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'The US Has Lived on Borrowed Money for Too Long'
DER SPIEGEL ^ | 11/08/2010 | Interview With German Finance Minister Schäuble

Posted on 11/09/2010 8:51:54 AM PST by skimbell

In an interview with SPIEGEL, German Finance Minister Wolfgang Schäuble, 68, criticizes US calls for Germany to reduce exports, outlines his plans for an insolvency framework for indebted European nations and the emphasizes the significance of the German-French axis for Europe...

(Excerpt) Read more at spiegel.de ...


TOPICS: Business/Economy; Editorial; Foreign Affairs; Germany; News/Current Events
KEYWORDS: economy; europe; european; france; french; german; germany; nations; spiegel
How much of our money did we waste rebuilding The Thousand Year Reich in order to enable fools like this to criticise our borowing.
1 posted on 11/09/2010 8:51:56 AM PST by skimbell
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To: skimbell

Umm, did you mean to post this with your comment on another website?


2 posted on 11/09/2010 8:55:56 AM PST by 1rudeboy
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To: skimbell

Wolfgang Schäuble is correct..


3 posted on 11/09/2010 8:57:18 AM PST by hosepipe (This propaganda has been edited to include some fully orbed hyperbole....)
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To: skimbell

He may well be right but a lot of American money went into protecting Germany and the rest of Europe, as well as rebuilding them after WWII.


4 posted on 11/09/2010 9:00:49 AM PST by Americanexpat
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To: skimbell

He is right. Blame idiots in America who watch TV which supports Obama and Islam. Hollywood and “american TV” (owned by the Saudis) are a much bigger enemy. Almost every TV commercial in America has “dumb white men” being shown.

Don’t blame the Germans for not spending every penny they get in their pocket. The Germans are not perfect but most everyone from Northern Italy in Europe is far more responsible. Stop letting TV brainwash you.


5 posted on 11/09/2010 9:01:56 AM PST by Frantzie (Imam Ob*m* & Democrats support the VICTORY MOSQUE & TV supports Imam)
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To: Americanexpat

Help me follow that logic: because of the Marshall Plan, a German Finance Minister cannot criticize the United States government for spending more than it takes in, and borrowing the rest from China and Japan?


6 posted on 11/09/2010 9:04:19 AM PST by 1rudeboy
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To: hosepipe

‘Borrowed Money’ for entitlements and useless government programs is bankrupting this nation.

Money spent on defense is just a fraction of what this nation spends on entitlements.


7 posted on 11/09/2010 9:05:12 AM PST by Le Chien Rouge
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To: Le Chien Rouge

And both are too high. :)


8 posted on 11/09/2010 9:09:40 AM PST by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: 1rudeboy
Nope. I agree that he is right. I just find it odd that he ignore where a good deal of our post war money wound up.
9 posted on 11/09/2010 9:10:42 AM PST by skimbell
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To: 1rudeboy

He has the germ of a good point, which is that Germany should indeed be paying for its own defense.

Which situation will resolve itself soon enough: I have no doubt that when the dollar crash comes America will remove a large part of its presence in Europe - just as the British tanks are now coming back.

But yes, the Germans have most of the moral high ground on this one.


10 posted on 11/09/2010 9:15:20 AM PST by agere_contra (...what if we won't eat the dog food?)
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To: hosepipe

I agree totally!


11 posted on 11/09/2010 9:19:44 AM PST by rawhide
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To: Frantzie

You would think, that will the attention that has been paid to entertainers, that idiots would listen to the stories of celebs who spent too much and went bankrupt.


12 posted on 11/09/2010 9:24:00 AM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: skimbell
If you're complaining about the Marshall Plan, you'd be misinformed. The Marshall Plan was the best foreign investment the U.S. has ever made. It assured that Germany, especially, would become part of the West when it could have been subject to much more chaos. We left the British to fend for themselves even though they were broke, an now look where they are...our greatest ally a shadow of their former power and influence.
13 posted on 11/09/2010 9:24:30 AM PST by muleskinner
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To: agere_contra

Germany pays into NATO


14 posted on 11/09/2010 9:48:43 AM PST by tired1 (Federalize the Fed)
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To: skimbell

This guy does not realize that he is standing in the way of “progress”! Bammy is not going to like this backwards thinking at all.


15 posted on 11/09/2010 9:57:01 AM PST by SaraJohnson
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To: muleskinner
We left the British to fend for themselves even though they were broke, an now look where they are...our greatest ally a shadow of their former power and influence.

We would have been throwing money away on Great Britain. At least we had plenty of say-so in post-war Germany and their first leader was a good 'un.

