NYT, Economic View: Mankiw meets Bastiat. A great article on the US; Germany is not there yet ... but it will, if we remain in the European transfer union - this ugly beast that is a pretentious institutionalization of economic ignorance. As Mankiw recalls, "crises take longer to arrive than you think, but then they happen much faster than you could have imagined." In poker-slang, Germany is the fish in the European money game.
UPDATE: check also this.
