Hard Work and Thrift Will Lead You Astray

... or at least lead you to pay the other fellow's bills. Dig this bit from Europe.

Sober people are now contemplating whether a euro area member such as Greece might default on its debt. In addition to directly damaging bank balance sheets, this would destroy confidence in its banking and financial system ... To start with, that Greece will be allowed to default is questionable. There is an alternative, namely fiscal retrenchment, wage reductions, and assistance from the EU and the IMF for the cash-strapped government ... But, ultimately, everyone will swallow hard and proceed, much as the US Congress, having played rejectionist once, swallowed hard and passed the $700 billion bank bailout bill when disaster loomed.

And who will be the bill-payer? Well, there's only one candidate in the EU who can do it. The thrifty Germans.

Now that recession and deflation loom across the euro area, this is a response on which all members should be able to agree. It can be complemented by fiscal stimulus. If countries in a relatively strong budgetary position, like Germany, are in the best position to apply it, all the better; the result will be help from outside for their more heavily indebted, cash-strapped neighbours who need it most.

From each according to their ability, to each according to their needs. Or something like that.