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Wednesday, December 10, 2008

Comments

Alex Tolley

His economic advisors appear to be of the Austrian school - effectively allow the cycle of malinvestment to unwind. It may be true that Germany did not participate in the great credit fueled housing boom that gripped the US, UK, France and others, but the country's exports certainly benefitted. No doubt he hopes that the German employment model will help weather the storm and that the rest of the world, most notably the US, will bail out the inevitable decline in Germany's exports.

My sense is that he is making the same mistakes as were made in the 1930's depression.

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