An interesting

Economics lesson?

The post can be summed up in the following manner

During the good times for the global economy, Germany avoided a housing boom, cut its budget deficit, kept its real wages low and ran a current-account surplus. Its consumers resisted the lure of cheap credit. Yet the German economy seems to be doing far worse than its imprudent peers in America and Britain are. (Japan, another country that avoided the housing and credit booms, is suffering badly too.) Macroeconomics, it seems, is not a simple morality tale, where “bad” borrowers are punished and “good” savers are rewarded. On the contrary: rich economies that depend on foreign demand are more vulnerable than those that rely on foreign capital.

Hmmm!