A View From Middle England - Conservative with a slight libertarian touch - For Christian charity and traditional belief - Free Enterprise NOT Covert Corporatism

Friday, September 26, 2008

Germany to be pre-eminent in world banking?

After German commandos come the German bankers. No such soft option for them! They can weather the financial storm. German Finance Minister Peer Steinbrueck has deemed the US banking crisis an "earthquake" that will cost the US its role as a superpower of the world financial system. He stressed that German banks can cope with losses.

It's all down to greed, lack of regulation and a "a blind drive for double-digit profits". Look out Wall Street, the Bundesbankers are coming! Reiterating Berlin's push for tighter regulation, Steinbrueck accused the US of blunders. "The cause of the crisis was the irresponsible exaggeration of the principle of a free, unrestrained market," he told the Bundestag. And from this morning's radio output, quite a few in the "Anglo-Saxon" market agree with him.

"New rules of the road" for the financial markets were needed, he said. I guess that means he has hopes for the European Union to take the baton from the stricken Wall Street wonders!

Mr. Micawber always thought "something would turn up" and American bankers seem to have spent the Bush years thinking the same thing. No wonder there was a shouting match in the White House last night!


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