Championship Subdivision Football | FCS Football | Stadiums | Blogs | Forums

NEW YORK, March 9 (Reuters) - Massive government spending and tighter regulation would prolong recession, Czech President Vaclav Klaus said on Monday, as he urged U.S. President Barack Obama not to endanger the free market economy in his response to the financial crisis.

In a speech at Columbia University in New York, Klaus, a former Czech prime minister who championed the free market after the fall of Communism 20 years ago, said he never expected to see such extensive government intervention again in his lifetime as he now sees around the world.

"I am therefore convinced that fighting for freedom and free markets, something we always appreciated here in this country (the United States), remains the task of the day," Klaus said...

Klaus said he hoped Obama would show "an optimum mix of continuity and discontinuity" with the policies of his predecessor, George W. Bush.

"I hope it will include not endangering the basic institutions of the market economy," Klaus said, adding that his own country was resisting a trend towards massive government spending to stimulate growth.

He said Czech banks were so far relatively unscathed by the financial crisis because they followed very cautious policies in the aftermath of the Asian financial crisis.

He cautioned against trying to solve economic problems by more government intervention.

"The best thing to do right now would be to temporarily weaken, if not repeal," business regulations on labor, the environment, social issues and health, he said.

travelinman67 wrote:Don't endanger free markets, Czech president warns
Mon Mar 9, 2009 6:10pm EDT
By Claudia Parsons

NEW YORK, March 9 (Reuters) - Massive government spending and tighter regulation would prolong recession, Czech President Vaclav Klaus said on Monday, as he urged U.S. President Barack Obama not to endanger the free market economy in his response to the financial crisis.

In a speech at Columbia University in New York, Klaus, a former Czech prime minister who championed the free market after the fall of Communism 20 years ago, said he never expected to see such extensive government intervention again in his lifetime as he now sees around the world.

"I am therefore convinced that fighting for freedom and free markets, something we always appreciated here in this country (the United States), remains the task of the day," Klaus said...

Klaus said he hoped Obama would show "an optimum mix of continuity and discontinuity" with the policies of his predecessor, George W. Bush.

"I hope it will include not endangering the basic institutions of the market economy," Klaus said, adding that his own country was resisting a trend towards massive government spending to stimulate growth.

He said Czech banks were so far relatively unscathed by the financial crisis because they followed very cautious policies in the aftermath of the Asian financial crisis.

He cautioned against trying to solve economic problems by more government intervention.

"The best thing to do right now would be to temporarily weaken, if not repeal," business regulations on labor, the environment, social issues and health, he said.

houndawg wrote:

travelinman67 wrote:Don't endanger free markets, Czech president warns
Mon Mar 9, 2009 6:10pm EDT
By Claudia Parsons

Free market capitalism only managed to survive the Soviet collective economy by twenty years.

His defining issue since 1990 has been a vocal enthusiasm for the free market economy as exemplified by Friedrich Hayek and Milton Friedman and practised by Margaret Thatcher and Ronald Reagan, together with his recognition of the power of Adam Smith's "Invisible Hand".

hank scorpio wrote:Vaclav Klaus the economist

His defining issue since 1990 has been a vocal enthusiasm for the free market economy as exemplified by Friedrich Hayek and Milton Friedman and practised by Margaret Thatcher and Ronald Reagan, together with his recognition of the power of Adam Smith's "Invisible Hand".

dbackjon wrote:When have we ever had really free markets?

Most of the world still has various sorts of protectionism.

The United States is the only country that unilaterally disarmed economically.

[*]f**k them.

ASUMountaineer wrote:

dbackjon wrote:When have we ever had really free markets?

Most of the world still has various sorts of protectionism.

The United States is the only country that unilaterally disarmed economically.

[*]f**k them.

True, leaders (many no longer in power) making agreements for "free trade" is not free trade. You're right, most are protectionist, and that's understandable. Politician (and yes, corporate--they tend to go hand in hand on both sides of the aisle) greed has led us down this road. Making sure only some could play the "free trade" game, while excluding others. Allowing fat cats to get fatter by shipping jobs overseas. It's ridiculous.

ASUMountaineer wrote:

dbackjon wrote:When have we ever had really free markets?

Most of the world still has various sorts of protectionism.

The United States is the only country that unilaterally disarmed economically.

[*]f**k them.

True, leaders (many no longer in power) making agreements for "free trade" is not free trade. You're right, most are protectionist, and that's understandable. Politician (and yes, corporate--they tend to go hand in hand on both sides of the aisle) greed has led us down this road. Making sure only some could play the "free trade" game, while excluding others. Allowing fat cats to get fatter by shipping jobs overseas. It's ridiculous.