Continuing with our coverage of the upcoming G20 Summit and President Barack Obama’s first trip to Europe as U.S. president, we have two translated offerings today.
First up is an editorial from the Germany’s Financial Times Deutschland headlined, ‘Cowboy Capitalism to Sheriff Capitalism,’ which compliments America’s remarkable change in tack regarding regulation.
The Financial Times Deutschland editorial board says in part:
“The U-turn is so abrupt and radical that it’s causing many to stumble, both on the left and the right. U.S. Treasury Secretary Timothy Geithner has announced no less than a fundamental break with the past philosophy of the Americans in matters of financial market regulation. … The convenient rallying cry that the market requires much stricter rules but that the American are blocking everything has from this day been exhausted.”
Next up we have a quite harsh op-ed from Elsevier from The Netherlands, which criticizes President Obama for pressuring Europe to adopt additional stimulus measures. In an article headlined, ‘No More ‘Care Packages’ for Obama’, Elsevier’s Paul de Hen writes on part:
“Obama let it be known that the U.S. wants to lead, and that the rest of the world should ‘join us with a sense of urgency’ to end the economic crisis by taking complementary measures. At a minimum, that gives the impression that the rest of the world is responsible for helping him end the American economic crisis. … The stimulus measures that have already been announced must first have time to take effect. Let us just wait and see how those work out before more is done.”
EDITORIAL
Translated By Jonathan Lobsien
March 28, 2009
Germany – Financial Times Deutschland – Original Article (German)
The U-turn is so abrupt and radical that it’s causing many to stumble, both on the left and the right. U.S. Treasury Secretary Timothy Geithner has announced no less than a fundamental break with the past philosophy of the Americans in matters of financial market regulation.
Up until now, the rule of thumb in Washington was that when in doubt, the best regulation is soft regulation – or no regulation at all. In addition, President Barack Obama’s new team has until recently resisted all attempts by the Europeans to give the State a tight grasp over financial markets and their actors.
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