Europe's bank money blues Globe Asia December 2013

In his December 2013 Globe Asia article Professor Hanke describes how prudent fiscal management has come to be described as “austerity” and Germany creating surpluses is placing a “burden” on other countries, including the United States. “Well, it’s official, the economic talkinghead establishment has declared war on Germany. The opening shots in this battle were fired by none other than the United States Treasury Department, which had the audacity to blame Germany for a weak Eurozone recovery in its semi-annual foreign exchange report. The Treasury’s criticisms were echoed by IMF First Deputy Managing Director David Lipton, in a recent speech in Berlin – a speech so incendiary that the IMF opted to post the “original draft,” rather than his actual comments, on its website.”

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