Yahoo! News reported on 25 March “EU presidency: US stimulus is ‘the road to hell'”. the European Union President, Czech Prime Minister Mirek Topolanek, said the comments to the European Parliament ahead of a key summit on fixing the world economy.
Many were shocked by his comments, but it really appears that it wasn’t so much his criticism as it was the strong language used that shocked many.
“All of these steps, these combinations and permanency is the road to hell,” Topolanek said. “We need to read the history books and the lessons of history and the biggest success of the (EU) is the refusal to go this way.”
p style=”margin-left: 36pt;”>”Americans will need liquidity to finance all their measures and they will balance this with the sale of their bonds but this will undermine the liquidity of the global financial market,” Topolanek said.
Perhaps Topolanek is too outspoken, as these comments came just a day after he was ousted by his own parliament. No reason was given for his ouster, but the Czech parliament gave him a “no confidence” vote on Tuesday.
Germany still fiercely opposes new spending programs this year.
This is another example of how tensions will increase between Europe and the US as time marches on, setting the stage for the US to permanently lose its world leadership status.