Merkel Rejects Obama: "We Need Growth That Doesn't Rely on Debt But Is Based on Real Grounds"
German Chancellor Angela Merkel rejected Barack Obama’s request today after arriving in Toronto for the G20 meetings. Merkel told reporters that, “We need growth that doesn’t rely on debt.” This was in response to Barack Obama who sent a letter to G20 leaders last week urging them to continue to run massive budget deficits in order to “keep economic growth strong.”
GDP growth was revised downward today.
Canada’s Prime minister Stephen Harper (L) welcomes German Chancellor Angela Merkel (R) at the G8 summit in Hunstville, Ontario today. (AFP)
The AFP reported:
“We need growth that doesn’t rely on debt but is based on real grounds,” Merkel insisted here Friday.
“The world needs a new architecture for the financial markets and me and the EU will advertise for that very intensively,” she added.
More… Via Instapundit:
TELEGRAPH: Barack Obama is refusing to listen to reason on economic policy. “As it happens, the public debt trajectory is rather worse in the US than it is in Europe, yet Obama has adopted an overtly ’spend until we are broke’ approach in a calculated bid for growth and votes.”
It looks like the rest of the world is not buying into Obama’s Keynesian disaster plan. It could be a long weekend for the president.
More… Admiral Mike Mullen, chair of the Joint Chiefs, agrees with Merkel- “Adm. Mike Mullen also renewed his warning that the nation’s debt is the biggest threat to U.S. national security.”