German official: Obama should get his own debt under control before handing out free advice

posted at 10:41 am on June 25, 2012 by Erika Johnsen

In a not-so-subtle rebuke of President Obama’s tendency to offer unsolicited recommendations on how Europeans should handle their debt crises on Sunday evening, Germany’s finance minister suggested that perhaps His Munificence should focus on his own problems before trying to fix everybody else’s.

Wolfgang Schaeuble told public broadcaster ZDF in an interview late Sunday that “people are always very quick at giving others advice.”

He says: “Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone.”

An unfortunate and embarrassing truth — the EU’s debt-to-GDP ratio is well over eighty percent, but the United States’ ratio sits at above one hundred percent.  The difference is that more people still have more confidence in the United States’ financial future, and we have more time to sort things out, but how long can those advantages last before our unsustainable spending habits catch up with us?

With the eurozone crisis still dragging on with no end in sight, it’s taking a massive toll on the global economy — a situation that President Obama would desperately like to improve before November. A global economy that at least kinda’, sorta’ feels like it’s recovering would vastly bolster his chances for reelection, and Europe’s woes are the single greatest obstacle to that sentiment right now.

Although, for President Obama at least, there might be something good for his campaign coming out of the euro crisis. There are few things that cause as much economic angst as high gas prices, and it looks like Europe’s fiscal problems are helping to keep gas prices low, as futures traders are nervous that the debt crisis will curb worldwide demand for fuel.

“The outlook for oil remains negative while concerns remain about the economic outlook in Europe weigh on demand,” Michael Hewson, a London-based analyst at CMC Markets, which handles about $240 million a day in U.S. crude contracts, said today in an e-mail. “Investors remain skeptical that EU leaders will be able to agree on anything tangible to alleviate the current crisis.”

Oil for August delivery dropped as much as 97 cents to $78.79 a barrel in electronic trading on the New York Mercantile Exchange and was at $78.92 at 12:53 p.m. London time. Prices have fallen 23 percent this quarter, the biggest decline since the final three months of 2008.


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German official: Obama should get his own debt under control before handing out free advice

BwaaAHHAHHAAaaahhhhAAHHAHA!

upinak on June 25, 2012 at 10:46 AM

BHO is being skewered as he rightly deserves!!! My surprise is that it took so long!

tomshup on June 25, 2012 at 10:49 AM

heh

jaymil on June 25, 2012 at 10:49 AM

…well, he was headed toward a BK despite all the money he and Mooch made…but, then idiots started buying his book.

KOOLAID2 on June 25, 2012 at 10:49 AM

“Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone.”

I thought barack was a miserly, tight-wad on spending. Well color me stupid.

DuctTapeMyBrain on June 25, 2012 at 10:50 AM

Ich bin ein donut!

Bevan on June 25, 2012 at 10:50 AM

Any one living in Realville would say that.

No surprise here, Right?

I only wish some brave reporter asks Obama or his spokehack about this quote…..

vpaddy123 on June 25, 2012 at 10:51 AM

Didn’t this German dude hear the speech TFGRP gave in Berlin? The finance minister is a schnitzle gruben (German for “racist”).

Bishop on June 25, 2012 at 10:52 AM

In Rev. Wright’s church we learned that the Germans gassed 6 million African Americans in WW2.

I’m not saying they’re still racists but…Merkel does look a lot like David Duke…

CorporatePiggy on June 25, 2012 at 10:52 AM

This is what we’ve come to as a nation. We’re getting lectured by Germany – and they’re right.

This is what you voted for, Obots.

Red Cloud on June 25, 2012 at 10:52 AM

For once Germany is the force for what’s good in Europe. Guy couldn’t be more right.

gsherin on June 25, 2012 at 10:55 AM

The bad thing about giving unsolicited free advice is that you soon learn its worth and value to the recipient.

single stack on June 25, 2012 at 10:55 AM

Endlich! Danke Herr Schaeuble.

AH_C on June 25, 2012 at 10:58 AM

This guy clearly doesn’t understand how racists get dealt with here in Chicago.

MTF on June 25, 2012 at 10:58 AM

German official: Obama should get his own debt under control before handing out free advice

Perhaps the German guy was under impression that he’s talking to a President of Kenya. The United States of America has the most robust and balanced financial system in the world, right?

Archivarix on June 25, 2012 at 11:02 AM

Obama’s free advice is worth even less than you pay for it.

