Europe on The Brink -- The Great Euro Crisis
according to fassbeck economics Germany is in fact a major cause of the Euro problem. Germany lives below its means and bases everything on export and is most disinterested in imports from the Eurozone. It makes no debt and hoards the cash it makes which stifles the Euro economic cash flow circulation. What does this mean? Well... Greece has sunshine, had tourism and exports things like fetta cheese and olive oil, not billions of Euros worth of cars and industrial stuff. Germany has Porsche BMW VW AUDI Mercedes, Siemens, Krupps, massive (4500+ passenger) ocean liner shipbuilding and TWICE as much in arms sales as the UK and France put together!!!! (Heckler & Koch, Rhinemetal Tank guns, Krauss Maffei Tanks) etc etc etc. producing enormous amounts of civil and military industrial hardware exporting it OUTSIDE the Eurozone. The germans import next to nothing from the greeks. So there is a colossal imbalance which is contrary to the Euro concept. So the germans make masses of money exporting outside the Eurozone, get rich as a result, and then pump that money to the greeks AS A LOAN WITH MASSIVE INTEREST who DON'T have such industries which means that they are simply being laden with a financial burden SO HIGH by the germans that they can never pay it back. It's no good saying they "must work more" and "live with less money" since this does absolutely NOTHING but put them even more in debt with no chance of making enough money to get back on their feet. And the germans aint buying from them OH NO... the germans expect everyone only to buy from the Germans. The Germans are actually very very familiar with the sensation of serious austerity namely in the period from 1918 to 1939... when back then the allies kept THEM on their knees. Hungry and ill nearly all the damn time. They had no chance to get back up on their feet... so some Austrian came along and said "to hell with those allies... with immediate effect they get no repayments anymore otherwise we'll be on our knees for the next 1000 years". And with american money (yes...) they built up a massive army and started to get back on their feet. OK, so the venture went wrong.... errrrrrr... or did it? Now the Germans are economically powerful and are doing something similar to the Greeks. We also mustn't forget that the due diligence process for the Euro entry was also a farce, and we can thank criminal outfits like Goldman Sachs who cooked the books for the greeks to get them into the Euro and made billions in the process too.
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Posted by Bob Chapman