Yes, the rest of the world is watching this embarrassing debt ceiling nonsense, and it is growing dismayed.Der Spiegel has a roundup of commentary in German newspapers about the fight, and the universal message is this:
The US is holding the entire world hostage, and it’s the Republicans that are playing with fire.
Hard to accuse the Germans (who are no fans of fiscal profligacy) of being motivated by politics, or of having some inherent reason to attack Republicans. This is just the reality of what they’re doing.
Here’s the passage from Bild, the populist newspaper of the masses:
“Playing poker is part of politics, as is theatrical posturing. That’s fair enough. But what America is currently exhibiting is the worst kind of absurd theatrics. And the whole world is being held hostage.
“Irrespective of what the correct fiscal and economic policy should be for the most powerful country on earth, it’s simply not possible to stop taking on new debt overnight. Most importantly, the Republicans have turned a dispute over a technicality into a religious war, which no longer has any relation to a reasonable dispute between the elected government and the opposition.”
“If it continues like this, the US will be bankrupt within a few days. It would cause a global shockwave like the one which followed the Lehman bankruptcy in 2008, which triggered the worst economic crisis since the war. Except it would be much worse than the Lehman bankruptcy. The political climate in the US has been poisoned to a degree that is hard for us (Germans) to imagine. But we should all fear the consequences.”
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