By Michael Collins
So, now it's an imperative to "promote growth."

The joint statement (full text after the jump) from the G-8 meeting in Chicago documents the utter failure of the very leaders who issued it. Were they capable leaders with the least knowledge of economic downturns, the statement would not be necessary. Nevertheless, they deserve some credit for admitting their deficiencies. Unfortunately, they have no serious solutions. (Image Banksy)

The joint statement has some weasel words like "We commit to fiscal responsibility" to balance the urgent words about growth and jobs". That reflects the atavistic positions of German Chancellor Angela Merkel and British Prime Minister David Cameron. Merkel suffered a huge set back in the Westphalia state elections with her Christian Democratic Party losing 25% to 50%. Corporate media maintains that her popularity as a leader is higher than ever.

Her Scrooge faction comrade, PM Cameron is also pushing austerity. Nobody can pretend that his polling is any better than his party. The Conservatives were wiped out in local elections and Cameron is going down without a life jacket.

The closing paragraph is the give away. The urgent need for growth must accommodate "the importance of intellectual property rights (IPR) to stimulating job and economic growth" We will regulate our way out of this crisis by taking the Yellow Brick Road to oppressive copyright laws. What a relief! They're serious.

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Michael Collins

The nation formerly known as the Ottoman Empire is building a strong foundation for a bright future. That nation is also addressing its scandalous recent past as it reaches out to old enemies. The dynamics producing real change in Turkey are well worth understanding. Turkey is on a path to rapid economic growth, cultural liberalization, and will emerge as a key player in world affairs.

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