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Wednesday, November 30, 2011

Don't blame it on the Germans. They are the only ones over there with any sense.


Kelly said...

I saw you speaking at the City Hall today (at least I was 98% sure it was you). Wish I could have said hello. I enjoy your blog when I have time.

Kelly, ECU Econ '98

Phil Rothman said...

I don't agree with these sentiments, which implicitly argue against a lender-of-last-resort role for the ECB, i.e., they fail to distinguish between liquidity and solvency crises. Also, it's not compelling to assert that the "Germans are at least telling the truth," e.g., German leaders are not being particular truthful when they fail to emphasize to their self-satisfied burghers that the local economic "miracle," all else equal, is due to their fixed exchange rate via the Club-Med countries.