Europe emerged Friday from the two-day Group of 20 industrial and developing nations summit with precious little to show. No G-20 country committed to help seed the euro zone's bailout fund, and the nations resolved only to continue talking about providing additional firepower through the International Monetary Fund.
Here's a fun little excerpt about Italy.
One small step emerged: Italy, the focus of substantial worries in European debt markets, agreed to permit the IMF to monitor its progress with fiscal reforms. IMF inspectors will head shortly to Italy and will report regularly on Prime Minister Silvio Berlusconi's efforts to reduce Italy's huge debt burden, which is second only to Greece's in the euro zone.And now, a hypothetical foretaste of where we're headed here in the US, an excerpt from a WSJ article in the not-too-distant future.
One small step emerged: America, the focus of substantial worries in global debt markets, agreed to permit the IMF to monitor its progress with fiscal reforms. IMF inspectors will head shortly to the US and will report regularly on President Barack Obama's efforts to reduce America's huge debt burden, which is second to none.If you thought living under our government was problematic, just wait until you live under our government living under the IMF. Sovereignty is yours only so long as you can pay your bills.