Snow criticises China and Europe
June 14, 2005
In Brussels on Tuesday, US Treasury secretary again admonished the Chinese on revaluation of their currency. He also warned European leaders about criticizing capitalism.
John Snow once again told the Chinese that they must act immediately to revalue the renminbi, something he has been saying for some time now.
Mr. Snow also accused European leaders of using “anti-capitalist rhetoric”, warning them that if they continued to do so they risked driving away US investors.
His comments came at a time when German Social Democrats, the ruling party, have been using what has been characterized as anti-business language.
As an example, the leader of the party recently called hedge-fund managers and private equity investors “locusts”. Additionally, France has recently made criticisms of “Anglo-Saxon” capitalism.
Mr. Snow said that such language and the policies it spawns makes US investors feel unwelcome. He pointed out that there are lots of investment opportunities for capital around the world, and that if nations make investors feel unwelcome, they will find places to invest where they feel more comfortable.
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