Fiscally conservative Germany. Well, yes, in one sense. They won't set up a spending program they don't think they have the money to pay for now. Have they on a couple of occasions overestimated revenue or underestimated costs? Yes. But they don't intentionally run up deficits. I remember when I was in Germany and New York City was about to default on its bonds. A German friend of mine--a Socialist--was incredulous. "How can they get into that situation?" I said, "They spent more money than they were getting in, and borrowed what they needed to keep spending." "That's crazy!" he said. "Everyone knows you don't spend money you don't have." In another sense, no. To support their budget, taxes are high.