According to the US Treasury, Europe’s only large, functioning economy is actually the source of the world’s problems. Germany’s current account surplus, the Treasury claimed in an Oct. 30 report to Congress, is the source of Europe’s and a good deal of the world’s woes. If only the stingy Germans would import more from other countries and export less, the world would be better off.
Excuse me? Just what is Germany supposed to import? Spanish cars, perhaps? Germany is importing tens of thousands of Spanish engineers and other skilled personnel because it can put them to productive work. Germany can’t find enough workers and is a magnet for qualified immigrants from Europe and the world.