Monday, April 6, 2009

Six months has greatly changed the G20

Kevin Hennessey (caveat, a former Bushie) compares the language of the G20 resolution from November 2008 and April 2009. Wow, how times (and presidents) change.

A quick summary of some minor things missing from the new, April document:
Note that the word “free” is nowhere in the document.
"… rule of law …” is nowhere in the document
"… private property …” is nowhere in the document
"… competitive markets …” and the word “competitive” are nowhere in the document

Since Hennessey correctly predicted that "free" would be dropped, give him a little credit. He's better at prognosticating than most of the other economist. :-)

IMO, dropping one or two of these clauses is no big deal. But dropping four clauses, all having to do with traditional American principles, concerns me. Yes, some free market execs really screwed up, but let's not throw the baby out with the abthwater.

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