RBMN on June 25, 2012 at 11:03 AM

When you know absolutely nothing about everything, wise people tend to ignore you.

antipc on June 25, 2012 at 11:04 AM

Pound sand

cmsinaz on June 25, 2012 at 11:07 AM

Gettin’ dissed from all points of the compass. Better have a quiet one on one with his female slumlord advisor from Chi-town. She’ll know what to do.

a capella on June 25, 2012 at 11:11 AM

TEXT: Arizona Governor Jan Brewer Releases Statement on Supreme Court’s SB 1070 Ruling, Calls It a Legal Victory for the State
==============================================================

Translation:

From Germany,Hopey

**************** GO BOINK YOURSELF ***********************
(sarc)

canopfor on June 25, 2012 at 11:12 AM

With the eurozone crisis still dragging on with no end in sight, it’s taking a massive toll on the global economy — a situation that President Obama would desperately like to improve before November. A global economy that at least kinda’, sorta’ feels like it’s recovering would vastly bolster his chances for reelection, and Europe’s woes are the single greatest obstacle to that sentiment right now.

I tend to disagree with this assessment. Only a few short years ago the Dollar was in the tank, closing in on an index of around 70. Today it is rising through the low 80′s, and that’s due to the safe-haven aspect afforded it relative to the troubled Euro. Once Europe gets its house together, if it ever does, all eyes will yet again be on America and Bucky and the world will again reconsider the wisdom of the Dollar being the world’s reserve currency.

The Fed printed $800 Billion last year to swap for US Treasuries to help fund our $1.3 Trillion deficit. We can’t abuse our printing priveledge like that unless afforded the opportunity to print into another currency’s crisis. So the American economy’s best bet is for a continued deterioration of European economies, European sovereign debt defaults and their banking system remaining in tatters.

Yay us.

shuzilla on June 25, 2012 at 11:14 AM

Pound sand

cmsinaz on June 25, 2012 at 11:07 AM

cmsinaz:

Lol,hey CMS,I posted Jan Brewers SB1070 Statement
on the SCOTUS thread,er,screw it,here:)
=========================================

http://foxnewsinsider.com/2012/06/25/text-arizona-governor-jan-brewer-releases-statement-on-supreme-courts-sb-1070-ruling/

canopfor on June 25, 2012 at 11:15 AM

I think it is wonderful that bho is getting slammed by other nations for sticking his nose in everyone’s business when bho has done more in less than four years to crater our Republic than all previous presidents combined!
L

letget on June 25, 2012 at 11:15 AM

To a hammer the whole world is a nail.

0bama knows only one thing stealing other people’s money, squandering it with no effect, and then blaming others for his failure.

0bama is just a one trick Unicorn.

jukin3 on June 25, 2012 at 11:16 AM

Hey Wolfgang, you’re part of a team, the team of privileged insider spenders. Don’t forget who is captain of the team. If the Big Zero suggests a policy to you, it’s advisable to think hard before going out on your own. He can be rough to international opponents.

MTF on June 25, 2012 at 11:22 AM

He can’t lecture them on fiscal responsibility but he can lecture them on economic growth.

Whoopeee

lexhamfox on June 25, 2012 at 11:25 AM

Weren’t all the Europeans telling us we were supposed to vote for Obama?????

I think they should pay us for the damage he’s done to our economy!!!

KMC1 on June 25, 2012 at 11:26 AM

So the American economy’s best bet is for a continued deterioration of European economies, European sovereign debt defaults and their banking system remaining in tatters.

Yay us.

shuzilla on June 25, 2012 at 11:14 AM

I’d agree to the extent that we continue the current regulatory & taxation regime. Without major changes to the business climate in this country, our only hope is that Europe tanks. We all know that only results in a temporary boost for us before we get dragged down with them though.

With major changes to regulation, taxation and entitlements however, we will thrive without any help from Europe. In fact, we’ll end up boosting Europe and it will be an excuse for many of them to continue on their merry marxist way.

Lost in Jersey on June 25, 2012 at 11:26 AM

Krugman, and the rest of Obama’s Keynesians, continue to agitate that austerity doesn’t work, and that much more stimulus deficit spending needs to be enacted. Yet Germany defied that wisdom, enacted austerity measures, and continues to have significant resources. Rather than admit your mistakes, you want to drag them down to the rest of the Keynesian failures.

The Keynesian logo ought to be a locust.

ss396 on June 25, 2012 at 11:26 AM

Why should the Germans be more polite than this? In the first place they’re right, and in the second place if instead of being critical they cultivated a special relationship with America like Britain has, Obama would still treat them with disrespect.

