The financial crisis was brutal for Germany, but the recovery steep, and in 2011, the gloating started. They called it the German “success recipe,” a superior system that would keep the economy growing even amidst Eurozone debt-crisis mayhem. That optimism has endured, and stocks have hit new highs, but the economy has diverged sharply.
Europe – Germany
‘Total Surveillance’ Officially Brushed Off In Germany
by Wolf Richter • • Comments Off on ‘Total Surveillance’ Officially Brushed Off In Germany
Chancellor Merkel’s coalition is likely to emerge victoriously from the elections in September, unless a major debacle blows up. So no debacle is allowed to occur until after the election. But just then, new revelations about NSA spying blew up: turns out, all citizens anywhere can be under surveillance by any government, including their own, beyond control and oversight.
Germany Grapples (Again) With The Choice Between Its Constitution And The Euro
by Wolf Richter • • Comments Off on Germany Grapples (Again) With The Choice Between Its Constitution And The Euro
During the hearings before the German Constitutional Court, Finance Minister Schäuble, perhaps unwittingly, put his finger on yet another fatal flaw of the Eurozone: a central bank that could bail out speculators and pile the resulting losses on taxpayers of other countries, no questions asked, whenever it felt like it, without controls – “to save the euro,” as it were.
Lobbying And GMO Giant Monsanto Buckles In Europe
by Wolf Richter • • Comments Off on Lobbying And GMO Giant Monsanto Buckles In Europe
The “March Against Monsanto” in 52 countries, an unapproved strain of its genetically modified wheat growing on its own in Oregon, cancelled wheat export orders…. A rough week for Monsanto. Now it threw in the towel in Europe where its deep pockets and mastery of lobbying had failed: “It’s counterproductive to fight against windmills,” it explained.
Germany Fires Shot In China-EU Trade War … At Brussels
by Wolf Richter • • Comments Off on Germany Fires Shot In China-EU Trade War … At Brussels
The solar-panel industry, once fattened by taxpayer subsidies and false hopes, has been in a death spiral around the world. In the US, a slew of photovoltaic standouts like Solyndra went under, taking billions of subsidies and investor capital with them. In Germany, it has been just as brutal. Even large companies are licking their wounds.
Germany ‘Second Economic Miracle’ And Other Psychedelic Feats
by Wolf Richter • • Comments Off on Germany ‘Second Economic Miracle’ And Other Psychedelic Feats
At first blush, the German economy appears to be ailing – at first blush because the stock market, in its omniscient manner, is predicting wondrous developments as it hop-scotches from one all-time high to the next. This relentless optimism has morphed into a breeding ground for projections into outright magnificence. But inconvenient data is getting in the way.
Germany’s Trial Balloon Of A “Plan B”
by Wolf Richter • • Comments Off on Germany’s Trial Balloon Of A “Plan B”
Those close to the epicenter of power, those near Chancellor Merkel, have to toe the line on the euro – it’s far more than just a currency, it’s a sacred concept worth saving no matter what the costs. While the possibility of a small country’s exit from the euro has been accepted, the euro itself has been inviolable in those circles. Until now. An insider offered a “Plan B”; and the euro’s life is limited to five years!
“But The Rising Star Is The USA”
by Wolf Richter • • Comments Off on “But The Rising Star Is The USA”
Austria’s Last Stand Against EU Assault On Bank Secrecy
by Wolf Richter • • Comments Off on Austria’s Last Stand Against EU Assault On Bank Secrecy
“During The Last Crisis, We Had China,” Now We Have No One
by Wolf Richter • • Comments Off on “During The Last Crisis, We Had China,” Now We Have No One
There could not possibly be any clouds on the horizon with the Dow and the S&P 500 setting all-time highs, while the German DAX is marching relentlessly towards 8,000 and the Japanese Nikkei is soaring. But just then, a deeply connected representative of the world’s real economy spoils the rosy scenario.