What will historians say of the EU experiment 50 years from now, especially given their handling of the current funding and credit crisis?
The below quote demonstrates the level of deception their leaders are willing to engage in...the remarks are even more astounding given the Fed's recent disclosure regarding its lending activities to Euro area banks during the worst of the crisis.
“The U.S. will lose its status as the superpower of the global financial system" Steinbrueck told the lower house of parliament in Berlin. "The long term consequences of the crisis are not yet clear. But one thing seems likely to me: the USA will lose its superpower status in the global financial system. The world financial system is becoming multipolar."
He went on to say, "Wall Street will never be the same again. A few days ago there were two Mohicans left remaining out of the investment banks. Now they no longer exist." The finance minister was referring to the sudden transformation of Goldman Sachs (nyse: GS - news - people ) and Morgan Stanley (nyse: MS - news - people ) into bank holding companies. "The world will never be the same as it was before the crisis. The whole world over we must adjust ourselves to lower rates of growth and--with a time lag--unfavorable developments on labor markets."
The center-left politician also said he felt there was no need for Germany or Europe as a whole to imitate the U.S. Treasury's way of dealing with the financial crisis because it is largely an "American problem."