It is pretty apparent European leaders have pretty thin skins these days. If you have read this blog at all before you probably know that I’m no fan of Obama but in this latest transatlantic dust-up I’m going to defend him. President Obama has been calling on Europe to do more, especially Germany, to finally resolve the Euro crisis. Yesterday German Finance Minister Wolfgang Schaeuble was quoted saying that “Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone.” While if the EU is taken as a whole he is probably right but unfortunately when you look at individual countries you find that many of the PIIGS (Portugal, Ireland, Italy, Greece, Spain) are in far worse shape than the US which is why there is a Euro crisis.
Frankly, European leaders should be embarrassed for their numerous attacks on the US. Constantly trying to shift blame for their problems by saying the crisis originated in America, or trying to tell the world how much worse off the US is. Yes, America has plenty of problems that we need to work on asap. However, Europeans are the ones endangering the global economy with their ill-conceived debacle that is the Euro. Europe needs to shut up, stop blaming everyone else, and either fix the problem or scrap the Euro. Period.