Note: both German and Japanese industrial models are entirely based on the existence of trade surpluses with the rest of the world - they depend on our consumption to drive their own prosperity. A German preaching the moral deficit of overconsumption to the American is a bit like a drug dealer preaching to the addict about the moral efficacy of just saying no.
Martin Wolf has been
on fire about this for awhile - sorry Fuchs, but German sanctimony on this point is a bit rich.
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