The title of this piece comes straight from a Financial Times article posted this morning. The German finance minister leveled the cannons and blasted away at US policy, daring to point out that emperor has no clothes.
In a vigorous and unflinching attack, he described US economic policies as “clueless” and pointed out that the US stance towards China’s exchange rate policy is hypocritical.
In several of the scenarios that I have written, I have used ‘words’ from a German official as the trigger for massive, disruptive change. So perhaps I am overly sensitized to this particular development, but I am convinced that this is exactly how the ball gets rolling; someone in a position of authority speaks the truth.