German Finance Minister: ‘The U.S. Lived on Borrowed Money for Too Long’
November 9th, 2010Demand payment for BMWs in gold. *chortle*
Via: Spiegel:
Schäuble: The German export successes are not the result of some sort of currency manipulation, but of the increased competitiveness of companies. The American growth model, on the other hand, is in a deep crisis. The United States lived on borrowed money for too long, inflating its financial sector unnecessarily and neglecting its small and mid-sized industrial companies. There are many reasons for America’s problems, but they don’t include German export surpluses.
