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>No, actually. It's pretty clear that this is all down to the political naivete (and overreaching ambition) of Jacques Delors.<

Yes, Jacques Delors, famous spineless political yes man, just a lost babe in the woods. But perhaps he was a long-term german agent.

>Hmm, I thought the summit took place in April 2009.<

Finance ministers, probably.

>And anyway, I didn't say that Germany opposed stimulus per se.<
What about: "Germany opposed fiscal stimulus"?

>What happened was that first, the US tried to get some sort of global agreement and was shunned by China on the one hand and Germany with the "automatic stabilizers" argument on the other.<

I am a bit irritated. Why do always assume that "automatic stabilizers" is some german excuse cooked up on he spot in 2009 and not a age old economic concept?
And the german argument: we are already doing what you demand, was right. Especially if you remember that the impressive looking american stimulus was full of non-stimulative things like the ATM fix.

And is that argument:

<But the trans-Atlantic debate over stimulus packages has touched a nerve in Germany, which believes many U.S. critics fail to take into account differences between the U.S. and European economies. One big one: In Europe's generous welfare states,when recession strikes, governments automatically start paying out more than in the U.S. in the form of welfare checks and other so-called automatic stabilizers.>

not largely right?

>May I ask you for the political affiliation and nationality of the person famous for the phrase crass Keynesianism (uttered at the end of 2008)?>

That would be the finance minister responsible for the biggest stimulus package in german history?

 >What happened in July 2009 was that Germany passed its own "debt brake" constitutional amendment (see Berlin weaves a deficit hairshirt for us all), surely in an effort to rein in its own out-of-control "automatic stabilizers".<

Sticks and stones will break my bones, but words will never hurt me. What actually happened in Germany in 2009 and 2010 was a classical keneysian stimulus. The whole crisis was successful seventies revival in germany, including unions and employers.

by IM on Sat Feb 18th, 2012 at 11:09:08 AM EST
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