As Washington pushes harder for a bold resolution to the euro debt crisis, the conflict has turned into this: Germany versus the U.S.
Der Spiegel’s Michael Sauga slams Obama in a editorial for being like “the village judge Adam, who passes judgment on a crime he committed himself.”
Namely the President is encouraging “turbo-Keynesianism” despite all of the problems it caused in America:
Not even the financial sector, with its affection for cheap money, believes that this is the way to guide the United States out of the crisis. When the Fed recently announced a new version of its low-interest-rate policy, with the snappy name “Twist,” it led to a sharp decline in the stock market instead of the expected boost.
It is all the more disconcerting that Obama is now recommending that the Europeans emulate his failed strategy. To save the euro, the president has proposed that Europe take on more debt to augment their bailout funds and stimulate their economies. Like a doctor caught prescribing performance-enhancing drugs, Obama has not chosen to cease his activities. Rather he is trying to ensure that as many people as possible have access to his wares.