EU president says US to blame for european countries spending too much money

It's funny, but when european banks were making money hand over foot trading in derivatives and mortgage backed securities, the European Commission president said nary a word against "unorthodox practices" of American capitalism.

Now, desperately seeking a fall guy for the unraveling of the euro zone, José Manuel Barroso points the finger at the nation with the deepest pockets; the United States.


As Europe's leaders came under intense pressure to act decisively to cure the euro's ills, and a campaign gathered pace to relax some of the austerity programmes laying waste to countries with unsustainable debt levels, Barroso said Europe had not come to the G20 summit in Mexico to receive lessons on how to handle the economy. Asked by a Canadian journalist: "Why should North Americans risk their assets to help Europe?" he replied: "Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy.

"This crisis was not originated in Europe ... seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market."

What a novel theory. It isn't out of control spending that led to unsustainable levels of debt that's the problem. It's Uncle Sam and his greedy capitalists on Wall Street that's the reason for all of Europe's pain and suffering.

I'm sure Barosso won't mind then, if the Fed sits this one out when the inevitable collapse occurs.