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EU Presidency: Obama Plans ‘a Way to Hell’

A top European Union politician on Wednesday slammed U.S. plans to spend its way out of recession as “a way to hell.”

Czech Prime Minister Mirek Topolanek, whose country currently holds the EU presidency, told the European Parliament that President Barack Obama’s massive stimulus package and banking bailout “will undermine the stability of the global financial market.”

When you look at the graphic,

the amounts are almost surreal. This is spending unequaled in the sum of all our history.

This is a huge concern not only for the EU, but also for Latin America.

From the Latin American point of view, another cause for concern is the Obama administration’s propinquity towards annulling free trade agreements. Lula even warned the US against protectionism during his visit earlier this month.

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