Let Sleeping Germans Lie

Let Sleeping Germans Lie

The newly elected French Socialist president, Francois Hollande, is warning Germany that Mediterranean ideas of "growth," not Germanic "austerity," should be the new European creed. No surprise there -- reckless debtors often blame their own past imprudence on greedy creditors, especially if the latter are supposed to be guilt-ridden over causing two world wars.

All over Europe, the gospel is that tight-fisted Germans are at the root of the European Union meltdown: They worked too hard, saved too much, bought too little and borrowed not at all. All that may be true, in theory. But, in fact, faulting thrift and industry...