Smackdown.
First, read the words of the Wise.
Now that you’re done, consider this. Only once in this document is there even a passing reference to unemployment. There is no mention of output gaps, nor of living standards. Governments are seen strictly as borrowing and lending entities with no particular obligation other than paying their bills. In other words, macroeconomics as the rest of the world understands it is essentially absent from beginning to end. The message is: your government borrowed too much, we gave you some relief, and now you have to pay the rest. There is nothing more to discuss.…
And these [five "wise men"] are the supreme experts. Imagine what the reasoning must look like down in the second and third tiers.Econospeak
Economic Wisdom in Germany
Peter Dorman, Professor of Political Economy, The Evergreen State College
