Capitalism in Crisis: The Broken Pact with the People

Der Spiegel by Dirk Kurbjuweit | Oct. 8, 2008 (Special Report)

In the German press, the word "American" became shorthand for greed. Many managers demanded “American” salaries of over $10 million (€7.25 million) a year. They targeted “American” earnings for their companies. Ackermann aimed for profits of 25 percent. German savers were recommended to take an “American” approach to their investments. Saving accounts and government bonds were passé and investing and gambling with stocks was all the rage ... Full Story »

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Peter Barnett
3.8
 by Peter Barnett - Oct. 8, 2008

It proposes a rationale for the effect of the financial crisis on the German 'worker-taxpayer- investor', suggesting that they have been seduced by American carpetbaggers. Whether a fair comment or not, it reflects a feeling common to many 'Europeans' and is insightful inasmuch as such sentiments will certainly influence future relationship with the USA and its institutions.

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