Since the introduction of the Euro, many EU states got money a lot cheaper than they should have, due to their association to the stronger neighbouring economies. That started a completely irresponsible spending frenzy that was well-received by the voting public.

Germany is trying to save the Euro zone, not tank it. The US-based economists claim that it is possible to spend money (take on debt) to kick-start an economy and then recoup that money by increased tax earnings. It turns out that doesn't work any longer. Plus, many contries worldwide are already paying interest on their debt with new debt. And they have zero margin to increase taxes.

Some countries (including Germany, but not including the US) can still make it out of that downwards spiral. The question is no longer, whether the EU will tank. The question is which of the EU, the US or China will default first on their debt. The results will be devastating and capital will flee to the non-defaulted economic blocks.

This is a big political game played over decades. And media-based support of one or the other school of economics is part of it.