based on unsustainable fiscal and monetary policies.”
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