Thursday, February 05, 2009

Hello?

Is it possible that Europe and Russia, seeing a shift to the Left with Obama that will weaken America economically, are shifting to the Right to maximize any advantage coming out of the downturn? Because that is what is happening to some extent folks.

Russia opts for fiscal discipline and a no bailout approach.


Russia signalled a change in its policies to fight the financial crisis on Wednesday, indicating that it would switch from bailing out individual companies to supporting the economy through the banking sector. Moscow also plans huge budget cuts in an attempt to limit its fiscal deficit – rejecting pressure to follow the US and other western countries to try to stimulate the economy with a big boost in public borrowing.


And Deutsche Bank says no thanks to state aid, even with its worse loss since WW II.


Chairman Josef Ackermann said the bank did not require government assistance and would pull out of the financial crisis on its own.


Hello?

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