This really is one of the dumbest articles I’ve ever seen from “The Economist”, and that includes the one where they neglected the fact that twice a year one gets THREE bi-weekly paychecks in a month!

Germany has a trade surplus, and according to “The Economist”, this is a Bad Thing:

For a large economy at full employment to run a current-account surplus in excess of 8% of GDP puts unreasonable strain on the global trading system. To offset such surpluses and sustain enough aggregate demand to keep people in work, the rest of the world must borrow and spend with equal abandon. In some countries, notably Italy, Greece and Spain, persistent deficits eventually led to crises. Their subsequent shift towards surplus came at a heavy cost. The enduring savings glut in northern Europe has made the adjustment needlessly painful.

Germany did not force Italy, Greece, and Spain to spend more than they made. Germany did not force Italy, Greece, and Spain to borrow money to buy what they could not afford. They chose to do that all on their own. If one group of people, collectively, spend more than they make, then some other group must make more than they spend.