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MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

Germany rebuffs Obama’s advice on euro crisis

Posted by WARREN MOSLER on June 25th, 2012

Until they all get ‘in paradigm’ the 99% don’t have a chance.

Germany rebuffs Obama’s advice on euro crisis

June 25 (AP) — Germany’s finance minister is rejecting U.S. President Barack Obama’s calls on Europe to move faster in fighting its debt crisis, telling him to get the American deficit under control instead.

Wolfgang Schaeuble told public broadcaster ZDF in an interview late Sunday that “people are always very quick at giving others advice.”
He says: “Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone.”

10 Responses to “Germany rebuffs Obama’s advice on euro crisis”

  1. paul Says:

    If leaders defy gravity, what is their probability of success?

    Reply

  2. gaius marius Says:

    what’s scary is that schäuble is one of the good guys, sympathetic to the solutions that could actually resolve the crisis, but is condemned by his position and the populist politics of Germany to say the wrong things. if he says this, can you imagine what the ignoramuses to his right are saying?

    Reply

    Tom Hickey Reply:

    @gaius marius,

    Another problem is that by criticizing the US fiscal balance it gives ammo to the deficit hawks, which, if successful will tank the US, and if the US goes down, so does the world, including the EZ and Germany with it. You have to have markets for exports.

    Reply

  3. Dan Kervick Says:

    It’s a good thing for us, and Europe, that we continue to have a deficit. It should be bigger. Sadly, Obama and/or Romney will likely follow Germany’s advice.

    Reply

    Tom Hickey Reply:

    @Dan Kervick,

    Romney actually knows better and if there is a GOP Congress and he is elected, he will get them to run the large deficits by cutting social programs and expanding military spending and other spending the GOP favors, and so he will have no trouble passing his budget. In fact, that is the closet plan he is touting to insiders.

    Reply

    seth2077 Reply:

    @Tom Hickey, Interesting, do you have any info you’d like to share that supports this?

    Reply

    Tom Hickey Reply:

    @Tom Hickey,

    First hit on Google “Romney deficit military spending”

    Doyle McManus: Romney’s arithmetic problem

    Reply

    Andrew Reply:

    @Tom Hickey,

    Crickey!

    Whose sorry middle eastern butts will be blown to pieces to promote the enhanced penury of sorry American butts?

    What a wonderful world.

    Jim Thomson Reply:

    @Dan Kervick, According to the Reagan/Cheney Doctrine the only good government spending is military spending; deficits don’t matter when we have a war to fight. Joining up is our ELR program. Romney will, given the chance, run up larger deficits than Obama. This is the bizarro world we live in and getting more so.

    Reply

  4. pebird Says:

    Minister Schaeuble:

    How are those swap lines working out for you?

    Reply

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