It's the Obama paradox. Never since Kennedy has an American president been this popular in Europe. Never has the model of the country held responsible for the global crisis over which it presides and which it incarnates, been this disparaged. Yet, during his electoral campaign and since his installation at the White House, Obama has demonstrated how different he is. More than European leaders, he has made the crisis his presidency's absolute priority. By its scope and ambition, his recovery plan outshines the limited and disorganized measures European leaders have each taken within the confines of their own country.

Also see below:     
Bernard Maris | Europe, USA, China; Everyone Looks for Their    â€¢

    He was the first Western leader to want to manage obscene executive compensation. He did not hesitate to fire General Motors' boss, while Société générale head Bouton racks up his Euros. It is nonetheless the case that on the major issue of regulating the capitalist system, he has so far shown caution and cowardice. He has not embodied the rupture with the Bush years that the collapse of a system based on laissez-faire and greed requires.

    In spite of all, Obama says he wants to "lead the world." In London, the "world" waits with curiosity and sympathy, but without indulgence. Whatever his domestic political motivations, Sarkozy is right to demand another ambition from the G-20 Summit. It remains to be seen whether the French president's "all or nothing" posture, which presupposes a disconnection between the European and American systems is the most effective. We're in the same boat, if not in the same shipwreck. Give Obama a chance.

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    Translation: Truthout French language editor Leslie Thatcher.

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Europe, USA, China; Everyone Looks for Their Own Way Out of the Crisis

Monday 30 March 2009

by: Bernard Maris  |  Visit article original @ Marianne2

    Offered in conjunction with France Inter, the column of reporter and writer Bernard Maris, who returns to decode the G20 opening Thursday, April 2, in London.

    Oh! How everyone is waiting for this London G-20 meeting that's supposed to start Thursday. As a reminder; G20: France, Great Britain, the United States, Germany, Italy, Russia, Japan, Canada, the European Union, Spain, Holland and nine emerging countries: Argentina, Saudi Arabia, South Africa, Brazil, China, South Korea, India, Indonesia, Mexico, Turkey.

    They are remaking the financial planet, redefining the rules of the international finance game, but, beyond all that - let's not deceive ourselves - the political restructuring of the world is at issue. On the menu: the fight against tax havens, the redefinition of prudential regulations for financial intermediaries, accounting rules, rating agencies; the role of supervisors - the IMF, World Bank, and Bank for International Settlements. Perhaps they will talk about climate. And, finally, about measures for global recovery.

    The United States and Europe are not in agreement on this point. The United States wants a global recovery. In truth, the United States, which is at the origin of this crisis with its over-indebtedness, would like to share that over-indebtedness with the rest of the world. Europe, for its part, is thinking more about new regulation. Specifically, it would like to take down American accounting norms, which have been broadly responsible for this financial excess-accumulation that led to the crisis. Europe suffers a little less than the United States and has no desire to take responsibility for American refusal to save.

    There's also great suspense about what China will do. China would be rather favorable to an international currency that would dominate all the world's currencies. Which seems to mean that it's ready to challenge the tacit pact with the United States concerning Yuan-dollar parity. Which would require a strengthening of the IMF's powers, already called for by Dominique Strauss-Kahn. DSK would love to be at the head of an institution managing at least $500 billion.

    Finally, tax havens. Thanks to tax havens, big American groups escape taxation. Thanks to tax havens, Boeing has been able to compete with Airbus; AIG was able to conquer the insurance world; gigantic investment funds such as Blackstone and Carlyle have been able to grab great global companies ... In Summary: does America want to abandon its financial hegemony? That seems unlikely ...

    Quote of the week: "The meaning; what can be the meaning of all that?" "To the Lighthouse," Virginia Woolf.

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    Translation: Truthout French language editor Leslie Thatcher.