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Europe: the Girlie-Men Theory
Perhaps all my talk about competitiveness and monetary policy in the previous post was too complicated. There's always the Schwarzenegger theory
, which says that America will always be richer than Germany, Japan, India, China, and everybody else, because of our superior willpower: our "faith in free enterprise, faith in the resourcefulness of the American people and faith in the U.S. economy." Maybe he's talking about low taxes and less regulation? Nope, it's the faith he's emphasizing, continuing, "And to those critics who are so pessimistic about our economy, I say: Don't be economic girlie-men."