“AMERICA'S economy is the healthiest in a generation and the strongest in the world.”
So Bill Clinton bragged to his fellow summit leaders when they last met in North America five years ago. The Denver G8 summit marked a high point of American triumphalism, with European and Japanese leaders left to squirm uncomfortably in their cowboy hats as their exuberant host extolled the wonders of America's new economy. For the first time in a quarter-century, they were told, the world had an undisputed model for economic success.
How times change. When George Bush visits the Canadian ski resort of Kananaskis on June 26th for this year's G8 summit, he will have much less to brag about. Certainly as far as investors are concerned, the much-touted American model has lost a lot of its allure. They are fretting over several potential economic weaknesses, and also over continuing revelations of corporate America's shoddy accounting, greedy managers and lousy investment decisions—and they are selling.
The results are clear. For the first time since the 1920s, stockmarkets have been falling during the first few months of an economic recovery. The Dow Jones Industrial Average has fallen in ten of the past 13 weeks, and is now down to the levels of early 1999. And the mighty dollar, long a symbol of America's miraculous economy, continues to slide. Since January, it has fallen by 10% against the euro and by 8% against the yen.
George Bush will be a one term president..Read my lips.
"George Bush will be a one term president"
I have never been so disappointed in a politician in my life.The snipit above may be the next leg down for Georges
downfall..He must not lie,but will not be able to help himself,as his lips are controlled by others. |
