Amerika

Europe…has high domestic savings rates and balanced trade accounts with the rest of the world. Europe, unlike the United States, is not increasingly in hock to China.

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A senior French banking official told me, “If a banker promoted these subprime mortgages here, he would go to jail.”

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In a recent interview, Germany’s Gunter Verheugen, vice president of the European Commission, told me, “We need a strong and competitive industrial base in order to have a strong service economy. Don’t try to be cheaper. Try to be better. Don’t try to compete on low social standards.”

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Tags: economics