<blockquote>"I have repeatedly stressed that I consider personal freedom to be indivisible. With this conviction I have worked since 1948 to reduce all economic restrictions. A free economic order can only continue if and so long as the social life of the nation contains a maximum of freedom, of private initiative, and of foresight."
- Ludwig Erhard,
The German Miracle vs. the Welfare State</blockquote>
"..Erhard's model not only functions differently from FDR's, it also smells different -- namely of sweat."<blockquote>"It was the handiwork of former German Economics Minister Ludwig Erhard, better known as the father of the country's post-war Wirtschaftswunder ("economic miracle"). Erhard's model not only functions differently from FDR's, it also smells different -- namely of sweat.
His plan shuns excessive debt. His argument was that people would first make an effort when money became tight and, thus, more valuable. You get the best results, he found, if, in the tried and true manner of our forefathers, you work hard and don't forget to save. "The state can't afford anything that doesn't come from the strength of its own people," was the message. He also could have said: No pain, no gain.
..
Hence, although today's Germany can export cars, heavy machinery and Riesling, it is not able to export its culture of stability. After all, sweat is hard to sell."
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What Obama Could Learn from Germany</blockquote>
'..trade short-term pain for long-term gain.'<blockquote>´America's debt bomb is ticking and is likely to detonate in five years or less..'
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America's Ticking Debt Bomb: Like Greece, "Only Worse,"..</blockquote>