Word: european
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...that the national economy is a powerful machine that crashes every now and again, but which eventually fixes itself and roars back to the front of the pack," says Mark Duckenfield, a professor of politics in the world economy at the London School of Economics. "The European leaders proposing this international regulation are generally conservative, not wild-eyed socialists. Still, any effort to come up with international rules applicable to the U.S. usually raises fears about American businesses finding themselves hog-tied as a result-which gets Joe the Plumber types shouting bloody murder." (See pictures of the global financial...
...Duckenfield notes that political conservatives such as Sarkozy and Merkel have a significant ally to their cause in British Prime Minister Gordon Brown, who, in spite of his nominally leftist Labour Party affiliation, has always been a market liberal. As recently as 2007, Brown opposed European calls for better regulation of hedge funds-investment schemes that had helped made London Europe's finance capital. But on Sunday, Brown wrote in Britain's Observer newspaper that finance markets and banks should be obliged to factor the collective interest of long-term economic gain into their activities, an effort he said should...
...Sarkozy went even further, demanding new regulations that would impose responsibility and moderation where excess once reigned. After the meeting, Sarkozy said that "the violence of the [economic] crisis, its depth, call for really profound changes." He also claimed the European objective going into the G20 meeting is to " to start capitalism again from scratch, [and] make it more moral...
...Washington? Or even everywhere in Europe? "If I put it very tenderly, the divergence in opinions was rather big," said Czech Prime Minister Mirek Topolanek, whose country currently holds the E.U.'s rotating presidency. In Sunday's meeting, Topolanek defended the liberal market orthodoxy of many central European members and the U.S. is likely to look to countries like the Czech Republic for support in defining some "lowest-common-denominator rules" that everyone can accept, says Duckenfield. Which may leave other European leaders talking tough but unable to get their...
...investments through a shadowy network of partners in Hong Kong, Malaysia and Singapore, most likely with funds funneled out of Zimbabwe's coffers. Mugabe is reviled by many of his countrymen and much of the world for the corruption and cronyism of his regime, and extensive U.S. and European Union economic sanctions bar him and his associates from visiting or conducting financial affairs in the West. So the former champion of anticolonial revolution has over the years turned toward the wealthier climes of Southeast Asia, where he once could count on significant support and still does among private circles...