Answer to Hans Werner Sinn

Answer to Hans Werner Sinn:
https://twitter.com/HansWernerSinn/status/847427727804178434
https://www.project-syndicate.org/commentary/trump-germany-currency-manipulation-charge-by-hans-werner-sinn-2017-03

A really good article, but Hans Werner please consider the following point, when writing

[quote]
The brokers sold their claims to the banks, which in turn cunningly packaged them in opaque asset-backed securities that they then palmed off to the world with sham AAA ratings. “Stupid German money” was the term used on Wall Street for the funds that flowed in to finance America’s social policy.
[/quote]

Without crash of subprime market in 2008, no one would have looked in details to club med states in south of Europe.
Many Germans already wanted to emigrate to Spain, Greece, etc. during those times (2002-2008) and without subprime market crisis, that would have been turned to a disaster with current German demographics.
Credit crisis also had the advantage that rating agencies were again more carefully, when rating.
That was a really game changer to turn Germany again  to an immigration country and not an exmigration country cause of credit bubbles in the south!
US is rated with AA+ by standard & poors, rating agencies didn't downrate only southern europe, they genereally rated in a more realistic and less financial party matter.
Do you agree on that, Hans Werner?