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Ear to the Ground

Germany Slams U.S. Over Financial Crisis

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Posted on Sep 22, 2008
Angela Merkel
Flickr / world economic forum

German Chancellor Angela Merkel is furious with the United States for roiling the world economy and expecting Europe to help clean up the mess. “We did what we were supposed to do. ... We adopted a decent EU regulation ... but when it came to it, the Americans said ‘that’s not for us.’ ”

Merkel is not alone in her outrage. As Germany’s top Social Democrat put it: “The Americans cannot hold Germany responsible for its own failure and arrogance.”


Guardian:

“We did what we were supposed to do,” said Merkel, referring to Germany. “We adopted a decent EU regulation on the national statute books, having listened to the concerns of small businesses… but when it came to it, the Americans said ‘that’s not for us’.”

“That’s just not on in the international sphere,” she added. “It’s just not fair competition.”

[...] The German government persisted today in its refusal to participate in Washington’s proposed bailout package. Anger is rife in Germany that the US-fuelled crisis is likely to severely dent Germany’s continued economic recovery after years of downturn.

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By Mo Am, September 26, 2008 at 10:50 am #
(Unregistered commenter)

Hi… it is really strange to hear how astonished the US government is of this problem despite the fact that the Europeans have been warning them for years…

i dont think that the Banks should be bailed out, just let them see how does it feel like to be the underdog in the credit policy… for years they lived on peoples misery without accountability… how many people have been left homeless because of them?... i think carma is hitting back…

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By flaming truth, September 26, 2008 at 5:31 am #

as a resident of Germany for 6 years as a soldier stationed there , i feel i can wisely comment on this prevailing attitude among German folk. Germans have a love-hate relationship with Americans. While they admire our entrepreneurial attitude and free market goodies, they despise our patriotism and “clinging to our bible” mentally. I think it is sad that German have been trained by their post WW2 leaders to deplore their flag and find patriotism a shameful act. They generally consider Americans to be uneducated and unsophisticated people who are wasteful and greedy. Not to say this is a blanket assessment of us by all Germans, but most feel this way. I find it hard to comprehend this attitude given our 2oth century history with them. I think it is the prevailing attitude among the youth and not the older generation. i wished our international standing would be better conveyed by our leaders. Can’t say if we are misrepresenting ourselves over there or that the deep cynical nature of their culture is to blame. we are better than this and it incises me deeply to be chastised by chancellor Merkel when the actions of our leaders define us as a people. I think this attitude is also represented throughout most of Europe and now in Latin America as well. I welcome others thoughts on this issue.

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By samosamo, September 23, 2008 at 4:08 pm #

I totally understand your anger/furiousness Ms Merkel. I, as John Q. Public in america I did what I thought any responsible person should do, next to my health my credit is the next most important thing in my life. When I bought my house and was tempted by the devil to go for a ‘variable’ rate mortgage, I said NO. I have only used my credit card when I knew I could pay it off when the bill came due. I have even saved money.
Tough shit all you goodie goody two shoes christian boot lickers that put god, country, guns, beer, suvs, girl friends/mistresses, family, dogs, tv and hubris, in that order as matters of import.
Now I am being penalized for NOT being a part of the problem which has really turned me into a basket case as I was brought up to be honest and work hard so I would go far. Now I realize, too late because I am not on the up and up, on how to intentionally go rob people blind, screw their lives up for my profit and not give a goddamn about anything but my money. So when I will try to do these things I am sure to mess it up.

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By REC, September 23, 2008 at 2:16 pm #

Angela Merkel is a Christian Democrat, a conservative.  She is not a Social Democrat, a liberal.  Two, what ever happened to the right-wing mantra ‘dog eat dog’ which would imply bye-bye AIG and the rest of the good old boy corporate financial behemoths.  Don’t let the government give them a bailout!  Give them a loan in which the interest rates increase every few years.

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By Jim Yell, September 23, 2008 at 9:47 am #
(Unregistered commenter)

If we lived by the Biblical rules that the Republicans would so like to force down our throats interest rates would not be compounded, nor would they be above 3%. People charging more than 3% would be stoned.

