Fried Frenchies

As many Americans would hoot and howl about, France has joined China in vocally challenging the US to do something more than talk about the global economic crisis.

Nicolas Sarkozy has inferred he will walk out of the upcoming G20 summit if tougher financial regulations are not implemented.

From the Times OnLine;

"France will not accept a G20 that produces a “false success with language that sounds good but contains no commitments”, his advisers said. '

"The French threat dramatically raised the temperature hours before President Obama arrives in London today. If carried through, it would ruin a summit for which Mr Brown and Mr Obama have high ambitions, believing it vital to international recovery.'

"Mr Sarkozy, who blames the “Anglo-Saxons” for causing the economic crisis, told his ministers last week that he would leave Mr Brown’s summit “if it does not work out”. '

"Mr Sarkozy’s threat underlines the emerging splits between world leaders. Germany and France have led opposition to plans to coordinate public spending, championed by the Administration of President Obama."

Whether you consider this childish, or not, it is a growing indication the world is focused on real action to stem the current financial crisis. Many countries are at the breaking point, facing record levels of unemployment, unserviceable debt loads, shrinking exports and business closures. Drastic actions may soon become the norm if the world economy does not change course.

The US is not only the leading economic engine of the world, it is the leader of the world. Should we, in the eyes of our partners, fail to lead, we leave them with little choice but to seek alternatives.