Big Sky Free Press

                    Sarkozy, Merkel, Blair call for new capitalism

PARIS – The head of Europe's biggest economy said Thursday that world leaders should be looking at the massive U.S. deficit and other economic imbalances, not just problems caused by financial markets, as they debate a new global order. ...

French President Nicolas Sarkozy, leading the two-day conference with former British Prime Minister Tony Blair, blamed financial speculators for encouraging a system fueled on debt. He called financial capitalism based on speculation "an immoral system" that has "perverted the logic of capitalism."

"It's a system where wealth goes to the wealthy, where work is devalued, where production is devalued, where entrepreneurial spirit is devalued," he said.

But no more: "In capitalism of the 21st century, there is room for the state," he said. ...

read the rest of the article; http://news.yahoo.com/s/ap/20090108/ap_on_bi_ge/eu_france_new_capitalism

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