Over the past weekend there was an event that took place that caught my attention. There was a summit between European leaders and Asian leaders on the economic crisis that has threatened all economies. And as you can see there is a difference in philosophies between them and us that difference being regulation. Also as you can see there was no mention of this meeting in US media but you can only avoid inevitability for so long. This will prove to be interesting when the summit in Washington DC scheduled in November takes place.

In the US the thought is let the market take care of itself e.g. laissez faire supply side economics etc, etc, etc. Maybe I should say the current administration goes along with the Austria School of Economic thought. I ascribe to the Keynesian school of thought myself. And if this current economic crisis does not persuade one to rethink laissez faire then whatever floats your boat. In my opinion there is no such thing as a free market because as long as there is human involvement rules need to be applied. Now the degree of involvement, i.e. you can’t do anything unless you get government approval type of interference, can be argued but on the line of basic common sense rules that prevents the financial community from going overboard in their capital pursuits and recklessly endangering the economic foundation of a country I think is in order.

So in this corner or on this side of the Atlantic you have the let the market take care of itself and in the other corner or on the other side of the Atlantic you have the desire for more regulation. This could turn out to be the battle of the ideologies which could determine who really is the superpower. And you know it is just so sad to me to think of the last 8 years and the squander that has taken place under this current administration. The fake war in Iraq (God bless the soldiers), the false accusations of not being patriotic, etc, etc and now look at where we stand basically at the mercy of others.

More than being a historical event, the election of a democrat, no matter what his race background etc, is very important and with the elections at hand I hope the people can look beyond all the rhetoric, get to the truth and make an informed decision because we definitely need a change. And if we don’t get the change we need I feel we will truly be at the mercy of others.