16 posted on 11/09/2010 10:16:05 AM PST by bkepley
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To: Americanexpat
He may well be right but a lot of American money went into protecting Germany and the rest of Europe, as well as rebuilding them after WWII.

He's right, and you're right as well.

The downsizing of our government should begin with us no longer subsidizing Europe's defense. World War II ended two generations ago; let them start paying for a change.

17 posted on 11/09/2010 10:30:39 AM PST by jpl (It's "My Big Fat Deadly Greek Riot", coming soon to a bankrupt socialist state near you.)
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To: skimbell

“How much of our money did we waste rebuilding The Thousand Year Reich in order to enable fools like this to criticise our borowing.”

What would you have the Germans do now? Stop building quality products that the rest of the world wants to buy?

He is not a fool. He’s a finance minister of a country that has a vibrant and successful export manufacturing sector.

Maybe you’d rather listen to Chavez give us economic advice?


18 posted on 11/09/2010 10:31:31 AM PST by RFEngineer
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To: tired1

“Germany pays into NATO”

AND they haven’t tried to take over the world lately.


19 posted on 11/09/2010 10:35:29 AM PST by RFEngineer
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To: muleskinner
We left the British to fend for themselves even though they were broke

Ahem, the UK received $3.3 billion in Marshall Plan aid (non repaid), while Germany received $1.4 billion (at least partially repaid).

The corresponding Wikipedia article has further details.

20 posted on 11/09/2010 11:15:13 AM PST by Moltke (panem et circenses)
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To: RFEngineer
No, whatever gave you the idea that I'd appreciate advice from Chavez.

You can pick at what I stated above all you like, but the bottom line, irrespective of whatever associated value you care to place on the Marshall Plan, is that the U.S. spent the better part of 60 years-and probably incomprehensible amounts of money-providing for the defense of Europe.

If your German Finance Minister cannot comprehend the financial consequences of this type of activity and why excessive borrowing might come into play in a situation such as this, then I think some foolishness on his part may be involved.

21 posted on 11/09/2010 11:37:44 AM PST by skimbell
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To: skimbell
The Marshall Plan was an economic program, not a defense program. Unrelated US defense expenditures in Europe were also very much in a US interest ("Cold War" - you may have heard about that?). Otherwise, please explain the Korean war, the Vietnam war, military aid to Israel, Iraq, Afghanistan...(to wit, any US defense spending outside of US borders). And what's that with the new Thousand Year Reich stupidity? Do you really believe that?
22 posted on 11/09/2010 12:23:28 PM PST by Moltke (panem et circenses)
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To: skimbell

“If your German Finance Minister cannot comprehend the financial consequences of this type of activity and why excessive borrowing might come into play in a situation such as this, then I think some foolishness on his part may be involved.”

There is no doubt foolishness involved. I just want to be clear, are you blaming our national debt on the Germans?


23 posted on 11/09/2010 12:58:07 PM PST by RFEngineer
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To: RFEngineer

No.


24 posted on 11/09/2010 3:41:34 PM PST by skimbell
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To: skimbell

btt


25 posted on 11/09/2010 4:50:14 PM PST by Cacique (quos Deus vult perdere, prius dementat ( Islamia Delenda Est ))
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To: Americanexpat; agere_contra
He may well be right but a lot of American money went into protecting Germany and the rest of Europe, as well as rebuilding them after WWII.

That is actually not quite correct. France (and the rest of Europe) got the Marshall plan money as a gift (in addition to German factory equipment), Germany (i.e. the Federal Republic) got it as a loan, which was paid back. Also patents that Germany lost to the United States were worth many times the Marshall Plan money.

He has the germ of a good point, which is that Germany should indeed be paying for its own defense.

Germany and Western Europe do spend less money per capita on the military than the US (where every citizen spends almost as much money on defense as on groceries - 2,200 vs 3,500), but indeed huge amounts compared to possible enemies like Iran. Germany spends 50 billion on the Bundeswehr, almost the the same as Russia (60) The combined EU military budget is half that of the United states, but it's more than China and Russia combined. In fact without the US and the EU the rest of the world does just one third of worldwide military spending.
26 posted on 11/09/2010 7:03:12 PM PST by wolf78 (Inflation is a form of taxation, too. Cranky Libertarian - equal opportunity offender.)
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To: wolf78

> Germany spends 50 billion on the Bundeswehr

When was that? For the last years the budget was always around 30 bn EUR, the mission in Afghanistan included (~ 40 bn USD). After the “Reform” it will be around 25 bn EUR (~ 35 bn USD). Pathetic.


27 posted on 11/10/2010 5:26:43 AM PST by avid (Please consider the environmental impact of not printing this posting!)
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