The Telegrah reports:

Mirek Topolanek, who is running the EU presidency despite the collapse of his government in the Czech Republic on Tuesday, highlighted European splits over the fiscal stimulus plans promoted by President Obama…

Mr Topolanek warned the European Parliament that the Obama administration’s stimulus package and financial bail-out “will undermine the stability of the global financial market”.

“All of these steps, these combinations and permanency is the way to hell,” he told Euro-MPs in Strasbourg.

Obama’s supporters assured us during the presidential campaign that The One would achieve a new respect for the U.S. among the European nations. That doesn’t appear to be working out very well.

And all the roads jam up with credit
And there’s nothing you can do
It’s all just pieces of paper flying away from you
Oh look out world, take a good look
What comes down here
You must learn this lesson fast and learn it well
This ain’t no upwardly mobile freeway
Oh no, this is the road
Said this is the road
This is the road to hell

– JP