Snow warns Europe on anti-capitalism

US Treasury secretary John Snow accused European leaders on Tuesday of using “anti-capitalist rhetoric” and warned them that if they continued to use such language US investors would find other places to put their money.

His comments, made during a visit to Belgium, came at a time when France has been criticizing “Anglo-Saxon” capitalism and when the ruling Social Democrats in Germany have been using what has been characterized as anti-business language. For example, the head of the Social Democrats recently called hedge fund managers and private equity investors “locusts”.

Mr. Snow said that if Europe embraces policies and uses language that makes investors feel unwelcome, they will not invest there. He said that there are lots of investment opportunities for capital and that nations that make investors of capital feel uncomfortable, they will find other places to invest where they feel more comfortable.

He also warned that too much government regulation would drive investors away.

Mr. Snow also once again urged China to take action immediately on the revaluation of the renminbi.

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