So why on earth are so many European governments rushing to engage in what is so blatantly a self-destructive economic path?
Partly this reflects the continued political power of finance in most countries.
But it also reveals the misplaced but unfortunately common belief in each country that it can somehow export its way out of trouble.
The general presumption is that external markets will provide the dynamism required to generate growth in these economies.
It takes only a little intelligence to realise that the fallacy of composition must operate in such a scenario.
In other words, obviously, all countries or regions of the world cannot rely on net exports to make their own economies grow, especially if they are intent on suppressing domestic wages and demand to make their own economy more 'competitive'.
Image: Belarusians queue to buy foreign currency outside an exchange booth in Minsk, Belarus, Tuesday, May 24, 2011. The National Bank of Belarus devalued the national currency on Monday by 56 percent against the US dollar.