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As Italy and Spain go tumbling after Greece into an abyss of insolvency, Germany has at last found the will to act boldly in defense of the European Union.
According to the New York Times, Chancellor Angela Merkel has launched a courageous effort to bail out Germany's struggling neighbors...with the International Monetary Fund's money.
Not that she's shirking responsibility. After all, Germany contributes a full six percent of the IMF pool.
And really, why should Germany be any more responsible for bailing out European debtors than the United States (17 percent) and the other 159 non-European members (60 percent). So Germany and Italy share the same currency, what of it?
Of course, some critics might point out that the primary reason Italy and Spain are in trouble now is that Germany has stubbornly prohibited the European Central Bank from devaluing the euro.
But such critics fail to appreciate Germany's aversion to devaluation. In the 1920s, Germans' great-grandparents had to push around around wheelbarrows of worthless marks, so it's understandable that their brilliant 21st century economists should deny the fundamental principles of modern economics.
The trouble is that it's one thing for Germany to inflict its prehistoric monetary policy on its own citizens; it's something else for Germany to impose such a policy on its neighbors. And to then ask the rest of the world to rescue those neighbors as Germany kicks them over the cliff... In America, we have a word for that. It's called chutzpah.
Let's not be too hard on Germany though. Americans are practical people, and we're willing to cut a deal. We'll help you out with Italy and Spain, if you help us bail out California.