Sunday, June 20, 2010

The World is Broke, But Obama Urges Countries To Keep Spending

What do you do when you run out of money? You cut back your spending of course. German Chancellor Angela Merkel understands this economic reality.
German Chancellor Angela Merkel directly contradicted US President Barack Obama on Saturday, saying spending cutbacks were now needed following the spate of throwing money at the global economic crisis.

As for President Obama, he doesn't get it.
Obama urged the world’s leading economies Friday to avoid scaling back government spending too quickly or risk derailing the global recovery.

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