Readers Blame US for Current Financial Crisis

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Chancellor Merkel's call for greater transparency and regulation is not what the problem demands with regard to the failings of the financial markets. The problem is rooted in the insistence by EU governments with regard to fractional reserve banking. This enables vast amounts of credit to be made available and the ECB to back up any shortfall in bank reserves by placing the burden on tax payers and property owners. To do what is necessary will necessitate the abandoning of the so-called social-market economy. This is unlikely, so we can all expect further crises in the future. -- Charles Smyth, Great Britain

During these turbulent economic times, I'm concerned that my investments are in jeopardy. I am retired and 70 years old. I've seen my investment drop almost by half and then go up by a quarter this week. I'm trying to hang in but at my age don't know if I'm foolish. -- Janice Speck, US

Wall Street has reacted very irresponsibly to the financial crisis that has affected the world economy. Getting tax payers funds to try and rescue the economy might have a negative effect for voting patterns at the US presidential elections in November. Many ordinary voters will see their rights being neglected by the whims of Wall Street and the rich people associated with the financial sector. This should benefit Barack Obama campaign rather than John McCain. -- Stuart John Pearson, Australia

The Bush Administration has shown great arrogance by not listening to good advice given by their European friends. Starting with the invasion of Iraq, then overacting to the Sept. 11 attack and lastly the slashing of credit rates to falsely give the faltering economy a boost. Because of this financial disaster, the US has defaulted on their good reputation and only the next administration can hopefully build the trust needed to work again together as equal partners. -- G. Gosau, Canada