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General News    H2'ed 9/22/09

TIME TO CHANGE BERNANKE'S MEDICATION? Secret White House letter to G-20

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It's not that the White House completely ignores job losses. The US letter suggests, "The G-20 should commit to ...income support for the unemployed." You can imagine the Europeans, who already have generous unemployment benefitsà ‚¬"most without time limitsà ‚¬"turning purple over that one. America's stingy unemployment compensation extension under the Stimulus Plan is already beginning to expire with no live proposal to continue aid for the jobless victims of this recession.

The Europeans are so cute when they're angry, when they pound their little fists. Obama assumes he can ignore them. The EU, once the big player in the G-7, has seen its members' status diluted into the G-20, where the BRIC powers (Brazil, Russia, India and China) now flex their muscle. But Europeans have a thing or two to teach Americans about the economics of the twilight of empire.

Maybe the differences are cultural, not economic; that Europeans lack America's Manifest Destiny can-do optimism.

So, to give the visitors a taste of the yes-we-can spirit, Obama should invite Pittsburgh's 93,700 jobless to the G-20 meet to celebrate that 35% rise in the stock market.

Or -- my own suggestion -- change Bernanke's medication.

********


For the entirety of the White House-EU exchange, go to GregPalast.com.
Greg Palast is the author of The Best Democracy Money Can Buy.
Palast wrote the column, "Inside Corporate America" for the business section of Britain's Observer newspaper.
Sign up for Palast's investigative reports at www.GregPalast.com and subscribe to Palast's podcast.

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