France, Germany, and Italy are warning other Western governments not to follow in US Democrats' economic footsteps. They are urging other countries NOT to run up huge debts in an effort to “stimulate” the Western economy.When France, Germany, and Italy are to the right of the United States … something is wrong.According to the Financial Times:Disagreements between the European Union and the US over how to combat the global recession widened on Tuesday as EU governments made clear they had little appetite for piling up more debt to fight the collapse in output and jobs.Finance ministers from the 27-nation bloc insisted in Brussels that it was doing enough to support world demand and did not need at present to adopt another fiscal stimulus plan, as Washington is urging.The US-European differences are casting a shadow over next month’s summit in London of leaders from the G20 group of advanced and emerging economies, an event to be attended by Barack Obama on his...(Read Full Post)