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France and Germany recently agreed in principle to create a €500 billion three-year fund to relaunch the European economy after the coronavirus crisis. This would be funded by the EU raising funds on financial markets and then using these to invest in those countries and sectors worst-hit by the crisis.

This represents a great leap forward in European integration. In effect, the new recovery fund amounts to an overnight doubling of the EU budget, which normally cannot get into debt, from 1% to 2% of GDP.

This has been achieved thanks to French President Emmanuel Macron’s persistence and German Chancellor Angela Merkel’s . . . desire for a legacy? This is a big about-turn for Merkel, who up to now had always opposed the idea of joint EU debt and had always linked financial support to southern Europe with the most stringent conditions.

For over a decade Merkel had always been tight-fisted with the southern Europeans, even as she wasted hundreds of billions of euros by destroying the German nuclear industry, subsidizing renewable energy boondoggles, and tearing up the EU’s migration rules to welcome 1 million Afro-Islamic migrants into Germany. The latter predictably led to a spike in rape, terrorism, and simple murder against the German people, for which the Chancellor has never been held to account.

Merkel has often claimed she was held back from a more muscular European policy because of the reticence of her “conservative” ruling party, the Christian [sic] Democratic Union. I find that hard to believe given that the CDU has readily accepted Merkel’s destructive atomophobic and oikophobic policies. Actually, I don’t know what goes through the mind of the average CDU apparatchik (from my limited experience: not much).

In practice, this means southern European countries – and potentially others with shaky finances – get to benefit from the EU’s triple AAA debt rating and be able to engage in counter-cyclical spending without facing usurious interest rates. Thus the EU would be delivering on its purported benefits: using scale and north-European credibility for the benefit of all Europeans.

Mind you, the plan needs to be approved by unanimity and for now the “frugal four” – Austria, Finland, the Netherlands, and Sweden – are still opposed. Still, if France and Germany agree, it is likely only a matter of time before something materializes.

As ever, the EU is in a delicate economic position. With the lockdowns, the European economy is going into nosedive. The EU Commission predicts that the eurozone economy will shrink 7.7% in 2020, with Italy, Spain, and Greece all shrinking by almost 10%. The eurozone’s average government debt, which had been painstakingly brought down in recent years, will explode from 86% of GDP in 2019 to 102.7% in 2020.

And consider the debt-to-GDP ratio by country expected for 2020: France and Spain 116%, Portugal 132%, Italy 159%, Greece 196% . . . we note that France is now, macroeconomically, effectively part of southern Europe. By contrast, the Germanic nations of Germany, the Netherlands, and Austria will all have less than 80% debt-to-GDP. The north-south divide in Europe is then more severe than ever, which will make it even more difficult to come to common policies in the eurozone acceptable to all.

The unelected European Central Bank had already injected €750 billion euros into the EU economy (over 6% of GDP). However, the German Constitutional Court (Bundesverfassungsgericht) recently demanded that the ECB justify its actions within three months, in effect rejecting the jurisprudence of the European Court of Justice, which had validated the ECB’s legally highly “creative” policies since 2010.

If the German Court finds the ECB’s policies to be illegal, it could demand that the German central bank, the Bundesbank, ceases to participate in eurozone policies, which would certainly cause the collapse of Europe’s financial house of cards.

This led to an outcry from the usual suspects who consider that the construction of the European Superstate should take precedence over quibblings over the rule of law. The arch-federalist Libération journalist Jean Quatremer excoriated the German Court for “promoting a nationalist and imperial vision of Germany.”

Personally, I cannot be too critical of the Germans in such matters. How many hundreds of thousands of Germans did the Allies incinerate or rape in order to teach them the importance of the rule of law? We can hardly now reproach the Germans for being too attached to this concept.

Legally, this raises the awkward question of Kompetenz-Kompetenz: which court is ultimately competent for deciding competence, the national or the European? While in practice the legal creativity of the European Court has prevailed in the name of the unity of EU law, the fact is that the EU has no constitution as such and hence, in principle, EU actions could be found unconstitutional under national constitutions.

