Jon Huntsman President 2012

FINANCIAL
REGULATORY REFORM

As president, Governor Huntsman will advocate for pro-growth structural reforms in Europe and lead by example by making structural reforms at home.

EUROPEAN SOVEREIGN DEBT CRISIS

The recent failure of MF Global illustrates the danger that the unfolding sovereign debt crisis poses for domestic financial markets. The world works better when the United States leads and as president, Jon Huntsman will be supportive of a European-led global response to the ongoing crisis; the pell-mell response to date has created additional uncertainty, worsening the crisis.

This is, in the end, a European problem that must be addressed by the Europeans. The Eurozone does not have a balance of payments problem at the level of the currency union and does not need an external loan of any kind. The Europeans created a monetary union without any kind of meaningful fiscal union. They need a new constitution, just as the United States needed one in 1787. We can help them have the hard conversations and point them in the right direction; they could learn a great deal from the fiscal consensus forged by Alexander Hamilton and Albert Gallatin. But the Europeans ultimately have the ability and the pressing need to sort out their own problems.

Ultimately, the only solution to the crisis is growth. As president, Governor Huntsman will advocate for pro-growth structural reforms in Europe and lead by example by making structural reforms at home. We need innovation that creates good jobs for all Americans. The private sector needs to do this, but the government must be supportive, particularly with regard to strengthening education at all levels. Free and fair competition is what has brought the United States to its current level of prosperity, and this must be what carries us forward.

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