Obama's Euro-Crisis Lecture Is 'Pitiful and Sad'

[The Northerner]

US President Obama has given the Europeans a harsh lecture on the dangers of their ongoing debt crisis. Offended by the unsolicited advice, Europeans have suggested the US get its own house in order first. Obama's remarks were "arrogant" and "absurd," German commentators say on Wednesday.

Europeans are well aware of the seriousness of their ongoing debt crisis. But they don't, it seems, like to receive lectures from other countries -- especially the United States, which is struggling to deal with its own mountain of debt.

On Tuesday, German Finance Minister Wolfgang Schäuble curtly rejected recent American criticism of Europe's approach to solving its debt crisis. "I don't think Europe's problems are America's only problems," said Schäuble, who has become increasingly sharp-tongued as the euro crisis deepens. "It's always easier to give other people advice."

Schäuble was referring to strongly worded comments made by US President Barack Obama and US Treasury Secretary Timothy Geithner in recent days. At an event in California on Monday, Obama warned Europeans that their inaction was "scaring the world." The Europeans, he said, "have not fully healed from the crisis back in 2007 and never fully dealt with all the challenges that their banking system faced. It's now being compounded by what's happening in Greece." He continued: "They're going through a financial crisis that is scaring the world, and they're trying to take responsible actions, but those actions haven't been quite as quick as they need to be."

Read more: http://www.spiegel.de/international/world/0,1518,788807,00.html

[RaleighNCDUer]

1. IOW, after Iceland's rebellion they are moving a little more slowly

in imposing austerity measures on their member states, in accordance with the neo-lib IMF plans.

Heaven forbid they try other ways of dealing with it.

[OHdem10]

2. When you think about it, no country wants to be criticized or have

others pointing out things to them. We do not either.

However, the Europeans, have taken the Austerity Plan.
Knowing they were in a World Wide Recession, they went
ahead and chose Austerity. Rejecting, Stimulus and a
gradual pattern of cuts, they went for serious cuts.

Guess what just as many warned, this has brought them
frighteningly close to a double dip recession.

Here is the problem with their getting haughty with
Obama and Geithner for suggesting they slow down, do
a little stimulus,stabalize things then restart their
cuts. We are in a Globalization Crisis. What happens
to Europe affects out economy. If Europe gets a cold,
we could get pneumonia. The economies are so entertwined
banking etc. Globalization gives countries the right
to make suggestions. I am aurprised they do not recognize
this in Europe.

The Europeans have decided to take RW Approach. We are
going to be in bad shape anyway so let us create the
pain, hit the bottome and then push the reset button.\
Let just get the pain over with, sounds good, but
because the whold world is involved, they will suffer
just as long as countries who take a more gradual
\approach. Stimulus, Stablaiize, and gradually implement
a savings plan(Cuts in order to solve deficit problem)

We think the Tea Party and Republicans sound nuts, but
actually there is precent for this. They want to make
the cuts, let us endure the pain, then try to dig our
way back to prosperity. Austerity. If Business fail, so
be it, when we re build the country and the economy we
will be stronger. No room for government.

I am with John M. Keynes, When the Private Sector is
paralyzed, the Government is the last resort. Run the
Deficit a little longer, but keep money circulating
through the economy, even if its government jobs.
Gradually, Business will come back and Government
withdrawa. Economists find this plan just as acceptable.

These are the two choices. The Republican Plan,
is accepted by economists and the Keynes Plan
is accepted. Likewise, the Democratic, Keynes
plan, is acceptable.

All in all, I do not see Europenas being ticked with
Obama and Geithner as a big deal. Globalization means
other countries can and will make suggestions.

[tama]

7. Wall Street trader knows better

as he said on BBC: Governements don't run the word, Goldman Sachs runs the world.

[EmeraldCityGrl]

8. Someone needs to remind Obama the crisis

originated on Wall Street and some of those people are/were in his own administration.

The hypocrasy is astounding.

[abelenkpe]

3. Giethner and the pres shouldn't be saying anything

Europe's problems are different from those in the US and they are right we have no right to say they are frightening markets when our dysfunctional congress has been doing the same.

[frazzled]

4. From same article: "the US president is absolutely right. ...

... For far too long, the Europeans -- including the Germans -- treated the financial crisis as a purely American problem. They have still found no solution for their own debt crisis. Now Europe's problems are having a negative impact on growth and jobs around the world, including in the US."

You take an article from Der Spiegel that is quoting material from different German magazines and newspapers, and pull a quote from Handelsblatt, which also calls him "a brilliant thinker." The editorial voice of Der Spiegel itself frames these quotes by saying "But perhaps the Europeans simply don't like a taste of their own medicine. When a US default was looming back in July when Congress was unable to agree on raising the debt ceiling, European commentators were quick to weigh in and give Obama and the US unsolicited advice. "The global economy needs an American agreement," said a French government minister at the time."

If your intent is to whip up some cries of "yeah, yeah" for the idea that Obama is "pitiful and sad," kudos to you. But it's such a cheap and obvious tactic. Trolling the internet for any negative comments you can find, no matter what the source (in this case, a financial daily, which is quite likely not exactly liberal in its thinking but aimed toward corporate interests, like the WSJ) seems to be a full-time job for some. But many of us are not fooled.

NOTE: I posted this in response to the other thread with the same headline and topic. Too bad no one opens links and reads.

[emulatorloo]

10. Your attention to facts is much appreciated. Way too many original posts based on

on selective quotation these days.

[emulatorloo]

11. Self Delete wrong place

[FrenchieCat]

5. Same Article, and what folks won't bother to go and read, while piling-on based on the headline!

But perhaps the Europeans simply don't like a taste of their own medicine. When a US default was looming back in July when Congress was unable to agree on raising the debt ceiling, European commentators were quick to weigh in and give Obama and the US unsolicited advice. "The global economy needs an American agreement," said a French government minister at the time.
<>
The center-left Süddeutsche Zeitung writes:
"The problem, however, is that the US president is absolutely right. For far too long, the Europeans -- including the Germans -- treated the financial crisis as a purely American problem. They have still found no solution for their own debt crisis. Now Europe's problems are having a negative impact on growth and jobs around the world, including in the US. It would not be an exaggeration to say that Europe is threatening Obama's already precarious chances of reelection in 2012. That is something that surely does not leave Obama cold. In that respect, it doesn't help much to point out that, once the Europeans have got their house in order, the financial markets will return their attention to America's debt crisis and its ailing political system. Financially, Europe is currently the most dangerous place in the world."

[joeybee12]

6. Eruo-phobia at its finest...

The introduction to the article makes it clear that they just don't like getting advice...not that they don't think it's incorrect.

[FrenchieCat]

9. The article also reads.....

But perhaps the Europeans simply don't like a taste of their own medicine. When a US default was looming back in July when Congress was unable to agree on raising the debt ceiling, European commentators were quick to weigh in and give Obama and the US unsolicited advice. "The global economy needs an American agreement," said a French government minister at the time.


So yeah.

[emulatorloo]

12. Unrec for reasons given by frazzled in post 4