No, it didn't start in Europe, but that does not absolve the Europeans of responsibility for their own financial affairs. While they certainly like to blame America for everything and along with their socialist sympathizers, always blame America first, the reality remains that they have done this to themselves.
Europe has spent almost seven decades since the end of WWII trying to model themselves after America's success, the only problem being, they wanted to do it from a socialist perspective. They bought into everything that led to the the same risky investments and over extended government budgets as we here in America did. And now it's time to pay the piper, the same as it is here in America.
Bon appitit!
France hits back at Obama over Europe debt crisis
ROME: French Foreign Minister Laurent Fabius on Tuesday hit back at comments by US President Barack Obama about the threat of the European debt crisis, saying it had originated in the United States.
"The crisis did not start in Europe... Lehman Brothers was not a European bank," Fabius said after talks with his counterpart Giulio Terzi in Rome.
"We should not shift responsibility. We're all in the same boat," he said.
Obama said Saturday that Europe's economic woes were causing trouble for the United States' own economy, after the US unemployment rate rose for the first time in almost a year, spelling trouble for his reelection bid.
"The crisis in Europe's economy has cast a shadow on our own. And all of this makes it even more challenging to fully recover and lay the foundation for an economy that's built to last," he said in his weekly radio and Internet address.
Fabius also said Tuesday the European Union should find a "practical method" to help Spanish banks, adding that Spain was in "a very difficult economic situation."
"We could have expected the borrowing costs to go down but that is not what has happened. We are faced with a considerable difficulty," he said.
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