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US has lost its way, Schäuble thunders
Photo: DPA

US has lost its way, Schäuble thunders

Published: 05 Nov 2010 14:01 GMT+01:00

Using unusually strong language, Schäuble said that the Federal Reserve Bank's attempt to stimulate the US economy with a €600 billion cash injection did not make sense.

“With all due respect, my impression is that the United States are at a loss,” he said at a BMW foundation event in Berlin. “To now say, 'we’re now going to have another $600 billion,' will not solve the problem.”

The move is expected to push down the value of the already weak dollar, which will make German goods more expensive in the US – one of the key markets for Germany’s export-driven economy. While the Fed hopes it will spur demand and keep interest rates low in the US, it is also likely to hit countries that sell to the US, including Germany and China - which has also expressed anger over the move.

The Fed is using what economists call “quantitative easing” – buying up US government bonds to inject cash, or “liquidity,” into the markets – in an effort to give its spluttering economy a kick start.

But Schäuble said the move did not make sense because the country's problems did not stem from a lack of liquidity. Europe had good reason to worry about the Fed’s intervention into the US economy, he added.

No other European country has criticised the action in such strong terms. Schäuble began his assault on Thursday night, when he told broadcaster ZDF that the Fed had already pumped “an endless amount of money” into the US economy with “horrendous” results.

In a separate interview with broadcaster ARD, he said the Fed’s move could “create additional problems for the world” and vowed to take the issue up with the US at a G20 meeting in South Korea next week.

His remarks also follow repeated criticism from Economy Minister Rainer Brüderle in recent days of the US policy.

DPA/The Local/dw

The Local (news@thelocal.de)

Your comments about this article

16:09 November 5, 2010 by elboertjie
I hope that Germany has collected all of their physical gold from the New York Federal Bank, because the US government might by now start to sell/lease it if they have not already done so.

Good thing France collected theirs back in the early 70's with navy ships in New York.
16:11 November 5, 2010 by sassylad
He is of course totally right - about time someone used less than diplomatic language about the profligate spending in certain world economies that are only serving to further inflate the economic bubbles that caused the problems in the first place.
16:22 November 5, 2010 by majura
I can see it now. Schäuble walking down the street in a t-shirt with the words "Haterz Gonna Hate!" written across it.

On a serious note, I agree with him about his position on the US Fed & economy.
17:14 November 5, 2010 by tallady
Schäuble has just figured this out ..most of us have known it for a while. When the USA goes down Germany and China will only be a day or two behind .
17:22 November 5, 2010 by Meatman
Wasn't there a stimulus a couple years ago? If memory serves me correctly, that plan failed and I agree with Schäuble, what good will come from robbing Peter to pay Paul? I worked in the timber industry in Oregon back in the 80's and early 90's. We were exporting timber to Japan so we could buy it back as finished cabinets and mouldings at three times the cost. I am no economics major, but this doesn't fit even for a dumb local boy like myself.
18:04 November 5, 2010 by Bruno53
Don't worry Herr Schauble [or Mr Schauble?]: the republican conservatives and the "tea baggers" fascists are just against it. Now they control USA Congress. Of course I voted for Mr. Obama. I am a US citizen.
18:49 November 5, 2010 by derExDeutsche
Thanks, again, Germany!!!

and now that we've had the European Dream as President, You tell us we've 'lost our way'. Take a hike, Euro Kooks.

next, you Moonbats will be saying the reason he is so unpopular is because he didn't do MORE! Eiyayei. The Truth and then the Liberal Progressive brain. Like Oil and Water.

Whatever, no one cares anymore what you think. Look at the Ratings. Before Obama, people gave Euro Kooks the benefit of the doubt. Now there is no more doubt. That Doubt has melted like one of Al Gores icebergs.

The truly sad things is the joke is on YOU. If you think the Media is hard on ex POTUS Carter. Just wait. The jokes haven't even begun yet. 10 Years from now, nobody will admit to 2 things; Voting for Obama, and believing in Global Warming.

