STEYN: The G-20 doesn’t offer plenty
No real answers among the media props
The great powers are erecting a global regulatory regime to export their worst mistakes to the entire planet.
Well, we all hate “the rich,” don’t we? Last week, David Paterson, the governor of New York, said that if he had known his latest tax increase would persuade Rush Limbaugh to sell his Manhattan apartment and leave the city, he would have raised taxes earlier. Ha-ha. Very funny. In New York City, as Mayor Michael Bloomberg has pointed out, the wealthiest 1 percent contribute 50 percent of municipal revenue. How tiny a number of people does Mr. Paterson have to drive out before it causes significant shortfalls in the public coffers?
Australia’s Chairman Krudd: “all your super are belong to us…”
On the other hand, the rich can only be driven out if they’ve got somewhere to be driven to. At the ludicrous Group of 20 summit in London last week, the official communique crowed over a “clampdown” on tax havens – those British colonies in the Caribbean and a few other offshore pinpricks in the map. “The era of banking secrecy is over,” the G-20 proclaimed.
Does anyone seriously think a Swiss bank account or a post-office box in the Turks and Caicos is responsible for the global meltdown?
No, but the world’s governments have decided to focus on irrelevant scapegoats.
Â Â Â Â Â Â Â Â America’s magic negro: just spreadin’ your wealth around…
- UK’s Gordon Brownnose: “its all good when we steal…”
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Better dead than -this- red…
If government has a role in this crisis, it ought to be to reverse the combination of unaffordable social programs and deathbed demographics that make a restoration of real GDP growth all but impossible in many European nations. But that would involve telling the citizenry unpleasant truths, and Continental politicians who wish to remain electorally viable aren’t willing to do that. French President Nicolas Sarkozy, The Times of London reported, “said that the summit provided a once-in-a-lifetime opportunity to give capitalism a conscience.”
Sarkozy: “we are entitled to your nest egg…!”
What Mr. Sarkozy means by “a conscience” is a global regulatory regime that ensures there’s nowhere to move. If you’re France, which has a sluggish, uncompetitive, protectionist, high-unemployment business environment whose best and brightest abandon the country in ever-greater droves, it obviously makes sense to force the entire planet to submit to the same growth-killing measures that have done wonders for your own economy. But it’s not good news for the rest of the world. The building blocks for a global regulatory regime and even a global central bank with an embryo global currency (the International Monetary Fund and the enhanced role of “Special Drawing Rights”) are an ominous development.