Czech Prime Minister Mirek Topolanek says Obama's plan is "a road to hell."
The president of the European Union is sharpening his claws and lashing out at President Obama’s plan to “spend our way out” of a recession. Czech Prime Minister Mirek Topolanek Wednesday told the European Parliament that Obama’s $787 billion economic recovery package will actually “undermine the liquidity of the global financial market” and that we're paving "a road to hell." Meow. Apparently, Topolanek missed the memo about the importance of restoring consumer confidence and unfreezing credit to get the world markets moving properly once again.
This, however, is not the only reason why I hope Obama looks the other way and doesn’t even waste a minute of his time trying to defend himself. You see, Topolanek really isn’t one to talk. After the Czech koruna rallied to become Europe’s highest performing currency at the beginning of the year, he just lost a no-confidence vote in Parliament, which ousted his government and obliterated the Czech Republic's economy.
“The koruna weakened as much as 1 percent to 27.415 per euro today, eroding its 5.8 percent gain in the month since Feb. 24, and dropped 2.8 percent against the dollar in the past two days, the biggest decline among emerging-market currencies,” Bloomberg.com reported this morning.
With all due respect to the Prime Minister, I think we’ll trust our own president on this one.
