Wednesday, June 20, 2012

Germans talking some truth

"It is rather hypocritical when the Americans and the British, whose own mountains of debt have reached a high point, try to lecture the Europeans.

One number is sufficient to reveal what a bad tactic this is. At a time when the budget deficits of the US and Great Britain are about 8 percent, the euro-zone members have almost managed to bring their deficits as a whole down to 3 percent." And they are spot on: Europe may be going through a painful time but at least it is doing something to address its problems.

America continues to rely on the printing press.

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