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"Not for the first time in its history the German people have been irresponsibly misled by a political leadership that seems to have lost any sense of history, any sense of order and stability in Europe, and any sense of Germany's key contributing role to the current crisis."

WW2-associations are usually taboo in the European debate, especially when Germany is involved, which means some people are really fucking angry with Berlin. And that's not strange. What the fuck are they up to? It seems they are acting completely irrationaly excactly due to WW2-mind-trauma (inflation-> invade Poland).

In the words of Krugman:

German hawk: "We must cut deficits immediately, because we have to deal with the fiscal burden of an aging population."

Ugly American: "But that doesn't make sense. Even if you manage to save 80 billion euros -- which you won't, because the budget cuts will hurt your economy and reduce revenues -- the interest payments on that much debt would be less than a tenth of a percent of your G.D.P. So the austerity you're pursuing will threaten economic recovery while doing next to nothing to improve your long-run budget position."

German hawk: "I won't try to argue the arithmetic. You have to take into account the market reaction."

Ugly American: "But how do you know how the market will react? And anyway, why should the market be moved by policies that have almost no impact on the long-run fiscal position?"

German hawk: "You just don't understand our situation."

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Sun Jun 20th, 2010 at 04:01:17 PM EST

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