Germany Cannot Prosper in the Long-Run by Lending Money to Countries That Can't Repay Their Debt

A column by Norbert Walter in the NYT defended Germany against complaints over its trade surplus by pointing out that its export industry acts as an engine for Europe's economy. He accurately points that Germany's export industry boosts demand for supplier industries in Netherlands and France. He then inaccurately asserts that:

"unemployed workers in Madrid or Athens can easily move to Munich or Cologne for work."

We know that unemployed workers in Madrid and Athens cannot easily move to...