Sitting on the plane coming to Maine, Josh Rosner turned around and sent me this analysis he just did on Europe and German. You have to love wifi on planes. “Past Eurozone growth, particularly in Germany, did not come from meaningful improvements in productivity, but rather on the back of household wage reductions and industry -friendly reforms to the labor market – the Hartz reforms – which transferred wealth from the people to the banking and export-driven sectors of the economy.”