In other news, former EU top diplomat Federica Mogherini has been appointed head of the College of Europe. The College’s alumni and professors complain that she is academically unqualified and that her candidacy, which violates the usual rules of the institutions, is an example of euro-cronyism. If you are ever confused by your authority figures’ empty promises and incomprehensible blather, consider that there is usually a nice big fat paycheck behind it.

What’s more, while remaining implacably hostile to indigenous European nationalisms, the EU has also recently seen fit to tell Iran that it “reiterates its fundamental commitment to the security of Israel.”

It’s cliques and paychecks all the way up.

A majority of my most excellent followers believe that the United States of America will collapse by the year 2050. This is quite possible, though I think later in the twenty-first century is more likely.

In the meantime, the EU is the more rickety construct. A year after losing Great Britain, the bloc’s second-largest economy, the EU will shortly face a new populist wave: “rally-round-the-flag” support for governments is already fraying, the economic devastation will be tremendous and long-lasting, and citizens will demand answers for the coronavirus disaster.

In Italy, to cite perhaps the most important case, support for the national Lega Nord has fallen significantly . . . to the benefit of the even more right-wing Brothers of Italy! – who are now on the verge of overtaking the emasculated faux-populist Five-Star Movement.

We can expect this rickety confederacy of belly-chasing democracies to continue stumbling from one crisis to the next . . .

Hold on to your hats!

 
• Category: Economics, Foreign Policy • Tags: Coronavirus, EU, Merkel 
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  1. And consider the debt-to-GDP ratio by country expected for 2020: France and Spain 116%, Portugal 132%, Italy 159%, Greece 196% . . . we note that France is now, macroeconomically, effectively part of southern Europe. By contrast, the Germanic nations of Germany, the Netherlands, and Austria will all have less than 80% debt-to-GDP. The north-south divide in Europe is then more severe than ever, which will make it even more difficult to come to common policies in the eurozone acceptable to all.

    This is totally false,Willy.

    • Replies: @Catiline
  2. A123 says:

    EU raising funds on financial markets and then using these to invest in those countries and sectors worst-hit by the crisis.

    This represents a great leap forward in European integration. In effect, the new recovery fund amounts to an overnight doubling of the EU budget, which normally cannot get into debt, from 1% to 2% of GDP.

    Two questions immediately spring to mind:

    -1- What is the mechanism to allocate funds?

    Hungary and Poland have had success beating back the anti-democratic EU Elites in Brussels. If those EU Elites are given control of the bond proceeds, it seems likely that they will “reward compliant nations and businesses” instead of helping the “worst-hit”.

    Corona Bonds could easily be a Trojan Horse, with the goal of placing more power in the hands of Merkel and her cronies.

    -2- How will the bonds be repaid?

    Will the new expense to repay Corona Bonds be forced into the existing EU budget? If so — Will donor nations contribute more? Or, will existing EU programs be cut?

    Macron’s support at home continues to diminish (1). The current EU budget band-aid reduced funds to sectors aligned with the Yellow Vest protesters. The massive hole in the EU budget will return when France chooses a new leader.
    ____

    Odds are something will kill the Corona Bond plan before any debt is issued. Merkel will be praised as an economic leader for proposing the plan, even though she did not deliver. A direct parallel to Barack Hussein receiving a Nobel Peace Prize, even though he failed miserably.

    PEACE 😷
    _______

    (1) https://www.politico.eu/article/emmanuel-macron-loses-absolute-majority-in-parliament-france/

    • Replies: @Fuerchtegott
  3. Baby the Rain Must Fall

  4. @A123

    The EU has that price too.

  5. Anonymous[262] • Disclaimer says:

    When Helmut Kohl railroaded a sceptical Germany into the Euro currency – it was never properly democratically examined or debated – he gave an explicit promise to the German people, to overcome their anxieties about this massive transfer of sovereignty and national self determination, that the Euro area would ‘never be a transfer union’, that is monetary union would never be used as a justification of using German taxpayers’ cash to subsidize the deficit spending of countries in monetary union.

