The recently concluded economic summit (June 26-27) of leaders of the G8 and G20 nations in Toronto was, according to most media coverage, an untidy row among those calling for continued government "stimulus" (Team Obama) and the rest of the major economies (led by Germany, the U.K., and China) calling for fiscal restraint and serious cuts in deficit spending. However, the much-ballyhooed disagreements over fiscal policy obscured the much more important result of the Toronto summit: the ongoing G8/G20 push to transform the International Monetary Fund (IMF) into a global Federal Reserve System, with financial regulatory powers to create money "out of thin air," as the Fed does, without having to request replenishments from IMF member nations.
Barack Obama arrived on Friday in Toronto for the G-8 and G-20 economic summits. This summit comes amid an unprecedented explosion of red ink in America from an approach to sluggish economies that Obama is recommending to other industrial nations.
With the passage of ObamaCare, the United States has taken another fateful step down the road to fully socialized medicine, the ultimate goal of the American political class with regard to healthcare. Meanwhile, our neighbor to the north, which reached the end of that road over 40 years ago, is being forced by the laws of economics, which no government can repeal, to head in the opposite direction.
The Arizona law requiring that federal immigration laws be enforced has aroused overwhelming support among the American people. Those who oppose the Arizona law embrace a motley group. Cities and states, in violation of the interstate commerce clause, have attempted to impose punitive “tariffs” or “embargos” on Arizona. The President and his cabinet members, none of who own up to having read the law, still find enforcing the federal law — that is, fulfilling their oath of office — impossible and distasteful.