In German debt and guilt are the same word: Schuld. So, in Germany, debt has a morally negative connotation. Further, the state budget is referred to as “Haushalt”, which is the word for household. Germans equate state finances with those of personal finances, …
The European crisis can only be understood if one understands the crisis in economics that is causing it. Politics was and is slavishly dependent on the wrong economic teachings. Germany is lost without European Monetary Union.
Originally posted in German at Makroskop
Translated and edited by BRAVE NEW EUROPE
What the great European divergence – and the loud silence of politicians – clearly shows is that policy-makers and the majority of so-called academics simply do not understand the minimum conditions for free trade, …
Anyone who says that the German export boom is a relatively normal event that is the result of German productivity has not studied the relevant figures. The weakness of the German domestic market proves that this is not true. Only France has actually followed the rules set by European Monetary Union. …
In Germany the public image of the European crisis is rooted in prejudice. It is therefore necessary to clarify once again using the latest data what is really at stake and how the “great divergence” between prejudice and reality has arisen. …
