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HomeThe UK Takes a “Hard Road to a Better Future”
Posted by Larry Doyle on October 20th, 2010 8:47 AM |
The United Kingdom may be our closest political ally but in terms of financial paths, our friends across the pond are taking a decidedly different tact in terms of addressing their mountainous fiscal deficit. Today’s news that the UK will undertake real fiscal austerity was a foregone conclusion with the election of new Prime Minister David Cameron this past May. That said, the reality of the news does pack a wallop when contrasted to the deficit spending here in the United States. For details on the UK’s renewed sense of austerity, let’s review The WSJ’s U.K. Treasury Chief Details Spending Cuts:
U.K. Chancellor of the Exchequer George Osborne laid out sweeping spending cuts Wednesday, sticking to the timetable for paring back the budget deficit that he unveiled in June. (more…)
G20 and US: Going Separate Ways Highlights Prisoner’s Dilemma
Posted by Larry Doyle on June 7th, 2010 8:25 AM |
As we continue navigating the global economic landscape, national interests are now overwhelming coordinated global interests. How so?
Unlike the coordinated message at the widely publicized 2009 G20 summit held in London, the clashing of widely divergent national views at the 2010 G20 meeting held in Busan, South Korea is hardly melodious. The implications for global markets will be enormous.
Last year, the U.S. swapped all sorts of favors for a coordinated global fiscal stimulus; this year, the U.S., represented by Treasury Secretary Tim Geithner, is receiving the cold shoulder. Finance ministers from around the world are happy to go their own way in pursuit of what they believe to be their national interests. Can you blame them? (more…)
