It is Germany as well. They are driving the austerity push with help from Austria, France (at least until this last election), et al. The stronger economy countries do not want to inflate their purchasing power (not to mention the Euro as the only credible threat to our reserve currency status), but it is at the expense of the weaker countries .
Germany really has no austerity to speak of because they structured their economy so that taxes are relatively high, without loopholes, and they take that money and spend it on the people. That creates a strong economy because the people share in the prosperity, they are educated well and most of their needs are handled, e.g. education, medical, subsidies for individual solar, etc. The wealthy people are not obscenely wealthy. Germany has a history of hyper inflation because of reparations from both world wars and it is a scar they carry. I have respect for what they have done, but I also can't help feel they have a tendency to feel superior to others. First by trying to take over the world a couple of times and then by forcing the pain of austerity on those who are not as adept financially without regard to those countries citizens. Not that we do not share some of that lack of humility.
It seems to me that where a country gets in to trouble is when business people get greedy and want wealth just for the power of it (like what has happened to us over the last 30-40 years). When the needs of the people are ignored for too long, they revolt. It is happening all over the world. Someone asked earlier if it is just Greece, Spain and Italy. No. Every country has either been effected or soon will be (including Germany) if this crazy financial frenzy the world is in doesn't stop.
In my humble opinion, Keynes (depending on whose interpretation) has been proven right again on how to stop a crash. Even though it was limited in the scope, it was quick action. We are still reading the Grapes of Wrath rather than living it. However, if we do not stop fighting among ourselves and complaining about what hasn't yet been accomplished rather than banding together to push the needle more and more left (much like the Republicans have done to the right), they will win and the next crash will be undoing of all that has been accomplished since Roosevelt.
And yes, from your original post, just in time for the election...
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