Protests are dominating the G20 meeting in London, and much of the anger is directed at the United States:
It was our financiers who concocted the mortgage-backed securities that are now bankrupting the world’s banks. It was our consumers who gorged on debt and bought stuff they couldn’t afford — and who are now destroying the world’s exports as they frantically stop spending. It was our regulators who failed to detect mind-boggling abuses and frauds that have cost global investors billions. Etc.
So, should Obama apologise for our behaviour to the leaders of the other G19?
Yes, says Martin Wolf, chief economics commentator for the Financial Times — as long as he blames everything on his predecessor.
(Martin was our guest on TechTicker this morning).