Friday, Dec 12, 2008
Germany resolves to tell it how it is,
The Herald: Economic rift with Germany escalates
Despite Berlin's attempts at calming troubled waters, Mr Kampeter last night simply fuelled the international row. He said: "After years of lecturing us on how we need to share in the gains of the uncontrolled financial markets, the Labour Party can't now expect us to share in their losses."
Sounds familiar. I almost wish I was German. Almost.
Posted by jackas @ 12:34 AM (695 views) Add Comment
12 Comments
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1. drewster said...
He's so right. Did Gordon really think the boom would last forever?
2. Growler said...
"In a diplomatic move to repair relations with Britain and ease Mr Brown's fury, the German finance ministry rushed out a statement, making clear each EU member state could "pursue measures adapted to the national situation".
But I thought it was a global situation - that's what Gordon keeps telling us.
Well done Germany for raising the voice of reason in some "aufklaerung". Thanks to years of Broons boom - we really are getting very close to a very real bust. If in doubt, see exchange rates.
3. Lord D'arcy Pew said...
Government spin doctors to ask Little Germany boy to " please stop pointing at the emperors new clothes ".
4. matt_the_hat said...
It just goes to show that nations can get angry as well as people when they are lectured at by someone who does not know what they are talking about.
5. str 2007 said...
I'm surprised it's taken so long for other countries to express their anger at the way this country has been run only for us (Gordon Brown) to expect an international bail out.
It wouldn't be so bad if he wasn't so pompous and arrogant about his huge mis-managed situation.
I'm surprised America let him get away with blaming them.
6. Amos said...
The germans are about to cause the euro to implode.
Their financial conservatism is the exact opposite to what a lot of the other euro states need to get them out of the mess
they are in.
7. tyrellcorporation said...
It always irked me (and the rest of Euroland no doubt) the way Blair and Brown used to deride the euro economies and smugly point to our credit fulled growth as somehow far superior to the old fashioned concept of actually producing something tangible to sell. The tables have turned dramatically and I think Germany is fully justified to snipe at Brown about his new idea - borrow your way out of trouble after borrowing when times were good.
The man is a fool if he thinks you can live on a mountain of debt.
8. drewster said...
A number of commentators say that Germany's saving has only been possible because other countries are borrowing; i.e. for every euro saved there is a euro borrowed. However that is patently nonsense. The relationship is only true in one direction: every penny borrowed must come from a saver, but not every penny saved must have a borrower. You can quite easily save money under the mattress without anybody else borrowing. When the money is lent out, it is no longer saving but investing.
9. bertywooster said...
Lending someone money to buy an ice cream is not investment. Gordon does not know the difference between consumption and investment. Government expenditure is always consumption. Hence the crowding out of private investment by government expenditure will doom the economy to a long recession if not worse. Come on Germany........
10. stillthinking said...
The German politicians are acting for their own population. The only reason a stimulus package would really work would be if all the major economies all did it at the same time.
If Britain, an importing nation, provides a debt-financed stimulus, then the stimulus must mainly affect Germany, an exporting nation, because the stimulus will enable the UK to import more goods.
The eurozone is looking at a free stimulus if they just sit on their hands. This "attack" is just making their position clear.
Brown is now dependant on the other countries being in recession, if they recover, then sterling is toast.
11. bertywooster said...
If every country in the world borrows money to stimulate their economies then which planet will provide the money? If savers do not equal borrowers, ie equilibrium, then the only other option is to turn on the printing press which would create the illusion of "doing something" but ultimately fail.
12. who stole my pension? said...
Those ungrateful Germans!! Churchill saved them from Hitler, and now Gordon has saved them from the bankers! Only the Germans could be so ungrateful!! Do they not realise that Gordon has saved the world!!