Sept. 30 (Bloomberg) -- For the last three years, the
Anglo-American and south European news media have presented
German Chancellor Angela Merkel as the scourge of the recession.
But on Sept. 22, she won an overwhelming victory in Germany’s
parliamentary elections. Her Christian Democratic Union obtained
41.5 percent of the votes cast, its best result since 1990, five
seats short of a majority in the Bundestag.
Her success should give us pause to reconsider what has
happened in Europe since the global financial crisis erupted in
September 2008. Contrary to what most of our loud commentariat
would have us believe, “austerity” or fiscal responsibility is
apparently popular. Merkel’s success shows what has been wrong
in so much of the public debate about the global financial