"that the economic maelstrom that has captivated the world's attention for the last 17 months is "not a crisis of capitalism" but, in actuality, a breakdown of a system that has "drifted away from capitalism's most fundamental values.
Writing in The Washington Post as the G-20 summit began, Sarkozy noted that the world now expects that government leaders will reform the international financial system and rebuild, as he put it, "a better-regulated form of capitalism with a greater sense of morality and solidarity.
This is a precondition for mobilizing the global economy and achieving sustainable growth."
Sarkozy noted that in the waning months of the Bush Administration, global leaders agreed upon four principles that would guide government response to the crisis:
enhanced coordination and cooperation;
the rejection of protectionist measures;
the strengthening of regulatory systems in financial markets;
and a new global governing system for finance. "
We like it!
The rejection of protectionist measures? Did Pres Sarkozy talk to Pres Obama?
It's obvious that Sarkozy, and Angela Markel, brought some sense to the G-20. Let's see what happens next.
In the meantime, let's trade Obama for Sarkozy!
