by Mario Rizzo
The German Chancellor Angela Merkel is resisting pressures to follow the stimulative fiscal policy of engaging in deficit spending. The Wall Street Journal in its December 2nd edition says:
The root of the global financial and economic crisis in 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.
How interesting indeed. Maybe one of those “Swabian housewives” can be appointed to an informal advisory position in the Obama Administration at least for some balance. Note: Swabia is the region around Stuttgart in Germany.