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CUNIM
26th Sep 2008, 12:39
German finance minister Peer Steinbrück has slammed Anglo-American capitalism for endangering global stability in its lust for profit and predicted that the US would now be toppled as the superpower of international finance.
n a remarkable outburst at the German parliament, Mr Steinbrück said the world would never be the same after “Black September”. He demanded a sweeping code of regulations to “civilise the financial markets” and clamp down on speculators.

Mr Steinbrück announced a swingeing eight-point plan to reorder the global markets - which will heighten fears in the City of London of interference by the European Commission.

“The US will lose its superpower status in the global financial system,” he said, predicting a new multi-polar order where power is spread across the globe.

“The financial crisis is above all an American problem. The other G7 financial ministers in continental Europe share this opinion,” he said, a pointed turn of phrase that excludes Britain’s Alistair Darling

Comment -

Maybe if the UK hadn't had to pay back the USA for the Lend/Lease from WWII and this Finance Minister took on the responsibility of paying back the cost of the war then the UK/USA wouldn't be facing this problem - G1T

SpringHeeledJack
26th Sep 2008, 13:07
Maybe if the UK hadn't had to pay back the USA for the Lend/Lease from WWII and this Finance Minister took on the responsibility of paying back the cost of the war then the UK/USA wouldn't be facing this problem -

I think that the WW2 debt to the US was finally paid off in the last few years. However, bearing in mind that the UK has more than supported the US led 'expeditions' in the last 2 decades, it might have been 'nice' to have had said WW2 debts written off for such a loyal partner.

Speaking of war and it's cost, how might the financial crisis affect the financing of the massive military spend of the both the US and the UK in the middle-east ? If the figures are to be believed, then it is in the order of hundreds of millions per week, or maybe more and that is a sizeable wedge of cash. Something has to give when so much government money is shoring up the finances of the system, or am I misguided ?


Regards


SHJ

the_hawk
26th Sep 2008, 13:43
if ... this Finance Minister took on the responsibility of paying back the cost of the war then the UK/USA wouldn't be facing this problem

maybe I'm lost in translation, maybe it's because I'm too biased (see Location), but for me it was just "Come on!" after reading this :eek: