More on the international bailout arms race. I guess some people know when to hold 'em and when to fold 'em:
"First, in an interview for Monday's Wall Street Journal (no-subscription-required summary here), Jean-Claude Trichet, head of the European Central Bank, said that no new measures are needed to combat the global economic crisis. Then Mirek Topolanek, the prime minister of the Czech Republic and the president (in this rotation) of the European Union called the U.S. emphasis on fiscal stimulus "the way to hell.""
Well, the road to hell is paved with good intentions. Get your shovel!
I think the European leaders are trying to make it sound like they oppose bailouts on principle. But what is really going on is that their budget constraints are beginning to bind.