But, Germany, you were there til the end. Nobody can ever take that away from you.
19:19 November 5, 2010 by Der Grenadier aus Aachen
@derExDeutsche Do you realize that Schäuble is actually taking an extremely conservative position? Politically, he is further right than most US Republicans. You don't even understand what you're talking about, you're just being contrarian for the sake of it.
19:21 November 5, 2010 by olderaussie
i agree with most of the comments. the good old u.s.a. is technically bankrupt both economically and morally. this move to print more debt is a race of desperation to the bottom. greed has caused this problem. i feel sorry for obama, if he really told his citizens the truth there would be a revolution. goodbye america, hello china. globalisation was a farce created to extract the greatest return for the least amount of pay now the tables are turning. america and europe will never be successful in competing with china. europe how long will you allow brussels to cripple your economies, verysoonyour goods will be too expensive for the rest of the world to afford and the chinese will steal all your intellectual property. only a matter of time. good luck.
19:36 November 5, 2010 by JohnnesKönig
This is not the fault of the people of the US! it is the fault of the Govt! and the Fed Reserve which is not a govt entity! Not federal! It is a privately owned bank! But that may soon change! Feel sorry for Obama? olderaussie! he is a mere puppet! and George Soros is the puppet master... okay feel sorry that obama is a fool for letting himself fall into this spider's nest!
19:36 November 5, 2010 by ReaderX
Wow Bruno53 , your ignorant comments show your total lack of knowledge on not only economics, the government, "the fed" and the tea party.

Ok first of all the fed is not really what we would call a political party. Now granted they may have affiliations this is not exactly influencing their actions. Further the tea-party fascists as you so vehemently call them would be the conservative ones conservative coming from conserve or to use wisely. Get a dictionary and have a look. It's in the C's. Next ask your ignorant self who just lost congress that also happens to be the same that decided to pass TARP and spend $720 Billion to "rescue" the world. In case you can't figure it out, here's a hint, Democrats. Further in the L's of this dictionary you will see Liberal which is generally referring to, given freely or abundantly; generous, this same generosity that said, "take money from the tax-payers that they don't have and then give it other people who not only don't deserve it, but don't need it.

Those people would be rich business owners and wall street execs.

Maybe the next time you decide to go spouting off at the keyboard as it were, you might stop over on google and do a few minutes of research. I mean it's only 2010, you don't need Keith Olberman and MSNBC to do your thinking for you.
19:41 November 5, 2010 by JohnnesKönig
Comment removed by The Local for breach of our terms.
19:42 November 5, 2010 by derExDeutsche
Being against the Devaluation of the Dollar is NOT and 'Extremely conservative postion'.

Only a Kook would believe that. Would you possibly prefer the Yuan?

Bankrupted. The National Debt debt just tripled, and they are still reaching for more.

No, You wouldn't understand. But the American people sure do.

And you will here more from them in 2012.
19:45 November 5, 2010 by JohnnesKönig
Comment removed by The Local for breach of our terms.
20:32 November 5, 2010 by Gretl
And Germany screams, "How are you supposed to buy our cars which are fueling our recovery???" How about currency manipulation is the only tool we have left after WTAs?

Is quantitative easing experimental? Yes. However, the field of economics is theorectical because real economies have too many variables to be able to control. Democrats, Republicans, it doesn't matter. It is all about 'try it and see if it works', and don't let anyone tell you differently.
20:42 November 5, 2010 by KerrAvon
infowars.com/or/prisonplanet.com
21:36 November 5, 2010 by Beachrider
Federal Reserve spending (which is actually private money) on Gov't bonds isn't a deficit issue, so those people need to stop talking. 'The Fed' is a private organization that heavily influences the value of the Dollar overseas, so I can see why it bothers overseas traders like Germany.

The USA wants western economies to stimulate their economies. Germany/France have already declined to do so (several times). We simply disagree on what-is-next. Edgy comments from German economic ministers are to be expected.

It is quite early to assert that the 'American Tea Party' is exerting a focused effect on the American economy. They certainly had a part in the recent ascendancy of the Republic party. It is probably fair to say that the USA Federal Reserve is making a hedged bet that includes the Tea-Party-effect. I just cannot say that I understand the whole picture yet, either.
21:49 November 5, 2010 by JohnnesKönig
@Beachrider

I see it very clearly!

