Last week we linked to (and rebuked) the German newsmagazine Der Spiegel’s article claiming to report on the U.S. financial crisis, “The End of Arrogance — America Loses Its Dominant Economic Role.” The tone was what we expect from Der Spiegel, supercilious. Others took offense, as well, so Der Spiegel has printed letters to the editor in response.
Meanwhile, to the conceit of some European elites that their more regulated, refined and sophisticated financial system would remain undamaged, here is today’s news alert:
The German government and financial sector agreed a second rescue package for mortgage lender Hypo Real Estate in Sunday night talks. The government also took the surprise step of guaranteeing private deposits, a move which could up pressure on other European nations.
It was a race against time to avert a financial disaster with unpredictable consequences. Late on Sunday night, top officials from Germany’s Bundesbank central bank, financial watchdog BaFin and executives from the country’s main commercial banks agreed to a new rescue package for troubled Munich-based mortgage lender Hypo Real Estate.
Alarming. Nothing to take perverse pleasure in.
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