Europe’s ATM

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It’s ironic that just a week after Nicolas Sarkozy proposes a coordinated European economic governance that emphasizes European sovereign wealth funds designed to protect European companies in strategic industries from “cash-flush foreign investors,” Gordon Brown heads off to the Middle East to try to convince some of those cash-flush foreign investors to sink some of their cash into the IMF’s bailout fund, dangerously undercapitalized at $250 billion. (Question: Will the IMF impose the same kind of Draconian restrictions it applied to Third World economies when it comes time to bail out industrialized Western nations?) Meanwhile, Robert Manning at the New […]

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