Walter Russell Mead
The American Interest
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For years German authorities encouraged German banks to load up on sovereign debt from countries like Greece, yet now they’re unwilling to acknowledge that it “takes two to make a bad loan.” The Germans denounce other countries’ profligacy even as they cover up “their own grievous and expensive misjudgments.” Berlin politicians are calling for painful Greek austerity measures just to preserve German banking interests and whip up German public opinion against others rather than themselves.
It’s true that the Greeks need to adopt deep reforms. But Europe’s mess won’t be cleared up until Germany’s “cowardly and irresponsible” leaders accept their fair share of responsibility—and sacrifice—for the current crisis. If they can’t manage that, they’ll be exposed as “spineless opportunists,” just as ready to wreck Europe as Kaiser Wilhelm II was a century ago.
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Issue of the week: How Yellen spooked the markets
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Stop calling women ‘bossy’
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Issue of the week: GM’s recall disaster
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Issue of the week: Who gets Fannie’s and Freddie’s profits?
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Issue of the week: Comcast buying Time Warner Cable
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Issue of the week: AOL’s million-dollar babies
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Issue of the week: Why Google unloaded Motorola
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