EU President: Government Intervention Won't Shorten The Crisis

The last time we checked on on Czech politician Vaclav Klaus, the NYT was freaking out that a guy who didn’t subscribe to Western European liberal orthodoxy was set to assume the EU Presidency. You know, he didn’t necessarily believe that more regulation was the answer to the crisis, and he was even a global warming sceptic.

Whether you agree with him or not, you have to admire a politician that’s obviously not interested in pandering. Members of the European Parliament booed and walked out during his most recent speech to the body.

Klaus said that the economic downturns are like a flu: if you don’t cure it, it takes 7 days. If you do, it takes a week. He was also surprised that Bastiat’s famous fictitious petition from the 19th century – a request by candle producers who wanted to be protected by the government against an unfairly advantaged competitor, the Sun – became real in the EU’s decision from November 2008 to add 60% tariffs on Chinese candles.

Quelle horreur. We can see why they had to walk out.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at