Monday, April 06, 2009

"... We start from the belief that prosperity is indivisible; that growth, to be sustained, has to be shared; and that our global plan for recovery must have at its heart the needs and jobs of hard-working families, not just in developed countries but in emerging markets and the poorest countries of the world too; and must reflect the interests, not just of today’s population, but of future generations too. We believe that the only sure foundation for sustainable globalization and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions..."

Parsing this new language:

1. “… a commitment to free market principles …” has been replaced by “… based on market principles …”. Note that the word “free” is nowhere in the document.
2. “… rule of law …” is nowhere in the document
3. “… private property …” is nowhere in the document
4. “… open trade and investment …” has been replaced by “… open world economy …” (This one is fine, I think.)
5. “… competitive markets …” and the word “competitive” are nowhere in the document
6. “… efficient, effectively regulated financial systems” has been replaced by “effective regulation, and strong global institutions.”
7. The over-regulation caution is gone."

Now go read what the failed socialist and communist countries want to do at: What happened to FREE markets in London?

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