Very interesting! The links in there are worth a click or two as well.
On a different topic: Interesting article about cultural misunderstanding between Americans and Germans in the Eurozone crisis. Written by an American, by the way.
Damn, now I can't remember which economist said most recently a great quote along the lines of "there is nothing stupider then an economist practicing amateur sociology."
The difference between American and German economists is that the camp called "American" (which is mostly not Americans because it's international) predicted this crisis before the Euro was adopted while the camp called "German" (which is mostly not Germans because it's international) has been consistently dead fucking wrong about everything and done a huge amount of harm.
When the ECB raised the prime rates in 2012 it was not the equivalent to a doctor prescribing leeches for your hypertension. It's the equivalent of the Tuskegee syphilis experiments. Except it's on a vastly grander scale. And that's not the only fucking mistake they made.
The challenges that the "German" camp faced were smaller then the challenges faced in the United States, the UK or Japan. Europe is in worse shape because these fucking assholes played games with the welfare of hundreds of millions of people rather then doing their job. And the fucking ripple effects! How much do you think it emboldened Putin's aggression against Ukraine that Europe was too busy lurching from crisis to crisis to care?
It's not cultural differences. It that some people are shitty human beings who are terrible at their job and want to divert attention from the fact that they are shit.