October 10, 2008

G7 Puffery Won't Fix Financial Mess

Speaking on Italian televison, the Finance Minister of Italy said the current proposal being discussed by the G7 emergency summit in Washington changes nothing and Italy won't sign on.

The Panic of '08 is not isolated to the Atlantic Alliance. Washington and New York big wigs need to put down their worn out copies of Churchill's memoirs, stop listening to Henry Kissinger, and bring China to the table. It is apparent that Europe cannot operate as a group. France is busy courting Russia, Germany embittered, and Italy in a tantrum. The EU can't function as one.

Carlos Slim Helu, alternately the richest man in the world, asks why China isn't buying up American assets. Many others are calling for coordination with China on the global financial meltdown. Here's a good summary.

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