    That ‘promise’ has proved to be worthless. Just like all politicians’ promises.

  6. Anonymous[262] • Disclaimer says:

    I think it is fairly safe to make this blanket, sweeping generalisation:

    If monetary union hasn’t succeeded after 20 years – obviously, it hasn’t, just look at the last two decades of meagre stagnant ‘growth’ – then it will NEVER EVER succeed, not in another 20 years, 200 years or 2000 years. In the same way that a private firm or an individual person who hasn’t succeeded in decades will never succeed in the future, no matter how ‘long term’ the future is.

    The tragedy is that the power people are just too stupid, arrogant and pig headed to realise this. To preserve their pomposity they would rather sacrifice the lives and well being of hundreds of millions of little people. They would rather see European living standards no higher than the global average.

  7. German_reader says:

    and tearing up the EU’s migration rules to welcome 1 million Afro-Islamic migrants into Germany

    Must be more like 2 million by now, about 200 000 additional asylum seekers are coming every year.
    Anyway, I support those emergency measures, but I think you and many others in “Latin” Europe don’t appreciate the mood among many Germans enough. If southern Europeans try to use this as merely the first step towards total debt mutualisation, imo a lot of Germans will tire of the EU for good, our capacity for the “solidarity” our leaders always force on us is close to drying up. Personally I also have to say I don’t appreciate the anti-German outbursts of many southern Europeans at all, it’s pretty irritating how so many of them immediately resort to WW2 references and psycho-analyzing the horrible blond beasts. There are more than enough people already who continually try to play the Nazi card against Germans (and no, not just or even primarily Jews as many on Unz review will imagine, also many others like Turks, Africans and other people of color, some of them in German parties), if Mediterranean populists want to join their ranks they shouldn’t be surprised if they’ll be viewed in a similar light by people like me.
    One additional fact you could have mentioned about Mogherini btw: She started her political career in the youth section of the Italian communist party (though at least Italy is somewhat more balanced than most other western countries, insofar as the far right isn’t totally exluded from the political system either).

    • Replies: @U. Ranus
    , @Anonymous
    , @anon
    , @utu
  8. U. Ranus says:
    @German_reader

    a lot of Germans will tire of the EU for good, our capacity for the “solidarity” our leaders always force on us is close to drying up

    Oh, scary. What will happen if Germans “tire”? Past experience suggests that obey harder about sums it up.

  9. Anonymous[262] • Disclaimer says:
    @German_reader

    It has to be remembered that because of so called ‘family reunions’ and the importation of spouses, it can be safely stated that each ‘refugee’ landed in Germany will, ultimately, be responsible for bringing 20 of his compatriots into Germany, in the long term. Thus the Merkel decision will bring in 20 or 30 million darkies into Germany. Getting on for a third of Germany’s current population.
    Of course, the ECJ, which as we all know is supreme over any German court or parliament guarantees and enshrines this ‘right,’.
    So, there’s fuck all any German can do about it.

    • Replies: @German_reader
  10. German_reader says:
    @Anonymous

    Sure, Germany is basically screwed, mass migration will continue and there’s no realistic prospect for mass deportations. AfD, the only opposition party, is now in the process of tearing itself apart and will either cuck out like the FPÖ in Austria or be destroyed by pressure from Germany’s politicized Verfassungsschutz (internal security service for the protection of the constitution). tbh I don’t get why Durocher is so enthusiastic about all this EU stuff, on present trends (which are extremely unlikely to be reversed) all Western European nations will have ceased to exist in any recognizable form in 40-50 years. Fantasizing about a kind of neo-Carolingian empire is meaningless given that reality.

  11. anon[271] • Disclaimer says:
    @German_reader

    Yes, Nazi stuff is lame, if nothing you could play Mittleuropa card if you really want to insult Germany, because this in reality EU is looking like Mittleeuropa plan, highly popular during Weimar era, and before.

