German Finance Minister Says Results of U.S. Stimulus Are 'Horrendous'

Germany is not impressed. One day after the United States Federal Reserve announced that it would pump $600 billion into America's banking system over the next eight months, German Finance Minister Wolfgang Schäuble sharply criticized the decision.

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"I don't think they are going to solve their problems that way," Schäuble told German public broadcaster ZDF in a Thursday evening interview. "They have already pumped an endless amount of money into the economy via taking on extremely high public debt and through a Fed policy that has already pumped a lot of money into the economy. The results are horrendous."

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In a separate interview on public broadcaster ARD, Schäuble said that the move by Fed Chair Ben Bernanke would "create additional problems for the world." He promised to bring up the issue in talks with the US and said that, by following such a monetary path, the US was violating a pledge that all industrialized countries agreed to at the last G-20 summit in Toronto in June.