Is Germany Getting In Touch With Its Inner Club Med?
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  • Jim.

    Austerity? What austerity? Didn’t these people see that public spending isn’t actually falling, just (at best) flatlining?

    Returning to a “growth” policy (aka a “growing debt” policy) will not solve any of Europe’s problems. It will just ensure that more serious problems show up at a later date.

    This year, Greece. Next, Italy. (“Growth” policies may postpone that day, but not prevent it.) Then Spain, then Portugal. Then France.

    The only thing Germany can do to help itself is to rearrange its exports and banking sector to face East– past Russia to India and China. Europe’s day is over, the “western standard of living” and Blue Model promises are unachievable, thanks to self-inflicted abandonment of the cultural assets that made them great in centuries past.

    It’s really too bad, and they could turn it around if they wanted to. But they’re too attached to modern Leftist economic and social theories (fads, really) to do so.

  • thibaud

    Some sanity. At last.

  • Kenny

    What is government spending called ‘growth?’

    It only grows government.

  • MarqueG

    The Greek parliament is one small step away from failing to form a government and having to call new elections right now, after three attempts at forming a government have failed.

    As for Germany, I’d be watching FinMin Schaeuble who is a noted budget hawk. And I’d watch the junior partner in the governing coalition, the Free Democrats, who have suffered in state elections for their perceived spinelessness in caving to Merkel/CDU political decisions.

    The next German parliamentary elections do not have to be held for another year-and-a-half or so, but if Merkel allows Hollande too much Keynesian-stimulus leeway, the FDP might decide to bolt the coalition, most likely resulting in new elections.

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