    As for the economy it’s not that simple, Greeks for example refused to join EC in the 80s and opposition was pretty much prophetic explained what’s going to happen if they join, but government ignored referendum and joined anyways. So plans were made to turn southern Europe into tourism hotspot while north got to keep industry, this literally started in the 90s when EC rebranded itself into EU, all production quotas and stuff.

    Anyway now when South is pretty much on verge of doom, Germany must try to save them, who’s gonna buy all that German products if they don’t have money for it, not to mention that Chinese goods are cheaper.

  12. eah says:

    France and Germany recently agreed in principle to create a €500 billion three-year fund to relaunch the European economy after the coronavirus crisis. This would be funded by the EU raising funds on financial markets and then using these to invest in those countries and sectors worst-hit by the crisis. …

    This is a big about-turn for Merkel, who up to now had always opposed the idea of joint EU debt …

    I see — a lot is unsaid here: does “three-year fund” mean the money will be spent (“invested”) over three years? — or it must be paid back in three years? — re “raising funds on financial markets”, I doubt there is 500b€ sitting under mattresses for this purpose, just like there wasn’t trillions of idle $ waiting to be spent on US corona “stimulus” — I assume it is the usual scheme: bonds (debt) will be issued, guaranteed by the EU (ECB), but EU (or ECB) bureaucrats will decide how the money is spent (“invested”).

    Look here –> German Rates & Bondsthe only Bund that has a non-negative yield (barely) is the 30 yr, at +0.02% — note the 2 yr yield is 0.65%; 5 yr yield is 0.62%.

    If the money for this “fund” is really coming from “financial markets” (presumably by selling or issuing debt/bonds –?), what will be the interest rate? — surely the “investors” will demand a positive return, right?

    Considering this debt will be guaranteed, in large part by German taxpayers (otherwise what’s the problem for Merkel?), how is this sensible? — when Germany could just issue the debt at current negative rates.

    ?

    As usual, this shit makes no sense to me.

  13. Catiline says:
    @Catilineatwork

    Germany’s debt ratio doesn’t include the substantial cumulative debt of it’s Bundeslander.

    Also the “Germanic” countries have much higher private debt (household+corporations) than does Italy.

    Total national debt-public (including German Bundeslander) plus private- is comparable or worse among the Herrenvolk than it is in Italia.

    Sorry Willy-boy.

    • Replies: @German_reader
  14. German_reader says:
    @Catiline

    Also the “Germanic” countries have much higher private debt (household+corporations) than does Italy.

    Actually that argument is often brought up by EU-skeptics in Germany: they argue that Italy is much wealthier than commonly perceived (whereas Germany is much poorer and weaker than usually thought) and could easily solve its debt problem by taxing its citizens more or raising a one-time contribution on private wealth.
    I make no judgement how accurate that view is, but if Italians themselves are making similar claims it contradicts the strident calls for “solidarity” which threaten apocalyptic consequences if Italian demands aren’t met.

    • Replies: @Catiline
    , @eah
    , @Catiline
  15. utu says:
    @German_reader

    You are annoying. You are whining too much. There is nothing worse than a whining German. The difference between ‘Latin’ Europe and Germany is systemic. Why does Germany has the largest trade surplus in the world? Larger than Japan and China. Why does Netherlands is the fourth country in the world with largest systemic surplus? Do you expect that Greece or Portugal will suddenly build their industries and began competing with Germany’s Mercedes and Siemens and reduce German trade surplus so more money flows to Greece and Portugal? All you offering them is austerity advice of tightening their belt which makes investments and growth impossible. Why do you preach to them the neoliberal witchcraft when the economic success of Germany owes everything to doing against the precepts of this witchcraft? You are behaving no differently than IMF or World Bank behave towards African countries. If you want to have a superstate like EU behave with magnanimity and wisdom not like an arrogant hegemon who looks with contempt at other because they do not follow German values and habits. Do you want the whole Europe be like Germany? There would be no point of having Italy or Greece if they were inhabited by German like people. You Germans are not that special. You have talents and good habits which however exclude other good talents that are necessary for Western civilization to bloom. You have shortcomings and annoying traits and if God has mercy not everybody become like you.