The feds print money and that devalues the dollar! They are monetizing the debt! Just what Bernanke said he would not do... I will NOT stop talking. I will keep talking until all know the truth! This isn't a "Tea Party" issue... It's a world issue! this is their response to the elections.
22:17 November 5, 2010 by brnskin2010
@readerx.....the Republicans have control in the house not Congress.....the republicans have run the country in the ground for 8 yrs....they have borrowed money on credit...never intended to pay...that has already been acknowledged by them...(orrin hatch admitted that)....the Bush admin lied regarding WMD and started 2 wars....the republicans have deregulated laws that were in place so that wall street, corporations,and banks would not be allowed to run amuck....corporations have outsourced american jobs to foreign countries (india,thailand,mexico etc) because of cheap labor. Banks scammed and cheated us through mortgage loans.....the republicans have sold our govt to line their own pockets and for what....a trip here and there...campaign contributions and now that they have dug this whole..they refuse to own up to it.....THE REPUBLICANS HAVE DESTROYED THE WORLD ECOMONY.....They have allowed China to supply the country with everything and has borrowed out the azz from them and because of it China is # 1. China owns the United States.......ALL becasue of greed.....and now they have the ardacity to talk about Obama spending and raising the deficit.....the country was already in a whole since 2007 before elections began. Now the republicans are promising us that they will fix the economy .....fix unemployment.....after they add 700 billion by giving the rich 2 percent their tax cuts that's first on their agenda.....so much for your children being burden and having to pay for the deficit that so called Obama is responsible for........What about all the money being funneled to Afghan and Pakistan.....and being given to the crooks.....billions and billions.....rebuilding 2 countries and here we are broke as a joke...homeless and suffering... OH and let's not forget about all the money being given to every 3rd world country that's in the world......If the Republicans are so equipped to govern then why in the hell are we in the perdicament we are in.......don't forget they ran the country for the last eight years........
22:46 November 5, 2010 by Incredible14U
I 'm not an economist. But i do remember gordon brown selling off most of uk's gold early 2000's about when gold was at around $250 per oz. While at the same time Germany was buying up gold like a vacuum cleaner lots of it. Other's have only recently followed, India and China to name, but when the dollar crashes, as it will go like the zimbabwe dollar, The main economies left e.g Germany and China(who have bought billions in usa treasurey bonds, buying usa debt) will dump the dollar and turn to a frre floating currency, my guess the deust mark(if germany decides to dump the euro as could happen) or peg to a gold standard till the currencies find a level playing field for currency which i would think again will be the euro or re-birthed deust mark. This is possible as the german elites have seen this coming and they already are looking east to china, russia and south america(BRIC economies) for trade.

I see the usa and the uk currencies collapsing as they don't have gold. Fiat money £ and $ will devalue. The world will peg its self to the deust mark and germany(with those european countries germany allows to be with it) will become the worlds super power. Game set and match.
22:49 November 5, 2010 by Bushdiver
@ brnskin2010............

I couldn't agree with you more!!!!!!!!!!!!!!!!!
23:32 November 5, 2010 by hanskarl
@ brnskin2010............ Ignorance is bliss. You are a blissful idiot.
00:42 November 6, 2010 by ErickDDiaz
HELLOooo! Can somebody please tell the German Finance Minister that we Americans are short term investors and thinkers. "What ever doe'nt sell throw away in the trash"
01:18 November 6, 2010 by Aschaffenburgboy
I have been listening to this garbage for years... "the U.S.A is going to fall apart..." yet it never happens. And there is only one reason for it, if the United States falls apart... it will drag many many countries down with it, and Germany is one of them.

Many people don't understand, that even though emerging markets, and places like china are going up and may top the US in export consumption, America (the part between Canada and Mexico) is the driving engine of the world. Americans have been programmed to consume, spend, waste, till they go crying to Uncle Sam for their Social Security checks. If the United states loses it's buying power you can kiss those South American Bananas, European Cars, Asian electronics goodbye. And let's not forget lead toys from China will not be bought during Christmas.

