The View From 1776
Tuesday, November 09, 2010
Germany Confronts Fed On Disguised Dollar Devaluation
German finance ministry officials, joined by many other nations’ officials, are denouncing the Fed’s deliberate devaluation of the dollar via massive additional increases in the money supply, a purported, but repeatedly failed, Keynesian remedy for unemployment.
Obama’s unilateral, “cowboy” foreign policy not only angers our allies. It damages their economies. One wonders if Obama even understands the implications of Helicopter Ben Bernanke’s recklessness.
The Wall Street Journal, in its November 8, 2010, edition, reports:
German officials, concerned that Washington could be pushing the global economy into a downward spiral, have launched an unusually open critique of U.S. economic policy and vowed to make their frustration known at this week’s Group of 20 summit.
Leading the attack is Finance Minister Wolfgang Sch