  16. German_reader says:
    @utu

    If you want to have a superstate like EU

    Never wrote I want one. imo creation of the Eurozone encompassing northern and southern Europe was a horrible mistake, maybe aiming at an orderly dissolution of it would be best option, but I don’t know if that would still be possible without catastrophic consequences.

    You are annoying. You are whining too much. There is nothing worse than a whining German.

    Maybe, though I recall you seemed to encourage German whining over distant events like the bombing of Dresden in past comment of yours. Anyway, I brought up my irritation over southern Europeans playing the Nazi card, because imo it shows how deeply flawed the perception of white nationalists like Durocher is. They tend to ignore the very real fractures within Europe too much and think it can all be papered over by their lofty visions of a pan-European empire, which is an illusion.

    • Replies: @utu
    , @A123
  17. Matteo Salvini is all in for EU-transfer-money. Marine Le Pen, head of the Rassemblement National in France is analytically not (yet?) up to the task to understand the EU financial dynamics and policies.
    The big EU-idea is that state-debt is less toxic than it was since negative interest rates balance it always out at practically no cost. – Thing is: Those hurt most by this policy (regular folks in Germany and Austria, for example, who are saving some money for hard times or to build a house etc.) – those regular folks are still doing way better in Austria and Germany than they do in Spain or in Italy. Best analysis of the whole conundrum I’ve come across is Thilo Sarrazin’s Euro-sceptic book “Deutschland braucht den Euro nicht” (Germany does not need the Euro).

    It says a  lot about the European discourse on these basic and quite important subjects, that Sarrazins book is not even translated. Whereas old leftist jack-o-lanterns like Thomas Piketty are discussed worldwide.

    Btw. -Nassim Nicholas Taleb did a good job in analyzing the weaknesses of the European financial policy – there is a quite informative interview with him online with Swiss Television – especially interesting section starting at 18:30 minutes inhttps://www.srf.ch/play/tv/sternstunde-philosophie/video/nassim-taleb—der-mit-dem-schwarzen-schwan-tanzt?id=6d03b632-38e5-4445-9073-b3b3c93605a9

    • Replies: @Guillaume Durocher
  18. Anonymous[233] • Disclaimer says:
    @utu

    Believe it or not, you’ve just written the best exegesis of Brexit I’ve ever read.

    • Thanks: utu
  19. Catiline says:
    @German_reader

    No time now, but I was taking issue with how Willy-boy framed the the question.

  20. utu says:
    @German_reader

    “Maybe, though I recall you seemed to encourage German whining over distant events like the bombing of Dresden in past comment of yours. ” – I did not encourage whining but having more assertive historical politics and if you had it, I think, you would hear less frequently the Nazi card being played that rightfully irritates you so much.

    • Replies: @eah
    , @German_reader
  21. Svevlad says:

    How the fuck do you get debt so high? Serbia literally has a constitutional limit on debt, that’s absurdly strict – 45% of the GDP

    • Replies: @Rattus Norwegius
  22. eah says:
    @utu

    I did not encourage whining but having more assertive historical politics and if you had it, I think, you would hear less frequently the Nazi card being played that rightfully irritates you so much.

    Uhh, sorry, aber nö — wann Sie so was behaupten bzw. glauben, dann haben Sie keine Ahnung von Politik in Deutschland — das Nazi-Geschrei wird nur lauter — gerade gestern hat ‘Björn Höcke ist ein Faschist’ schon wieder auf Twitter getrendet.

