Germany’s finance minister: Calling Germany a ‘rogue economy’ is ‘b******t’

merkel schauble1

Reuters

German Chancellor Angela Merkel and Finance Minister Wolfgang Schauble (R).

Germany’s finance minister said writers calling his nation a “rogue economy” is “b******t.”

In an interview on CNBC TVWolfgang Schauble responded to an article highlighted by CNBC’s Chief International Correspondent Michelle Caruso-Cabrera.

Here is the key part of the transcript:

Caruso-Cabrera: I don’t know if you’ve seen some of the commentary when your current account surplus came out last month. One columnist in the UK called you a rogue economy. That you were one of the greatest potential causes of instability in the global economy.

Schauble: There are some writers even in the UK which write b******t, with all due respect.

Caruso-Cabrera: Did you say b******t?

Schauble: Yes. I don’t like it.

The article in question seems to be that from Matthew Lynn at The Telegraph who said Germany is the “biggest threat to the stability of the global economy right now” — more than an impending Brexit or US President Donald Trump’s “bone-headed protectionism.”

He wrote:

“… Germany’s trade surplus. Hitting record highs with every month that passes, it now amounts to a massive 9pc of GDP. In effect, Germany has become an economic rogue state, hollowing out the industry of its neighbours, creating vast flows of footloose capital and undermining the stability of the financial system. It is time the rest of the world stood up to it and demanded the Germans bring it under control.”

Latest data shows that the eurozone economy expanded at its fastest pace since the start of 2011 in the first quarter of 2017.

As is often the case, the month’s strong data was driven by a positive March for both Germany and France, the eurozone’s two biggest economies.

As IHS Markit’s Chief Business Economist Chris Williamson said in a statement at the time:

“This is a broad-based upturn among the euro’s largest members, with 0.6% growth signalled for both Germany and France, while Spain looks set to have enjoyed 0.8-0.9% growth in the first quarter, according to the PMI data. Growth has also perked up in Italy during the first quarter despite a slight pull-back in March, with the surveys indicating a 0.3-0.4% expansion.” 

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  • Enlightened

    He calls himself the President. He has the brains that even a chicken would outsmart him. Does he know what he has inherited. He has inherited a healthy economy by any standards where unemployment is low, the stock market has made higher highs and the dollar is strong. Obama inherited a mess created by Bush, who lied to the nation on Iraq and cost the country a huge war budget only for Cheney to benefit from results of the war and the subprime issues which was a results of uncontrolled manoeuvring of the untrustworthy financial institutions in the country. Does this moron understand any of this. He takes a simple strategy and makes it out that everything is bad and he cannot do worse. I will tell you at the end 4 year period the country will have lost so much in every way you can imagine and he and his family would have made so much and the rednecks who trusted him wholeheartedly will be the biggest losers.