The Impeachables Target Germany's Merkel For Daring to Go After Derivatives

May 25, 2010 (LPAC)—The eminently impeachable Obama Administration is on a full-tilt mobilization to stop any efforts to return to a Glass-Steagall standard and limit derivatives, not only in the United States, but internationally as well.

German Chancellor Angela Merkel's recent ban on some categories of derivatives trading is "damaging to the market and counterproductive," an unnamed "senior U.S. Treasury official" accompanying Treasury Secretary Timothy Geithner on his current trip to China, told reporters in Beijing. The sovereign German decision was "one-sided," the official protested, and is "unlikely to be adopted on a wider scale," according to reports in Bloomberg and Dow Jones.

After China, Geithner will be traveling to London, Berlin, and Germany's financial center, Frankfurt, where he will deliver the threat personally to the German government.

The Monday Washington Post joined in the Germany-bashing in a front-page article headlined "In Europe, One False Move Could Set Off Global Chain." The article preemptively blames European politicians who "fail to make the expected progress in cutting budgets [and] restructuring economies," of being responsible for a chain-reaction meltdown of the global economy. The article then specifies: "That the dominoes can tumble fast was shown Thursday [May 20] when a new and narrowly drawn stock-trading policy in Germany helped trigger a sell-off on Wall Street."

 THE NEW AMERICA: http://www.larouchepac.com/lpactv?nid=14584