The German export successes are not the result of some sort of currency manipulation, but of the increased competitiveness of companies. The American growth model, on the other hand, is in a deep crisis.
I don't know how many resolutions from the IMF or G-20 we have already written saying that such [financial] reforms are necessary for new growth.
In China, it was always said that a double-digit rate of growth would be dangerous. Now, the country has a growth rate of 6.9 percent and suddenly that is supposed to be a catastrophe for the global economy.