David Blue on June 25, 2012 at 11:27 AM

Bitch slap.

msupertas on June 25, 2012 at 11:28 AM

I think it is wonderful that bho is getting slammed by other nations for sticking his nose in everyone’s business when bho has done more in less than four years to crater our Republic than all previous presidents combined!
L

letget on June 25, 2012 at 11:15 AM

Agreed. Perhaps each of these well deserved criticisms will push a few formerly undecideds into the Romney camp.

GaltBlvnAtty on June 25, 2012 at 11:29 AM

Obama has a hard time sleeping and chewing gum at the same time, what’s he know?

NoDonkey on June 25, 2012 at 11:29 AM

So, I guess another historic speech by The Won at Brandenburg Gate is out of the question?

Good!

But, Barky will get his revenge on the conniving Germans when he causes their profit and earnings ratios to plummet… or rise… whichever…

ya2daup on June 25, 2012 at 11:31 AM

That Biblical passage about specks, planks and eyes comes to mind in this ocassion.

Here’s mud in your eye Mr. Obama!

Logus on June 25, 2012 at 11:33 AM

When you know absolutely nothing about everything, wise people tend to ignore you.

antipc on June 25, 2012 at 11:04 AM

He’s more than that: he’s the World’s Foremost Expert on Knowing Nothing About Everything

ya2daup on June 25, 2012 at 11:33 AM

Thank you Wolfgang – may I have another!

Hill60 on June 25, 2012 at 11:35 AM

Thank goodness we traded out Dubya for Bark.

The world now respects the US again.

CorporatePiggy on June 25, 2012 at 11:36 AM

Prasident Obama ist ein okonomischer Analphabet.

teacherman on June 25, 2012 at 11:42 AM

I would like to alter the headline a bit. to say that instead of Obama’s advise just being free it is also arrogant. I am sure that the Germans really don’t like to lectured to like freshmen in Obama’s constitutional law class.

SC.Charlie on June 25, 2012 at 11:46 AM

How did Cliff Clavin get elected to the WH, anyway?

Must have been that “a beetabaga in every pot” promise.

BobMbx on June 25, 2012 at 11:46 AM

People in glass houses…

Don’t you mean “You People in glass houses…”, Erika??!?!

Dog whistle!

Racist!

/

mankai on June 25, 2012 at 11:48 AM

Barry, put some ice on it.

bayview on June 25, 2012 at 11:48 AM

There are few things that cause as much economic angst as high gas prices, and it looks like Europe’s fiscal problems are helping to keep gas prices low, as futures traders are nervous that the debt crisis will curb worldwide demand for fuel.

Why, if futures trading do not manipulate oil prices when they go up, are they given credit when prices go down.

You state that they are nervous that the demand will be lower not that the demand is lower and therefore the prices are lower.

Vince on June 25, 2012 at 11:52 AM

There are few things that cause as much economic angst as high gas prices, and it looks like Europe’s fiscal problems are helping to keep gas prices low, as futures traders are nervous that the debt crisis will curb worldwide demand for fuel.

Yeah, I don’t remember who said this, but last year was the worst year EVER in the history of gas prices, and this year is the second worst. I’m not thinking Obama is going to get much credit for gas prices going “down” to $3.00, except from lefties desperate to find something good to talk about.

Night Owl on June 25, 2012 at 11:54 AM

In the picture, who are Obama and Merkel talking with? Because The One has taken a decidedly defensive posture and a pained facial expression.

SpiderMike on June 25, 2012 at 11:56 AM

In the picture, who are Obama and Merkel talking with? Because The One has taken a decidedly defensive posture and a pained facial expression.

SpiderMike on June 25, 2012 at 11:56 AM

It looks like David Cameron.

Ward Cleaver on June 25, 2012 at 12:01 PM

Sounds like it’s time for another speech in front of the Brandenburg Gate.

/////

Ward Cleaver on June 25, 2012 at 12:02 PM

Yeah, I don’t remember who said this, but last year was the worst year EVER in the history of gas prices, and this year is the second worst. I’m not thinking Obama is going to get much credit for gas prices going “down” to $3.00, except from lefties desperate to find something good to talk about.

Night Owl on June 25, 2012 at 11:54 AM

But doesn’t that hack off the lefties? Because low gas prices usually increase the sales of pickups and SUVs.

