No buyer of last resort is a deflationary train wreck

I was reading George Soros’ criticisms of Germany this morning. If the euro experiment fails, it will be all Germany’s fault, according to Mr. Soros (yeah, okay, sure). It seems Mr. Soros wants Germany to start raising wages and do all it can to boost domestic spending. The old ideas of thrift and hard work be damned—the basic virtues that have led to economic success through the ages should be jettisoned now for all things to be okay. Of course there is a deeper message than just saying party on, but at times it gets lost in translation.