"French, German Leaders Call for "Moralization" of Capitalism"

From Deutsche Welle:

The destruction of capitalism would be catastrophic, but the system had to undergo an overhaul to stay viable, French President Nicolas Sarkozy said in Paris at the opening of the economic symposium "New World, New Capitalism," which he established as a response to the economic crisis.

He said modern-day capitalism based on speculation had been "perverted" and was "an immoral system". He said a new role should be created for governments and moral values.

"Either we re-found capitalism or we destroy it," Sarkozy said as he called for an economic system based on the value of work rather than finance.

"Purely financial capitalism has perverted the logic of capitalism," the French president said. "Financial capitalism is a system of irresponsibility and ... is amoral. It is a system where the logic of the market excuses everything."

The French leader said the structure of a new system of regulation should be agreed on before April's G20 summit in London.

Sarkozy: US dominance at an end


World leaders are hopeful Obama will come to the table
Sarkozy and German Chancellor Angela Merkel collectively used the summit to urge the US not to stand in the way of tighter controls on world financial markets.

"I've always in my political life been a supporter of a close alliance with the United States but let's be clear: in the 21st century, a single nation can no longer say what we must do or what we must think," Sarkozy said.