This is interesting -
From Mises Economics Blog -
Germany 'did nothing' and its economy recovers
'Last year, according to the IMF, the U.S. pumped an extra 1.1% of GDP into the economy. Germany did next to nothing.' (WSJ)
'The latest figures showed German exports had grown at their fastest pace for nearly three years at 7%, with particularly strong growth in demand from rapidly-growing economies such as China.' (BBC)
I would add a quote from Japanese Prime Minister Taro Aso.
'Berlin had failed to understand why strong fiscal action was vital for recovery' (Financial Times)
Of course I am not saying the stimulus is useless (China's massive stimulus seems to have helped German too, after all) - but I feel this is a bit ironic. At the least, Frau Merkel only had to pretend to do something, while avoiding spending too much of their own money.
