Germany is like a company that extends credit to unworthy consumers, and builds up a high net receivables and thus declares high nominal profits (but has lousy cash flow because it can’t collect on receivables). So who do we blame? The borrowers who took advantage, or the creditors who pretended to the world that credible demand for their goods was increasing?
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Date: 2010-05-01 01:08 am (UTC)Sounds a lot like the US and China.