Bush Hands Over Reins of U.S. Economy to EU

[rodger]

Wednesday, November 19, 2008 2:28 PM

By: Dick Morris & Eileen McGann


The results of the G-20 economic summit amount to nothing less than the seamless integration of the United States into the European economy.

In one month of legislation and one diplomatic meeting, the United States has unilaterally abdicated all the gains for the concept of free markets won by the Reagan administration and surrendered, in total, to the Western European model of socialism, stagnation, and excessive government regulation.

Sovereignty is out the window. Without a vote, we are suddenly members of the European Union. Given the dismal record of those nations at creating jobs and sustaining growth, merging with the Europeans is like a partnership with death.

At the G-20 meeting, Bush agreed to subject the Securities and Exchange Commission (SEC) and our other regulatory agencies to the supervision of a global entity that would critique its regulatory standards and demand changes if it felt they were necessary. Bush agreed to create a College of Supervisors.

According to The Washington Post, it would "examine the books of major financial institutions that operate across national borders so regulators could begin to have a more complete picture of banks' operations."

Their scrutiny would extend to hedge funds and to various "exotic" financial instruments. The International Monetary Fund (IMF), a European-dominated operation, would conduct "regular vigorous reviews" of American financial institutions and practices.

The European-dominated College of Supervisors would also weigh in on issues like executive compensation and investment practices.

There is nothing wrong with the substance of this regulation.

Experience is showing it is needed. But it is very wrong to delegate these powers to unelected, international institutions with no political accountability.

We have a Securities and Exchange Commission appointed by the president and confirmed by the Senate, both of whom are elected by the American people. It is with the SEC, the Treasury, and the Federal Reserve that financial accountability must take place.

The European Union achieved this massive subrogation of American sovereignty the way it usually does, by negotiation, gradual bureaucratic encroachment, and without asking the voters if they approve.

What's more, Bush appears to have gone down without a fight, saving his debating time for arguing against the protectionism that France's Nicolas Sarkozy was pushing.

By giving Bush a seeming victory on a moratorium against protectionism for one year, Sarkozy was able to slip over his massive scheme for taking over the supervision of the U.S. economy.

All kinds of political agendas are advancing under the cover of responding to the global financial crisis.

Where Franklin Roosevelt saved capitalism by regulating it, Bush, to say nothing of Obama, has given the government control over our major financial and insurance institutions. And it isn't even our government!

The power has now been transferred to the international community, led by the socialists in the European Union.

Will Obama govern from the left? He doesn't have to.

George W. Bush has done all the heavy lifting for him. It was under Bush that the government basically took over as the chief stockholder of our financial institutions and under Bush that we ceded our financial controls to the European Union.

In doing so, he has done nothing to preserve what differentiates the vibrant American economy from those dying economies in Europe.

Why have 80 percent of the jobs that have been created since 1980 in the industrialized world been created in the United States? How has America managed to retain its leading 24 percent share of global manufacturing even in the face of the Chinese surge?

How has the U.S. GDP risen so high that it essentially equals that of the European Union, whose population is 50 percent greater?

It has done so by an absence of stifling regulation, a liberation of capital to flow to innovative businesses, low taxes, and by a low level of unionization that has given business the flexibility to grow and prosper.

Europe, stagnated by taxation and regulation, has grown by a pittance while we have roared ahead. But now Bush — not Obama — Bush has given that all up and caved in to European socialists.

The Bush legacy? European socialism. Who needs enemies with friends like Bush?


Retrieved from http://www.newsmax.com/morris/g_20_econ ... 53044.html

[richardP]

It isn't the EU, man. Its Asia that calls the shots now.

On September 16,1985 American economic dominance of the world ended. On that date the US Commerce department issued a statement that declared America had become a debtor nation. From that day until now its gotten worse.

China and Japan hold the reigns on American decisions. We could not issue a postage stamp that commemorated the end of WWII with a picture of an atomic bomb on it because Tokyo disapproved. What has happend to American soverignty?

Neither Russia nor America can produce a car that anyone wants to buy.

Multinational corporations buy our elections and our presidents. There is no such thing as partisan or non-partisan politics. The Democrats and the Republicans are two heads of the same snake. That's why most elections seem as though there is no great difference between candidates. If a man has to raise 250 million dollars to be elected to the highest office of the land, will he be beholden to the working man or to his contributors?

Always remember that the first duty of any politican is to rai$e money for reelection.

Bush was a stooge for muli-national corporate and militarist interests. Obama may have started out with clean hands, but he will cave. The big losers are the American people who have no idea what's happening to them.

The present constitution is obsolete and has been repeatedly violated by our leaders. Our liberties are evaporating faster than a snowball on the 4th of July.

We have two options.

One is to involk the constitution and hold a new constitutional convention; rewrite the law and create a new one. It is peaceful and lawful and only requires a two thirds vote of the states to get the process started.

Another is secession. Its already being talked about. Noting the American tendency toward violence and extremism rather than peaceful resolution, I am guessing that this may be the solution which we wake up to.

[Nonsequitur]

Originally Posted by richardP;13221
Neither Russia nor America can produce a car that anyone wants to buy.[COLOR=red

Nahhh....just Ford, that didn't take a government hand-out.) oops![/COLOR]

Multinational corporations buy our elections and our presidents.(Wow, got proof of this or is this just another drunken diatribe like I used to hear from my brother-in-law)is no such thing as partisan or non-partisan politics. The Democrats and the Republicans are two heads of the same snake. That's why most elections seem as though there is no great difference between candidates. If a man has to raise 250 million dollars to be elected to the highest office of the land, will he be beholden to the working man or to his contributors?
(I'll call and raise....why does a man spend 40,000 dollars to get a 16,000 dollar a year job? Answer: Because he knows he will get more than that in office. You figure out how.)

Always remember that the first duty of any politican is to rai$e money for reelection.

Bush was a stooge for muli-national corporate and militarist interests. Obama may have started out with clean hands, but he will cave. The big losers are the American people who have no idea what's happening to them.

The present constitution is obsolete and has been repeatedly violated by our leaders. Our liberties are evaporating faster than a snowball on the 4th of July.

We have two options.

One is to involk the constitution and hold a new constitutional convention; rewrite the law and create a new one. It is peaceful and lawful and only requires a two thirds vote of the states to get the process started.

Another is secession. Its already being talked about. Noting the American tendency toward violence (spoken like a true Eurepean) and extremism rather than peaceful resolution, I am guessing that this may be the solution which we wake up to.
(That you talk about or that you are the cause of?)

Look out. The government is watching you. DS

[richardP]

Originally Posted by Nonsequitur

Look out. The government is watching you. DS

You're preaching to the choir on that one.