UPDATE: Sarkozy, Merkel, Blair call for "New World Order"
Apparently, calls for a "New World Order" are all the rage now. The latest call is from Sarkozy, Merkel and Blair:
PARIS – The head of Europe's biggest economy said Thursday that world leaders should be looking at the massive U.S. deficit and other economic imbalances, not just problems caused by financial markets, as they debate a new global order.Once again, apologies are in order to the conspiracy buffs who've been advising us for more than a generation this was coming.
Speaking at a conference in Paris on the future of capitalism, German Chancellor Angela Merkel singled out the American budget deficit and China's current account surplus — the difference between exports and imports — as problems upsetting the global economy.
"We would be making an error if we were content to look solely at financial markets," she said.
She deplored huge debts that governments are accumulating to spend their way out of the present crisis. But she said she recognized, for the moment, that "there is no other possibility."