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The article differentiates the German economic policy with the U.S. President Donald Trump's view that trade wars are good and easy to win.

The author discusses the budget deficits and monetary expansion suffered in Weimar, Germany following the World War I.

What do the government of China, the government of Germany and the Republican Party have in common? They're all trying to bully the Federal Reserve into calling off its efforts to create jobs. And the motives of all three are highly suspect. It's not as if the Fed is doing anything radical. It's true that the Fed normally conducts monetary policy by buying short-term U.S. government debt, whereas now, under the unhelpful name of ''quantitative easing,'' it's buying longer-term debt. (Buying more short-term debt is pointless because the interest rate on that debt is near zero.) But Ben Bernanke, the Fed chairman, had it right when he protested that this is ''just monetary policy.'' The Fed is trying to reduce interest rates, as it always does when unemployment is high and inflation is low. [ABSTRACT FROM PUBLISHER]