Why this G8 Meeting is a Joke

The G8 is currently meeting at Camp David. However, in assessing the diverging dynamics at play for each of the big five, I believe this G8 meeting will be a total joke.

This is my judgement of each leader's participation -

OBAMA - Obama's sole concern is re-election. He wants Merkel to continue to bail out the eurozone. However, he will not offer anything that jeopardizes his domestic position electorally.

MERKEL - Merkel is left in a terrible position. The Greeks want to stay in the EU but also want the EU to bankroll them into the future. No one wants to support the Germans in bailing out a country that has no intention of paying off its debts. Merkel is alone.

CAMERON - Cameron wants fiscal discipline to take precedence. While no one wants to give the British Government credit for the comparatively low cost of British borrowing (Cameron's fiscal reforms have ensured the UK is seen as a reliable borrower), only Merkel agrees with Cameron's 'austerity' approach. Obama certainly doesn't.

HOLLANDE - I can't work out whether Hollande is A) Stupid B) Crazy or C) Combination of both. France has a 85% debt-GDP ration. Instead of proposing cost cutting reforms and inducements for economic growth, Hollande intends to reduce the pension age, return to the thirty five hour work week and institute a 75% top rate of tax.

PUTIN (MEDVEDEV) - Putin simply doesn't give a damn. So he sent Medvedev, who is irrelevant. I find it sad but also truly hilarious that Obama consistently ingratiates himself with the Russians. They are playing us Americans for fools.

Tom Rogan Thinks..

Exams over so back to it.

1) The Argentinians are increasing pressure on the UK vis-a-vis the Falkland islands. They know that the UK has gutted its expeditionary force capability and in so has presented a great opportunity to push the issue up the agenda. On the other hand, I would imagine that the Royal Navy has one or two Trafalgar Class subs somewhere around here. It is unlikely that the US (at least under the current administration) would provide much more than covert intelligence support for UK forces during a second Falklands war.

2) Greece has major problems. Obviously. The entrenched special interests in that country (the wealthy who hate paying taxes, unions etc) do not want to give ground and the French and Germans are fighting each other over how best to proceed.

3) Strauss-Kahn was bitching about his cuffs.

4) The Israelis are getting ready for another show down with a Gaza flotilla that will sail this month. The flotillas are a nightmare for Israel. The Israelis cannot allow the ships to reach Gaza (to do so would be a direct, unacceptable challenge to Israeli authority and would invite an image of weakness that is unaffordable) but they are also desperate to avoid more negative publicity in the run up to the UN meeting in September. My opinion is that the Palestinian UN state hood move is counter-productive. Although, it is sad that the Lieberman is the Israeli FM. He lives in a dream world and may also be corrupt.

5) The US relative silence on Syria has been pathetic. Assad is committing terrible abuses and Obama is staying quiet. Even from a purely US interest-centric viewpoint this is counter-productive. Iran and Hizballah will view American silence on Syria and impotence in Lebanon as examples of our weakness. We need to be more assertive.

6) I think this would be a much better deal than this.

7) The Red Sox continue their excellent run. 11/12 now.