, Columnist
Everyone Loves German Rearmament
Investors can’t buy enough European defense stocks as postwar inhibitions become history.
For markets, it’s Europe First for now.
Photographer: Kiran Ridley/Getty
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Germany’s big day is finally here. The Bundestag is due to vote on a massive package of fiscal stimulus that will revoke the constitutional brake on how much debt the government can take on, and green-light borrowing up to about $1 trillion to spend on defense and infrastructure. It’s an extraordinary moment, and all the more so because these radical changes are being voted on by a “lame duck” lower house, many of whose members will be replaced next week after losing seats in February’s election.