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  •  Sarkozy has taken the lead it seems, in the intl (0+ / 0-)

    fight for global reforms

    En revanche, le président américain, qui sera la puissance invitante du premier sommet, très certainement à New York, a refusé qu'il se tienne sous la houlette de l'ONU, comme le proposait Ban Ki-moon. Surtout, des divergences de fond sur l'ampleur des réformes devront être surmontées. «Il est essentiel que nous préservions les fondements du capitalisme financier», a dit George W. Bush, samedi. Certes, lui a répondu Nicolas Sarkozy, «mais on ne peut pas non plus continuer avec les mêmes causes qui produiront les mêmes effets».

    Meanwhile, the US president, who will be hosting the first summit which will most likely be held in New York, refused that it be held under the auspices of the UN. Diverging opinions on the magnitude of reforms are are expected.

    "It is essential to preserve the foundations of financial capitalism," Pres Bush said on Saturday. "Certainly, but we also cannot continue with the same causes which are bound to produce the same effects" Nicolas Sarkozy riposted.

    (Amateur translation mine.)

    •  Sarkozy: Recreating the Capitalist System (0+ / 0-)

      First of all, when world leaders speak, they are engaging in public relations diplomacy.  It's not surprising that when the U.S. economy is down, Sarkozy will give the U.S. a kick in the rear.

      Secondly, if a global summit establishes technical modifications that ensure the efficiency of the international financial markets, well that's fine and dandy.

      However, if Sarkozy and the French intend to attack capitalism itself -- and throw out the baby with the bathwater because the free market is having problems -- then I think they may well be the losers.

      Personally, I hope that Obama will solve the recession as much as possible by free market mechanisms and will have the confidence to support capitalistic methods even in a downturn.

      I think that Democrats often mistakenly attack  Republicans across the board as selfish and narrow-minded.  Not all Republicans are corporate fat cats.  Some simply believe that individual freedom and cultural diversity are best achieved via a commitment to free enterprise.

      Capitalist values and behaviors are in our blood as Americans; and this in fact may well be our strongest national asset during a period of economic transition.

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