German Chancellor Criticizes “Cheap Money” in U.S.

German Chancellor Angela Merkel yesterday criticized the presence of “cheap money” in the United States in recent years, blaming it for the current financial crisis.

Angela Merkel, the German chancellor, turned the tables on her international critics on Wednesday by accusing the US and other governments of making “cheap money” a central tool of their economic management, thus planting the seeds of a similar crisis in five years.

“Excessively cheap money in the US was a driver of today’s crisis,” she told the German parliament. “I am deeply concerned about whether we are now reinforcing this trend through measures being adopted in the US and elsewhere and whether we could find ourselves in five years facing the exact same crisis.”

 

Sounds like leaders of other countries are hearing and taking to heart the advice of Ron Paul more than our leaders are. Perhaps it’s natural that the German Prime Minister say this, since Dr. Paul is a descendant of German immigrants and follows the philosophy established mainly by German-speaking economists.


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