European Reactions To Obama's Criticism

The American criticism of Europe’s lack of stimulus packages to the economy is receiving anything but understanding in Europe. Angela Merkel quoted in Frankfurter Allgemeine Zeitung: A borrowed growth would bring us right back to the start of the crisis. Krugman’s recommendations invoke a scathing remark from blogger Uffe Ellemann-Jensen (former Danish foreign secretary) that Krugman’s specialty in economics is as relevant to macroeconomics as a podiatrists skills are to brain surgery. Ellemann points out that Krugman hasn’t a clue of what he is talking about – completely disregarding the background for the cutbacks in Europe. What is needed are…