America's Fault?

by Beth Lessard

From Moscow and Munich, to Beijing, the global recession in being blamed on the United States. America went into blind pursuit of profit which led to a recession. Most say that America is blamed for this global recession but others refuse to believe it. European banks were more than happy to buy U.S. originated sub prime securities and some of the losses of the blow out ended up on the European banks. This leads people to believe that America is not to be blamed. Now Europe is saying that it is the United States financial model that messed up. Owning more U.S. debt than any other country is China, who was so eager to loan billions of dollars to America as American consumers bought up Chinese exports. Now China is saying that the same consumers that they were selling too, should have saved more. Along with Russia, China is pushing for the U.S. dollar to be replaced as the global currency. Obama says, "there is no risk separating the G20 Nations. There are no sides." Many of Obama's sharpest foreign critics are in deep political trouble back home. These critics may give more support to his recovery plan. No matter what, we spend more money that we don't have and at the end of the day its a worldwide recession.