Wikinvest Wire

Those thrifty Germans

Tuesday, December 02, 2008

Being half German (the other half Italian, which was an odd combination in mid-20th century America), it is not surprising to hear that Angela Merkel is, for the moment at least, eschewing more traditional Western solutions to the current economic malaise.

From the Wall Street Journal:

German Chancellor Angela Merkel dismissed growing calls for the country to slash taxes or greatly boost spending, though Europe's industrial powerhouse is sliding into what could become its worst recession in decades.
...
European countries including the U.K., Spain and Italy revealed extra stimulus measures last week, and France has said it will do so in coming weeks. Germany's government has been vocally skeptical about whether debt-fueled spending plans will work.
...
The root of the global financial and economic crisis is known to every Swabian housewife, Ms. Merkel said: "You can't keep on living beyond your means." A lack of thrift in advanced economies caused the crisis and can't be its cure, she said.
Makes sense to me... at least half of me...

6 comments:

Dan said...

Are you Swabian?

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leosdad said...

I am (Swabian), and a frequent reader here...

Nostradamus, apparently said...

I've wondered for years if it's only Americans who will spend every dime they can get their hands on from ANY source, borrowed or not.

I guess it's not just Americans, as I feared.

It may be simply human nature that most people will always live beyond their means, if possible.

So many people think that materialism is the route to happiness. It's hard to see how this leads to anything good.

Tim said...

My mother's ancestors came from Baden-Baden back in the early 1800s, so, I guess this makes me half Swabian.

Mathlete said...

Cut taxes AND spending. That's the solution.

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