» Friday, September 9, 2011


Asked about President Obama’s speech to Congress last night, the PMS said that the Chancellor had said in his speech on Tuesday that every country needed to have a response which was appropriate to its particular circumstances. The US was in a different position to other countries because of its reserve currency and did not therefore face the same constraints. In addition, if you looked at what Obama had said yesterday, he had been very clear that the American Jobs Act would not add to the deficit and that following on from the agreement in July which cut Government spending, he would be looking for more measures to cover the full cost of the Jobs Act.

Asked if the Chancellor was saying that we couldn’t do what Obama was doing because we were not a reserve currency, the PMS said the Chancellor was making the point that every country needs to have a response that reflects its own circumstances. Those countries which faced particular fiscal risks needed to take action to address their deficits and to consolidate.

original source.

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