So the dollar will sink a bit, for perhaps for a year or two, then it will emerge stronger and more stable. The immigrants that Germany don't want will move to the United states. The illegal immigrants already there will be given a pathway to citizenship, of course they will have to pay a fine and for their paperwork, and then they will start paying TAXES. And with a working population of around 250 million people, those debts will be paid within a decade, and the melting pot of culture will once again be hated by all the world for having dug itself out of that whole.

I put my money on the EU falling apart b4 the USA.
01:27 November 6, 2010 by ReaderX
brnskin2010, sorry Charlie but I never said anything about Congress when house would have been more appropriate. In addition let's look at something here, without all of the so called vote fraud that may or may not have taken place. Let's look at the fact that the American people have resoundingly rebuked the liberal policies of the Democrats at every turn, from the usurpation of the Oval Office by Obama, to TARP, to the health care bill. That same bill that was not available to the American people to look at, although your Messiah, stated that he would run the most transparent administration ever.

On top of that, you still do not get it, like so many others out there, Tea party backed conservatives picked up over 600 seats in state houses as well as the seats in the Senate, and the House. Obviously a majority of American's do not agree with your philosophy, and liberal way of thinking. Now as for your Bush ran the country in the ground for 8 years, well if you would do some research and stop letting main stream media do your thinking, you would remember that only the first two years in office did Bush have a Republican majority in the House and Senate, the last 6 years of his Presidency was held by a Democrat Majority. Now if you would do a bit more research on your own, you would note that no bill of any sorts starts in the Oval office, but rather the House and then goes to the senate, and then to the Oval Office. So my friend, that means Bush only signed 'em. Not to mention both Dem's and Republicans have helped to screw the country over. No doubt about it. But I can guarantee you this, Conservatives are going to save it, if anyone is. I don't care if it is a conservative Republican, Democrat or Yellow bird. Liberals have never done anything to advance liberty, freedom and the reduction of government power and size.

Take some time, the internet is huge and there are many lies out there, but do some research on what you are trying to talk about. Go read and house and or senate dot gov and see just where each party has voted on those bills that keep making the nation go broke.
02:14 November 6, 2010 by padu
When badmouthing China as currency manipulator, US is one too.

It's already poven how right China was in IMF suggesting a world sovereign currency to replace the goddamnedfckin dollar. Like China, Germany should start avoiding dollar as trading currency.
02:50 November 6, 2010 by deutschamer
The dangers of hyperinflation is imprinted on the German Psyche.

In 1923, Germany could no longer pay the reparations payments required by the Versailles Treaty, and the government defaulted on some payments. In response, French and Belgian troops occupied the Ruhr region, Germany's most productive industrial region at the time, taking control of most mining and manufacturing companies in January 1923. Strikes were called, and passive resistance was encouraged. These strikes lasted eight months, further damaging the economy and increasing the expense of imports. The strike prevented goods from being produced. This infuriated the French, who began to kill and exile protestors in the region.

The government printed money to deal with the crisis; this allowed Germany to pay war loans and reparations with worthless marks. Soon the Germans discovered their money was worthless. The German middle class was destroyed since most of their wealth was in savings and bonds. The time was ripe for extremism.

Printing money now days quantitative easing is always a risky thing. Not all US citizens, including myself, think its a good time to do this.
03:59 November 6, 2010 by Eagle1
Unfortunately, the U.S. is poisoned by the endless spending of the far left. Despite the failure of the "stimulus," allegedly intelligent economists from the left, especially New York Times contributor Paul Krugman, argue that the U.S. DID NOT SPEND ENOUGH via the initial stimulus package. We're doomed. When can I move to Germany?
05:19 November 6, 2010 by Deutschguy
All this blaming of "the left" in the US is ridiculous. Somebody's been watching too much Fox Spews.

It was Bush who first bailed out Wall Street, then followed by another bailout by Obama. The banking system would have collapsed and the largest banks would have failed, thrusting the world into a depression.

When consumers are not spending, then government has to do it, or you do spiral down into a depression. It was the government spending stimulus of WWII that pulled the world and the US out of the Depression. That's why most economists thought the Obama stimulus, which did preserve 3 million jobs, should have been three times larger.

