Germany blames U.S. for global crisis

German Finance Minister Peer Steinbrueck

TEXT OF STORY

Stacey Vanek-Smith: Of course, this morning, the German government is putting full blame on the United States for the global credit crisis. And Germany's Finance Chief said this morning, the U.S. will no longer be a financial super-power. Stephen Beard has more.


Stephen Beard: Leading German politicians have long been critical of America's financial culture. But today's attack is by far the most scathing. Speaking in the Bundestag this morning, the Finance Minister Peer Steinbrueck blamed the U.S. for the current crisis. He said it was caused by what he called "the Anglo-Saxon drive for double-digit profits and massive bonuses." Steinbrueck then predicted that the world's financial system will never be the same again.

He said the United States will lose its status as a financial superpower. Wall Street will never again be what it was. Meanwhile, the U.S. Treasury Secretary has come under attack from within the Anglo-Saxon world. One of Britain's top economic commentators claims that Henry Paulson has turned a manageable crisis into a catastrophe.

In London, this is Stephen Beard for Marketplace.

About the author

Stephen Beard is the European bureau chief and provides daily coverage of Europe’s business and economic developments for the entire Marketplace portfolio.

Comments

I agree to American Public Media's Terms and Conditions.
With Generous Support From...