Some good, some bad

A friend of mine on the way out of chapel came up to me and said, "Hey, did you hear that the leaders at the G20 conference agreed to spend $1 trillion to stimulate the global economy. Aren't we in debt already?" Excellent observation.

Speaking of this global stimulus, the Financial Times article on the subject had a handy chart. I don't hold a high regard for what leaders discuss at summits. There are a lot of lofty words thrown around and mostly about more government control.

Good things first: "A repeat of November’s pledge to refrain from protectionism and minimize trade-distorting-fiscal stimulus measures" Sweet. Free trade, do it.

Bad things: "Support for fiscal, monetary and banking packages already announced." Mistake, as we've covered before. "Curbs on bankers’ pay and establish a new Financial Stability Board." Aha! Obviously because the lesson we have learned from this whole crisis is that bankers are SINFUL and government regulators are most likely, by some eyewitness accounts, angels. Whatever a banker does, regulate it! It's probably bad. This brings up the assumption that only capitalistic entrepreneurs are capable of harming other human beings. But wait, they are human just as all other occupations involve humans, including government. There is vice everywhere. Granted, bankers made mistakes, but they have also contributed to global wealth. Whereas it is much, much harder to find a government official who has created wealth. By principle, government entities do not create wealth, only redistribute it. Top down government regulations inhibit liberty and the opportunity to create wealth. I fear more harm than good from this lofty talk.