berlitz

A History Lesson For Professor Sinn

I found an amazing little gem today tucked in my Google Reader from Karl Whelan, an economist over at the University of Dublin. It’s too good not to share…

Hans-Werner Sinn has an article in today’s New York Times. The main point of the article is to rebut arguments from President Obama that Germany should be doing more to resolve the euro crisis.

Sinn argues that Germany has done enough:

Should the euro fail, Germany would lose over $1.35 trillion, more than 40 percent of its G.D.P. Has the United States ever incurred a similar risk for helping other countries?

Most of this $1.35 trillion potential loss figure comes from the possible loss of the Bundesbank’s Target2 credit, something which I have argued can be dealt without any new taxes on German citizens.

But, forgetting that for a moment, it appears that Sinn views “Has the United States ever incurred a similar risk for helping other countries?” as a rhetorical question to which the answer is “No”.  In fact, I suspect the vast majority of US citizens are perfectly aware that the answer is “Yes”…

Put on your history hats kiddos… He’s about to school some fools with his quick takedown & breakdown.

 

And just because I laugh every time I see this video, still…