Saturday, November 26, 2011

The German burden

Paul Krugman once again puts the boot in (Mysterious Europe). What occurs to me reading this post is that ultimately all that the Germans would be required to do to resolve the problem is allow the ECB to backstop Southern European debt, and in the meantime spend some (preferably all) of their surplus on Southern European products.

So, we are inviting the Germans to spend some nice holidays in Greece and Spain, preferably eating lots of good local food, and buy a bunch of Gucci handbags and the odd Ferrari.

Is that really so much of a sacrifice?

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