    • Replies: @eah
  23. German_reader says:
    @utu

    It’s not just the Nazi card issue though. Your framing of the issue as “arrogant Germans want to keep charming Mediterraneans” down may not be totally incorrect, but at most it’s only one aspect of the situation. The mood among a non-trivial part of the German population is already pretty bad, perception is that taxes are far too high, rotten elites are enriching themselves, handing over money to every “refugee” parasite crossing the border etc. Taking on huge fiscal obligations for the benefit of France and Mediterranean countries is bound to lead to resentment under such conditions, all the more so given how completely tone-deaf southern European politicians like Sanchez are with their self-righteous calls for “solidarity” (when exactly did Spain ever show “solidarity”? It was a major recipient of very large EU funds for many decades). EU-skepticism will also increase massively in Austria, the Netherlands, Denmark and Finland. They’ll also resent Germany immensely, because there’ll be a not inaccurate perception that in the end it’s only the Franco-German axis deciding everything, while the interests of smaller countries in the north don’t matter at all. And it might not even stop with them, I’ve even read claims that Poland might turn out to be a net loser under the planned EU “reconstruction” schemes…will Poles regard that as just?
    To a large extent this is also about Germany’s relationship with France. There’s a perception among some Germans (not often articulated in official discourse since France is of course our best friend ever, haha) that it’s a very one-sided relationship, with France trying to get access to German financial power, so it can play leader in Europe and boss around “lesser” nations…while completely refusing any meaningful sharing of sovereignty which could reduce France’s status. Will France offer to share its nukes or its UN security council seat with other Europeans? I very much doubt it.

    • Replies: @utu
  24. A123 says:
    @German_reader

    imo creation of the Eurozone encompassing northern and southern Europe was a horrible mistake, maybe aiming at an orderly dissolution of it would be best option, but I don’t know if that would still be possible without catastrophic consequences.

    The single € currency cannot survive in the long run.
    — German industrial policy guarantees that there will be a net € flow into the country.
    — There is no mechanism creating an offsetting € flow out of Germany.
    If Germany tries to stay in the €, the imbalance will continue to create economic havoc. And, inevitably there will be a catastrophic confrontation.

    Germany needs to reintroduce the DM and leave the € as soon as possible. That would:
    — Allow exchange rates to begin coping with the imbalance.
    — Buy time needed for an orderly wind down of the € Zone.

    PEACE 😷

  25. eah says:
    @eah

    Zum Beispiel:

    • LOL: Digital Samizdat
  26. @utu

    As explained by German_reader above the Eurozone was a bad idea.

    The intentions were noble (to lessen exchange rate risks and stabilize monetary policy) but the problem was apples and oranges economies. It makes more sense for countries more closely integrated economically with Germany like the Netherlands.

    Remember Black Wednesday? The UK crashed out of the European Exchange Rate Mechanism (ERM) because of economic differences. Financial parasites like George Soros made a ‘killing’. Black Wednesday probably saved the UK from the current Greek tragedy and enabled Brexit.

    • Replies: @utu
    , @Anonymous
  27. utu says:
    @German_reader

    What kind of money re we talking about? EU budget is not that big.

    “The EU has agreed on a budget of €165.8 billion for the year 2019, representing around 1% of the EU-28’s gross national income (GNI). The EU has a long-term budget of €1,082.5 billion for the period 2014–2020, representing 1.02% of the EU-28’s GNI.”

    It is 21 times smaller than the budget of the Fed. Gov. of the US.

    Germany, with a net contribution of €12.8bn, was the largest contributor
    https://www.bbc.com/news/uk-politics-48256318

    VW supposedly paid $25 billion for the ‘Dieselgate’ which is twice what is Germany net contribution to the EU. Your, as a German citizen, personal net contribution to the EU is about €150. Th average German spend more on beer.

    Tell me once again what you, Europeans, are really squabbling about? Peanuts?

    • Replies: @Catiline
  28. utu says:
    @Amerimutt Golems

    EU was a good idea if limited to economic matters. It is bad idea when it is taken over by cultural ideologues with an agenda. But G_r whines about money. How big is Germany net contribution to the EU? About 12 billions which is several times less than what Germans spent on beer. About 150 euros. And he is whining.

    • Replies: @German_reader
    , @songbird
  29. @Dieter Kief

    Sarrazin’s book has been translated in French, as has David Engels’ Le Déclin.

