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MaikArnoldandPrzemysławŁukasik
anddebateaboutitwillhavetoreassesstransatlanticrelationsandinter-
nationalaffairsnotonlywithregardstohistorybutalsototherecent
economicandpoliticaldevelopmentsontheglobalagenda.Therefore,
thefirsttwoessaysinthissecondsectionpresentanin-depth,insightful,
andprofoundanalysisoftheglobaleconomiccrisisonbothsidesofthe
Atlantic.Ascanbeobservedintheheateddebates,relationshaverecent-
lyenteredintotheturbulenceofwhatmaybetermedlove-and-hate
affairs,especiallyintermsofGerman-Americanties.Anassessmentof
theU.S.andGermaneconomicsituationseemstounveilnotonlydiffe-
rencesofpoliticalandeconomiccausesandconditionsofthecrises,but
thequestionofhowtotakethe4right’responsesandactionstoprevent
futuredamagetotheglobalfinancialsystem.Inordertodescribethe
currentstatusquooftheU.S.economyandtodiscussthecausesand
directionsofchangeforaneconomicrivalintheglobalorder,Przemy-
sławFurgaczdealswiththeimpactsandoutcomesoftherecentfinan-
cialcrisesin2008whichstillconsiderablyshapebothU.S.andworld
economicpoliciestoday.Theevidenceisstrikingandputsenormous
pressureontheactionsthatneedtobeundertakenbytheFederalRese-
rveBankandtheU.S.government:reductionofhighbudgetdeficits
andofthehighestlevelofdebtatfederal,state,andhouseholdlevel
ever,aswellasnon-inflationaryactionswithregardtothedollarasthe
globalreservecurrency.Yetnoteverymeasuretakenisreasonableand
themechanismofquantitativeeasingofdollarsupply,heavilycriticized
bytheGermanfinanceminister,willinevitablyleadtofutureefforts.
Conversely,Germanyhasalsobeenattacked,asAnnaTomaszczyk
pointsout,notsomuchfor4jumpstartingitseconomy’bymeansof
severalstimuluspackages(astheU.S.alsodid),butbecauseofitscrisis
managementpoliciesthatrecklesslyriskthestabilityandrecoveryof
theworld’seconomy,promoteglobalfinancialmarketregulations,and
revealdisagreementsoverappropriatepoliticalstrategies.Toborrowthe
titlefromShakespeare’scomedy4MuchAdoaboutNothing’,Tomasz-
czykaskswhatonemayconcludefromthesetwoanalysesandwhatone
maylearnaboutthefinancialandpoliticaldisputesbetweentheU.S.
andGermanyonatransatlanticrelationslevel.Althoughtherehasbeen
disagreementandtensionintheactionstobetakeninordertodealwith
theglobalfinancialcrisis,therehasbeen4noclearcoalitionbuilding
