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Thursday, July 28

The Debt Crisis - A German View

I enjoy reading The Rude Pundit, because he doesn't mince words and uses his vocabulary at full, vulgar throat to express his displeasure with things as they are.

I also enjoy reading him for some of the links he tosses into his posts.

The German magazine Der Spiegel weighed in on the debate now raging in DC, collecting views from a broad cross-section of ideologies in Germany. This article was put up on July 15th, and here's what was said:

Bild: "Most importantly, the Republicans have turned a dispute over a technicality into a religious war, which no longer has any relation to a reasonable dispute between the elected government and the opposition." (Mass-circulation)

Die Welt: "The influence of the Tea Party movement … can not be overestimated. … The movement sees traditional politics as corrupt and regards Washington as a den of iniquity. … They see the other side as their enemy. Negotiations with the Democrats, whether it's about appointing a judge or the insolvency of the United States, are only successful if the enemy is defeated. Compromise, they feel, is a sign of weakness and cowardice." (Conservative)

Süddeutsche Zeitung: "The Republicans are playing with fire. Nobody can imagine what the repercussions might be if the unthinkable happens and the US is suddenly no longer a safe haven for investors." (Center-left)

Frankfurter Allgemeine Zeitung: "A US default and a lower credit rating would … send stock prices through the floor and could choke off America's economic recovery -- with global repercussions. The politicians in Washington are playing with fire." (Center-right)

***

Now, the BBC is reporting (July 28th) that the markets will basically force the government of the United States to knuckle under and get things done. It's going to be hard, with Boehner facing a near-open civil war within his own ranks and even the Chamber of Commerce starting to have a serious case of buyer's remorse regarding the Tea Party bums they supported back in 2010.

The rest of the world watches, and worries.

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