Germany has in place already a broad social safety net that continually provides government stimulus, so that underemployed or unemployed receive enough money to circulate through the economy. The US does not have that.

Also, this talk of Dems vs. Reps is meaningless. The Republicans and about 30 percent of Democrats in Congress are owned, funded, and vote only in the interests of Big Banks and Big Insurance. There was a majority of Dems in Congress, in name only.

Krugman and Stiglitz are right. The tea partiers routinely vote against their own economic interests.
08:29 November 6, 2010 by tallady
brnskin2010 .. I think your rant is absolutely correct......sad but true
08:57 November 6, 2010 by GermanAussier
I read alot of different opinion peices in numerous different publications, and i feel the only one solution for the entire world is for all the 'lefties' to be given one hemisphere, and the 'conservatives' the other. I consider myself a 'leftie' and I get so mad at the stupidity of the right. So so mad, but hey thats just my opinion. I don't expect you to agree with it, just respect it. I have seen first hand in the USA and my home country of Australia the widening gap between the left and right. It is almost impossible for us to agree on anything. (I know I can't agree with almost anything conservatives say) so how can we possibly work together to solve problems? The idelogical divide betwewen the two is too wide for any geniune solution to any problem. We will still be arguing about global warming as we swim in our pools in the middle of winter (again I know alot of conservatives will find this statement ridiculous) Unfortunately the left and right have been polarised so far from each other that no comprimise is possible. If you need proof just look at the last 4 years of politics in America (and watch the next 2). Not even Jesus, Buddah, Mohammed, Henry Kissinger, Ronald Regan or Al Gore could bridge the gap. The point of trying to find a solution is lost. God help us all
09:15 November 6, 2010 by K1212
The Republicans destroyed America in every possible way a country can be destroyed

The hatred I have for them is intense

Consider yourself lucky if you are living in any other 1st or 2nd world country because I have a feeling things will get very bad in America soon

The hatred I have for the Republcians is intense, I hope they get what they deserve one day

America was a great country 10 years ago, then that cancer called the Bush Administration along with 6 years of a Republican Congress did all they can to destroy everything they could by shoving the wealth of America into the hands of the top 1%

But they have enough money so they will be able to survive whatever collapse happens

I just hope people wake up and realize who the enemy was
09:53 November 6, 2010 by Incredible14U
The usa has some $14 trillion in debt which it would like to dump on the rest of the world? nasty ! but and because of this attempt they will become a pariah to the rest of the world. The other nations russia, china south america and germany in particular have turned a corner. They are able to trade between each other and not be bothered with what the usa thinks or does. In the end because of the usa's underhand and dodgy dealing it will become under economic siege by the world's nations. The usa has had its day deal with it. But from this comes an extremly uncertain and dangerous world as with no usa as the world's policeman three emerging blocks will come to the front. Namely russia and asia together, germany leading europe and iran leading the islamic nations. How can the usa war machine keep going?? the usa looks for a solution to the palastinian/israeli problem. If the usa soughts this it will remove its self from the middle east arena never to return. As with its with drawal from iraq. still at war, and afghanistan they intend to leave next year will not have been secured either. So either way when the usa leaves these countries and at the same time economicaly collapses we should all take note for a few minutes and thisnk of the outcome from this. As nation called predator nations will move in to fill the void we will live in an extremly more dangerous world..don't you think..
10:24 November 6, 2010 by Ramachandra Wani
This is the irresponsible way of US to donate money to the Islamic nations & kill its rivals like Germany. We have a long lasting history of two world wars. Nazism was the fact but Germans were innocent. USSR as well as US are neglecting the right for German land. Today is major problem of education & economy in our states. US has to curb its international policy.
12:38 November 6, 2010 by ReaderX
Here we go again. Typical present Liberals with facts and the automatically start insulting people. Who was the President of the US that signed into law the North American Free Trade Agreement (NAFTA) that helped to send jobs to Mexico? William Jefferson Clinton Democrat. This bill was signed into law in 1993 when both the house and senate were under an Democratic Majority. Who supported H.R. 4444 -- a bill authorizing the extension by the United States of permanent normal trade relations (PNTR) status to the People's Republic of China? Why none other than William Jefferson Clinton Democrat. This bill was signed into law in 1999. Among the chief complaints against the passage of this bill were "Potential loss of America jobs to a low-wage workforce in China" and " Possible increase of American trade deficit". Now who supported this measure, " Free trade with China is supported by the Clinton Administration, corporate America and agricultural interests. "

