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Sunday, June 7. 2009"Merkel for the Fed"Posted by Joerg Wolf in German Politics, International Economics, Transatlantic Relations on Sunday, June 7. 2009 The Wall Street Journal used to be very critical of Germany's economic and fiscal policies and big government, but now the paper is a big fan of the Merkel government. In March the conservative paper declared that Old Europe was right in rejecting Obama's calls for a huge global stimulus. And currently The Wall Street Journal (HT: John) is so thrilled by Chancellor Merkel ("Hallelujah, sister") that it wants to nominate her for chairperson of the Federal Reserve. What happened? Chancellor Merkel rebuked the world's central bankers for being too politically accommodating:
Conservative bloggers used to complain that Germany is so biased towards the Democrats. They said even a center-right party like Merkel's CDU would have more in common with the Democrats than with the Republicans. That still may be the case, but it seems that Germany's fiscal policy is now more in line with those from conservative Americans. And on a personal level, Merkel might got along better with Bush than with Obama. Related posts: Trackbacks
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Pat Patterson
- #1 - 2009-06-07 13:36 - (Reply)
"They said...?" Now I can admit that at least I understood that Chan. Merkel was not a follower of either the Chicago or Aurstrian theories of capitalism and free markets but I also knew that compared to the SDU her being in the same neighborhood was good enough. Maybe I am having a senior moment because I found that most of the conservative periodicals at least talked about her adherence to fiscal rather than economic policy. I also have to say aside from some general allusions to how really conservative a conservative party in Europe isn't there were very few criticisms of her and comparing her to the Democrats. In fact for a brief moment, about five minutes, conservatives in the US pointed out that many of the most vocal opponents of invading Iraq had been replaced by a more subtle crew. But she has kept this idea even today in rejecting calls for any change in monetary policy and also rejecting any, well almost any, policy that would inflate the money supply. Comments ()
Detlef
- #2 - 2009-06-07 19:30 - (Reply)
[i]That still may be the case, but it seems that Germany's fiscal policy is now more in line with those from conservative Americans.[/i] Comments ()
Pat Patterson
- #2.1 - 2009-06-07 21:58 - (Reply)
That's a rather interesting take on the deficit considering that after the 2006 it was the Republican conservatives that were most vocal in rejecting even more spending. Quite a few conservative Republicans in a variety of media were quite opposed to the extra spending. It was a majority of the Democrats and some liberal and moderate Republicans that claimed that they were doing the "adult" thing and increasing spending. Most conservative Republicans have been hollering about the deficit for years but being somewhat sotto voce because they saw some of that spending going to the two war efforts and the bill for trying to repair the economy after an almost 25% contraction after 2001. Comments ()
Detlef
- #2.1.1 - 2009-06-10 00:13 - (Reply)
Pat, Comments ()
Pat Patterson
- #2.1.1.1 - 2009-06-10 01:47 - (Reply)
I think my entire comment is self-expalnatory. Most moderate Republicans, practically all the Democrats and a few conservative Republicans supported the rise in deficit spending during the period after 2001. Remember that in the US the president does not have to face a vote of confidence and call new elections is one of his bills is defeated. This is one of the checks placed on the congress in that they do not elect the president and if the numbers are correct members of the minority party and parts of the majority party can consistently vote against these bills. Your comment specifically referred to conservative Republicans as being tongue tied which is not an accurate description as enough of the rest of the party had no problem with extra spending. Any back issue of the National Review, Commentary, American Spectator or the Weekly Standard would reveal dozens if not hundred of anti-deficit arguments which contributed to a below average turnout in 2006 because many conservatives simply pulled a Nader. Comments ()
Detlef
- #2.1.1.1.1 - 2009-06-10 03:12 - (Reply)
Pat, Comments ()
Pat Patterson
- #2.1.1.1.1.1 - 2009-06-10 04:44 - (Reply)
I certainly wasn't arguing that the deficits were not done with Republican approval but to state as you did that conservative Republicans supported the deficits is simply wrong. As to the two sources you cited one is primarily a leftist site, antiwar, and Buchanan's rag is just that a rag. But you have changed your initial point from deficit spending to support for the war. It should also be pointed out that the majority of Democrats also voted for deficit spending in all those years and now that they have both branches of government are spending even more on the war effort and tripling the deficit. Blaming the Republicans, moderate, liberal or conservative, at this point is like trying to explain a speeding ticket for going 200 mph by blaming one of the cars you passed that was going at 85 mph. They sped first? Comments ()
Joe Noory
- #2.2 - 2009-06-09 21:58 - (Reply)
Really? Is [url=http://www.mercatus.org/PublicationDetails.aspx?id=26524]this[/url] that horrible defecit you're talking about? Ypu're forgetting how the non-economic press STOPPED discussing the horrors of debt on 5 November 2008. Comments ()
Detlef
- #2.2.1 - 2009-06-10 00:21 - (Reply)
What is your problem? Comments ()
Pat Patterson
- #3 - 2009-06-10 04:50 - (Reply)
The comment at #2.11111 was certainly not mine nor was the comment #10 on the Turkey thread. My suggestion, aside from the obvious, is to look carefully at the spelling and punctuation of a stolen identity before responding to any outre comment. Comments ()
Pamela
- #4 - 2009-06-11 11:49 - (Reply)
Completely off topic but you don't want to miss this. Comments ()
Pat Patterson
- #5 - 2009-06-13 12:08 - (Reply)
Pres Obama seems to have accomplished a reorganization of the Fed without the untidy neccessity of actually going before Congress and getting the enabling legislation passed. A few of the Fed governors are not happy that instead of controlling an elastic currency and being a bank of last resort the Federal Reserve has simply become the mouthpiece for the administration. What William Jennings Bryan and others demanded over a hundred years ago has come about simply by Obama, the Treasury and Bernarke steamrolling compliance. Comments ()
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