The banking industry used their money to buy the deregulation that led to this and have been unremitting in fighting against any help for the poor and the working poor and yet they expect to hold on to their ill gotten gains and force the working poor to pay taxes to compensate them for their crimes.

No bail out without punishement for those who brought us to this.

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By Ansomnia, September 23, 2008 at 8:52 am #
(Unregistered commenter)

Even thinking about asking for help from the rest of the world makes me physically ill. What kind of leaders do we have in office? I hate that the rest of the world has such a horrible opinion of who we are. You know, it’s not like the American people are even in the same universe as our leaders.

I can’t even imagine what it would be like to have half the money that sits in McCain’s bank account. Our leaders make blunder after blunder with our foreign allies. I have a hard time asking my own father for money, and here we are asking the rest of the world?

We are supposed to be the strongest most powerful nation, a world leader! And due to our own oversight of what corperate fat cats are doing we have been reduced to beggers.

Why is it our government has money to bail out Wall Street, when we don’t have enough money for college education, good doctors for the elderly, aid for veterans, etc.? Last time I checked, if I lose money playing fantasy football, the government doesn’t bail me out.
DOwn with the egalitarian!

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By GW=MCHammered, September 23, 2008 at 3:06 am #
(Unregistered commenter)

If you haven’t been to Germany lately, God love our cousins, this Deutschland.

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By Nick, September 23, 2008 at 1:58 am #
(Unregistered commenter)

She is right you know… US has been acting like a spoiled brat for years. Now you expect someone else to clean the mess and be happy about it???

Do you remember the word “Economical Decoupling” well here you have it application.

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By HR, September 22, 2008 at 11:13 pm #
(Unregistered commenter)

Like all immigrants I came here for a better education and a good future, I felt like I had it all until recently and it is very sad I love this country and I don’t want to see it disintegrate.
But I am afraid that the future looks gloomy. All I can say is God Bless USA and my she chooses the right path.

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By Big B, September 22, 2008 at 8:33 pm #

Jackpine,

they despise us already, imagine when the bread lines form how they will feel.
If you’re going to do any international travel, i’d get it in ASAP, before it becomes popular to draw and quarter americans.

George,

Either cinch up those cheeks real good, or grease down and grab your ankles. Your only hope is that you’ll get dinner before and a nice card after.
The problem is, these losers will always call you back!

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By martin weiss, September 22, 2008 at 7:58 pm #

This has been planned for years. The usurpation of gov’t. by the one percenters is a pretty well-laid plan. Unfortunately they have counted on the voters and the people being too stupid to know when they have been taken.
After all the lies of Bushco, we are at the end of our patience. Only cooler heads are holding off violent protest. Nobody wants to see the US in violent turmoil except Bushco.
The rest of us are quietly laying plans to pre-empt Blackwater and its’ concentration camps.
But Bushco’s plan is for conflict, crisis, and catastrophe, as usual.

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By jackpine savage, September 22, 2008 at 7:48 pm #

As the profound realization that we will drag the rest of the world down with us sets in, i cannot help but wonder how nations will begin to treat us.

Actually, it might be mildly amusing in that our growing weakness will expose how our neighbors really feel about us.

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By George, September 22, 2008 at 7:24 pm #
(Unregistered commenter)

Will that chapter “finally wake up the American Morons”
or does it require another “up your ass” treatment by
Bush/Cheney/Republicans and cohorts on their way out ?
I am not holding my breath !

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By Margaret Currey, September 22, 2008 at 7:05 pm #
(Unregistered commenter)

England might be class counscious but so is the United States, here it is money and money rules the country, the investors could not live here on money alone but these people look down on ordianary people like making a living is somewhat dirty.

But what is dirty is the decesive method that was done by the baking industry and “King Henry” said it was the fault of the lenders, and there might be something to say of those who flip houses, but not all the people in default bought houses to flip them, although the banking industry thoutht that people living above their means would have a lot of value in the houses (since the market was high) and just hold on to them for a couple of years, but since people are so set on things never go down this is a real eye opener for the banking class.

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By P. T., September 22, 2008 at 6:18 pm #

Of all the major industrialized countries, the U.S. does have the most irresponsible capitalist class.  I realized that long ago.

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