Who opposed it's passage? "human-rights and religious groups. " who were afraid of not only the aboce in regards to low wages in China and the increase in trade deficit, but also the Human rights abuses seen in China.

Once again children stop drinking the Main Stream Media kool-aid and start doing some research. I mean really it's not hard, you just have to try.
12:42 November 6, 2010 by catjones
The sky is falling, the sky is falling. We'll never survive. It's all hopeless and there's no end in sight........Oh, excuse me, wait a minute, I just checked the stock market. Like a rising tide it floats all boats. People are taking their money out of the mattress and investing...in the future. I guess they can see some light in all this darkness.
14:01 November 6, 2010 by Incredible14U
Well said ReaderX you said it all about 'Cigar prodding' Bill Clinton

and...

Comment: i also remember in 1975. When the cubans went into Angola. The usa lost control of the oil fields in the northern cabinda province. So the south african army then place in ehat is now Namibia where ask/told by the usa to intervene in angola to push the cuban and marxist mpla back out of the country. Well this did almost. Pust the cubans and their cohorts back from the Namibian angolan border all the way back into Luanda. The south african army had them beat and surrounded, a kind of dunkirk moment but with no tiny boats to save the commies !! lol !! after many dwaths on both sides and thirty five south african soldiers killed and many wounded in this battle, the usa and the then ussr did a deal behind the scenes. Outcome was the russians could keep angola and the oil from cabinda privince would still belong to the usa. Both got what they wanted and then the south african army was told to leave after their sons had spilt their blood for americas bloody oil !! and russias theiving land grab. Hence we come to the downing of the berlin wall and the re-uniting of east and west germany. At the same time south africa was given(forced) into elections that would give the country to the majority and ANC goverment. With that south africa is now raiply on its way to becoming another zimbabwe. So here we have a true exmple out in the open of what goes on behind the scenes at high level. For east and west gernay to join south africa was isolated and given over to a marxist goverment ! albeit leberal expats politically trained in the western world. These kind of things have been goin on being controlled by the super power of the last 60 years with the usa being the main partner in here. But the usa has now lost/losing its ability to get other nations sons to do their bidding hence the private armies in iraq and so on. Now its someone elses turn.
20:41 November 6, 2010 by mikekoi
Finance Minister Wolfgang Schäuble has no responsibility for the US economy. He should attend to what he can control and influence and not kid himself that he will affect American decisions in any way.
14:51 November 7, 2010 by Bishopbayern
Obama has spent a fortune and created NO jobs, he got his ass whiped in the mid terms, he is a terrible president who doesn't know what to do. Thank goodness we have Schauble & merkel who have actually grown an economy! They know what they are talking about
21:47 November 7, 2010 by flaedo
@Bruno 53 calling the Tea Party people fascist is a form of hate speech - liberal hate speech. The only fascists around these days are leftist / socialists and a few greens. No one gives a $&%# about fascism or nazis any more and why should they because theyre well and truly extinct. Maybe there are six or seven nazis leaving somewhere in what used to be East Germany. Being conservative or new conservative doesnt make anyone a nazi. Grow up.
23:45 November 7, 2010 by Logic Guy
Well, I agree with Schauble. The Fed move is too "Artificial." Things that are not real simply don't last.

It's quite dangerous for the entire world.
17:08 November 8, 2010 by William Thirteen
boy this one really brought the nuts to the top of the fruitcake!
10:27 November 10, 2010 by nolibs
Personally, I think all of this is planned. Once the US Currency collapses and becomes worthless, a single World Currency will be ushered in. If it's bad enough, a world Government. The stories are out there, and if you put it together the puzzle starts to show that we are headed in that direction.
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