Fallout: The Financial Crisis

Germany blames U.S. for global crisis

Stephen Beard Sep 25, 2008
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Fallout: The Financial Crisis

Germany blames U.S. for global crisis

Stephen Beard Sep 25, 2008
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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.

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