Ward Cleaver on June 25, 2012 at 12:04 PM

“The outlook for oil remains negative while concerns remain about the economic outlook in Europe weigh on demand,” Michael Hewson, a London-based analyst at CMC Markets, which handles about $240 million a day in U.S. crude contracts, said today in an e-mail. “Investors remain skeptical that EU leaders will be able to agree on anything tangible to alleviate the current crisis.”
Oil for August delivery dropped as much as 97 cents to $78.79 a barrel in electronic trading on the New York Mercantile Exchange and was at $78.92 at 12:53 p.m. London time. Prices have fallen 23 percent this quarter, the biggest decline since the final three months of 2008.

And what would happen to the price of oil and gasoline in the United States if drilling was authorized in the Gulf of Mexico and ANWR, and the Keystone XL Pipeline was okayed? Or if Federal land in the Rockies were opened to shale oil development?

Steve Z on June 25, 2012 at 12:12 PM

Wolfgang Schaeuble told public broadcaster ZDF in an interview late Sunday that “people are always very quick at giving others advice.”

He says: “Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone.”

Translation: Bite me, Barky!

Carney: Rassistisch! Rassistisch! Sie sind alle Rassisten!

novaculus on June 25, 2012 at 12:22 PM

Du bist ein Dummkopf, Obama.

Schadenfreude on June 25, 2012 at 12:27 PM

I believe this Clarke and Dawe video explains things accurately:

http://www.youtube.com/watch?v=OrhJcqgXrlw

crosspatch on June 25, 2012 at 12:34 PM

“German official: Obama should get his own debt under control before handing out free advice”

BOOYA!

easyt65 on June 25, 2012 at 12:38 PM

Obama smacked down! Schaeuble Wins!

Obama replies: “Don’t you know who I am?”

Schaeuble retorts: “Get back to me November 7″.

farsighted on June 25, 2012 at 12:58 PM

He says: “Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone.”

Sob! Where’s all the EUROPEAN LOVE GONE!

GarandFan on June 25, 2012 at 2:15 PM

I raise my arm in the familiar salute to leaders in the Fatherland for their slap-down of TheONE.

TeaPartyNation on June 25, 2012 at 2:51 PM

I raise my arm in the familiar salute to leaders in the Fatherland for their slap-down of TheONE.

TeaPartyNation on June 25, 2012 at 2:51 PM

Um, they don’t dig that any more. I think a hearty handshake will suffice…

But whatever you do, don’t bow!

:-)

Mary in LA on June 25, 2012 at 3:18 PM

Alternate headline: EU criticizes US … from the right

tom on June 25, 2012 at 5:53 PM

Alternate headline: EU criticizes US … from the right

tom on June 25, 2012 at 5:53 PM

Alternate universe too :)…whodathought the EU to the right of the US on fsval atters :)…

jimver on June 25, 2012 at 6:17 PM

Jeez, did he actually try to give economic counsel to the Germans?!?

F***ing Obama did? Obama? Really, Obama? I wouldn’t even trust him to manage finances for the f***ing Choom Gang.

Oh, my God, I can’t believe how incredibly arrogant and ignorant that son-of-a-b***h is. He’s f***ing ignarrogant.

DrZin on June 25, 2012 at 8:41 PM

The Fed printed $800 Billion last year to swap for US Treasuries to help fund our $1.3 Trillion deficit. We can’t abuse our printing priveledge like that unless afforded the opportunity to print into another currency’s crisis. So the American economy’s best bet is for a continued deterioration of European economies, European sovereign debt defaults and their banking system remaining in tatters.
Yay us.
shuzilla on June 25, 2012 at 11:14 AM

+1
If we were recovering normally, our success wouldn’t need to be on the backs of anyone else.

tartan on June 26, 2012 at 5:41 PM

I would like to alter the headline a bit. to say that instead of Obama’s advise just being free it is also arrogant. I am sure that the Germans really don’t like to lectured to like freshmen in Obama’s constitutional law class.
SC.Charlie on June 25, 2012 at 11:46 AM

+1
I read somewhere that Merkel and Obama had a relatively private meeting sometime during the G20 sessions. I can assume that Obama put pressure on Merkel to “do something”. And I will assume the finance minister is making the warranted tactful response of the Germans.

tartan on June 26, 2012 at 5:42 PM

Krugman, and the rest of Obama’s Keynesians, continue to agitate that austerity doesn’t work, and that much more stimulus deficit spending needs to be enacted. Yet Germany defied that wisdom, enacted austerity measures, and continues to have significant resources. Rather than admit your mistakes, you want to drag them down to the rest of the Keynesian failures.
The Keynesian logo ought to be a locust.
ss396 on June 25, 2012 at 11:26 AM

+1
Great post

tartan on June 26, 2012 at 5:43 PM