Economic idiots unjustly attack German economic policies demanding more altruistic sacrifice

German officials are furious at America, and not just because of the business about Angela Merkel’s cellphone. What has them enraged now is one (long) paragraph in a US Treasury report on foreign economic and currency policies. In that paragraph Treasury argues that Germany’s huge surplus on current account — a broad measure of the trade balance — is harmful, creating “a deflationary bias for the euro area, as well as for the world economy.”

Economic idiots unjustly attack German economic policies demanding more altruistic sacrifice Art-780036806-620x349

Economic idiots unjustly attack German economic policies demanding more altruistic sacrifice Art-780036806-620x349

The Germans angrily pronounced this argument “incomprehensible.” “There are no imbalances in Germany which require a correction of our growth-friendly economic and fiscal policy,” declared a spokesman for the nation’s finance ministry.

But Treasury was right, and the German reaction was disturbing. For one thing, it was an indicator of the continuing refusal of policy makers in Germany, in Europe more broadly and for that matter around the world to face up to the nature of our economic problems. For another, it demonstrated Germany’s unfortunate tendency to respond to any criticism of its economic policies with cries of victimization.

Read more: http://www.smh.com.au/business/comment-and-analysis/those-depressing-germans-20131107-2x3ly.html#ixzz2jwfp6UkO

Economic idiots unjustly attack German economic policies demanding more altruistic sacrifice

Economic idiots unjustly attack German economic policies demanding more altruistic sacrifice

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