G7 Ministers Warn Against Protectionism
Now, this is rich: Timothy Geithner and the rest of the G7 ministers this morning warned against the pernicious effects of protectionism and pledged not to engage in that destructive practice. This, barely hours after the United States Congress passed a stimulus bill with a protectionist “Buy America” clause that President Obama is sure to sign.
See my New Atlanticist piece “G7 Ministers Reject Protectionism While Governments Commit It” for more.
You beat me to it, James. I was going to post on the close of the G7. I may yet.
I suspect that Tim’s answer to his tax problems will be applied here and fully satisfy the others in the G7 … “I forgot”.
I understand that the “buy American” part was greatly diluted after the Europeans protested and threatened a trade war.
There is a minor difference, between a gov’t saying it will have a preference for buying American made products on the market, and saying it will raise the tarriffs on whatever products cross it’s borders.
One says we want Americans to work (who will then spend their money any way they see fit), the other says “We don’t want anybody else to work.”
Really James, this is not protectionist. This is about getting Americans back to work, so they can spend their money as they see fit.
Yup, it was weakened from a requirement to a suggestion, thankfully. I’d prefer nothing as well, but the unions gotta get something for their vote.
Heh, I thought it was slashed completely after the Euro’s/Canada protested…though I read a piece yesterday about the Canadians promoting a “buy Canadian” bill of some sorts.
Do you really want these guys who have proven beyond a doubt that they can’t manage money managing your money?