Germany - Steinbrueck: U.S. Losing Its Financial Superpowers - by Javier Espinoza
- In the light of the financial turmoil on Wall Street, the United States will forfeit its worldwide economic primacy, Germany's outspoken finance minister, Peer Steinbrueck, said Thursday in a speech to his country's legislature. “The U.S. will lose its status as the superpower of the global financial system" Steinbrueck told the lower house of parliament in Berlin. "The long term consequences of the crisis are not yet clear. But one thing seems likely to me: the USA will lose its superpower status in the global financial system. The world financial system is becoming multipolar." He went on to say, "Wall Street will never be the same again.
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