Canada's Harper Joins G-7 Chorus, Pins Crisis on U.S.

[World Traveler]

One of the themes EJ has emphasized all along along is that global politics will play a big role in how the current financial crisis plays out. Specifically how well the Central Banks and Finance Ministers/Treasury Secretaries work together. Per article at Bloomberg's, it doesn't bode well at the moment.

What we have to wait and see is how closely they work together behind the scenes - is all the posturing in the article by non-U.S. politicians for their local citizens or do they mean it for real.

"Canada's Harper Joins G-7 Chorus, Pins Crisis on U.S. (Update1)
By Theophilos Argitis

Sept. 28 (Bloomberg) -- Canadian Prime Minister Stephen Harper said U.S. policies helped create the crisis in financial markets, adding to criticism from other Group of Seven leaders and saying there's little his government can do to help.

Poor oversight, cheap credit and a tax structure that may encourage housing bubbles are among the causes of the turmoil roiling U.S. markets, Harper said in an interview with Bloomberg News...

Harper joined a growing chorus of criticism within the Group of Seven industrialized nations over the way the financial system has been managed in the world's biggest economy, highlighting the U.S.'s isolation as it seeks to stop the rout. Canada is the biggest U.S. trading partner and one of its closest G-7 allies.

U.S. allies also have refused to back Treasury Secretary Henry Paulson's $700 billion rescue plan. Earlier, Paulson had said he was confident that several nations would take steps comparable to his measure, under which the government would buy up mortgage-related securities to stem the financial crisis...

Asked whether there was anything more that Canada might be able to do to help restore stability in global markets, Harper said: ``Not that comes to mind..."

http://www.bloomberg.com/apps/news?p...8BA&refer=home

[kingcopper]

Re: Canada's Harper Joins G-7 Chorus, Pins Crisis on U.S.

This is more about blaming something rather than themselves. Real Estate bubbles are common throughout the developed world. The US is only more guilty of lousy oversight and crappier guidelines. I love blaming others...always!

[nitroglycol]

Re: Canada's Harper Joins G-7 Chorus, Pins Crisis on U.S.

It's remarkable that ol' Steve is willing to say anything bad about the American leadership, given that he normally follows them slavishly. How slavishly? Well, as opposition leader in 2003, he was all gung-ho for joining the US in the invasion of Iraq (though he doesn't talk much about that these days; I wonder why?) I suspect that with an election campaign on he wants to distance himself from the failed policies of the Bush administration, though, so he's willing to state the obvious here.