Who would have ever thought that the United States of America would be receiving a lecture from the Chinese and Germans on the ill effects of a planned economy:
China's Vice-Foreign Minister Cui Tiankai said last Friday that the US step may hurt global confidence, while rejecting state-planning style targets for trade deficits.
.........But on Thursday and Friday, governments focused instead on the global impact of the Fed’s action. “With all due respect, US policy is clueless,” Wolfgang Schäuble, German finance minister, told reporters. “It’s not that the Americans haven’t pumped enough liquidity into the market,” he said. “Now to say let’s pump more into the market is not going to solve their problems.”
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