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I think I’ve now read about a dozen stories telling me that America is seriously at odds with France and Germany at the G-20 meeting because Obama isn’t as serious about financial regulatory reform as Nicolas Sarkozy and Angela Merkel are.  The phrase “non-negotiable red lines” and the quote “The crisis didn’t actually spontaneously erupt in Europe, did it?”show up in pretty much all of these stories, but there’s always one thing missing: an explanation of exactly what the disagreement is about.  Is the global financial press really so lame that they haven’t been able to ferret this out yet?  Better gossip, please.

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