THIS IS A MUST READ FOR ALL MY GERMAN READERS. Your humble blogger actually lives here in Germany and is pulling his hairs about the ignorance of the media and the lack of discussion on this very topic.
The all overwhelming election later this year paralyses any kinds of public discussions. Each night watching the news (we actually still have good oldfashioned reliable news here in Germany) scares the hack out of me when I have to listen to delusional government politicians.
It feels like roman "Bread and circuses" (http://en.wikipedia.org/wiki/Bread_and_circuses) where they sustain the notion of entitlements and social fairness ignoring the dire straits of the financial realities.
This article sheds eerily light on this...
(and this comes from Chris Whalen from "The Institutional Risk Analyst" one of the leading independent voices in the US, not some conspiracy moron !!)
Germany's Subprime Crisis: Interview With Achim Dubel
...just 2 appetizers on the state of delusion
"The United States is solely to be blamed for the financial crisis. They are the cause for the crisis, and it is not Europe and it is not the Federal Republic of Germany."
Peer Steinbrueck
German Finance Minister
September 25, 2008
"Excessively cheap money in the U.S. was a driver of today's crisisÖ "I am deeply concerned about whether we are now reinforcing this trend through measures being adopted in the U.S. and elsewhere and whether we could find ourselves in five years facing the exact same crisis."
Angela Merkel
German Chancellor
November 27, 2008
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