    • Replies: @Dieter Kief
  30. Anonymous[321] • Disclaimer says:
    @Amerimutt Golems

    No.

    The *real* intention was never to ‘lessen exchange rate risks’ or to ‘stabilize monetary policy. No. Those were mere sops to con (in both the French and English sense!) the gullible.
    The real intention was to use monetary union as a lever to force political union and then a full federalist superstate, the United States of Europe.
    All this, as it happens, is implicit in the Treaty of Rome, signed way back in 1957.

  31. Anonymous[321] • Disclaimer says:

    The reality is that there is no ‘European interest’ or ‘European identity’.
    There *is* however a German interest and identity, a French one, an Italian one, an English one etc etc.
    One day people will wake up and realise the obvious.
    A bit like black/brown immigration into Europe. An *OBVIOUSLY” shitty idea, but it continues because the power people are insanely deluded and want to keep it going.

  32. German_reader says:
    @utu

    Beim Geld hört die Freundschaft auf. Anyway, I’ll cease my “whining”, we’ll see how this all turns out. No one should be surprised about a strong increase of EU-skepticism in northern EU countries though.

  33. How many hundreds of thousands of Germans did the Allies incinerate or rape in order to teach them the importance of the rule of law?

    Are you being ironic or sarcastic here, Guillaume? Allied behavior in WWII, such as using incendiary bombs on civilians, had nothing to do with the rule of law. The lesson of WWII, sadly, is that victor’s justice is the only justice.

  34. @Guillaume Durocher

    L’allemangne Disparait – Deutschland schafft sich ab (= Germany Does Away with Itself, Steve Sailer) has been translated in French, you’re right. But the one I spoke about: Germany Doesn’t Need the Euro – no. And there are no other translations of any of his numerous books – all of them great.

    – The German publisher DVA, owned by the Frankfurter Allgemeine Zeitung, is ashamed of its – by far! – most successful author – that might explain this translation-failure at least in part. There is nobody working in that direction.

    I’m sure, his books will be translated though, just because there’s nobody around who would be as good in analyzing the economy (and society, and politics) of modern-day Europe (and Germany – and Angela Merkel (best essay about Merkel I’ve come across so far – by Thilo Sarrazin in: Angela Merkel – Eine kritische Bilanz, hrsg. von Phlipp Plickert, München 2017).

    • Replies: @Guillaume Durocher
  35. @Dieter Kief

    A shame we are so disconnected from much of the German discourse!

    • Replies: @Dieter Kief
  36. eah says:

    Übrigens it’s apparently now 750b€ (i.e. 50% more) — with the US spending trillions for corona “stimulus”, 500b€ did seem paltry in comparison.

    link

    Das von der EU-Kommission vorgeschlagene Wiederaufbauprogramm im Zuge der Corona-Krise soll mit 750 Milliarden Euro noch üppiger ausfallen als das neulich von Merkel und Macron angedachte 500 Milliarden Euro-Programm.

  37. @Guillaume Durocher

    Usually, I don’t care. I have mostly given up explaining Jean Paul to the world or Wilhelm Busch, or Johan Jacob Christoffel von Grimmelshausen. But in the case of Thilo Sarrazin, there is something happening here, and I don’t know what it is. I’m baffled and – curious.

    You find quite a few articles about an – interesting, ok – author like Jean-Claude Michéa in the German press by Jürg Alwegg in the FAZ and Martina Meister in die weLT for example. The Berlin press revue Perlentaucher wrote about him in April. His latest book has been translated in German and has been published by Matthes & Seitz, no nobody in the German public. – Whereas a writer like Thilo Sarrazin goes almost completely unnoticed in France with one of his five rather brilliant books translated (none of them in English or any other language I’d know of with the one exception of his first book being translated in French. I could name you quite easily a dozen French writers on politics, who are vividly discussed in Germany – the same for the English speaking world of course, – which is something different altogether, ok).

    Thilo Sarrazin is the most interesting German writer on politics and economics in the last ten or so years, and he did get across to a huge audience – so this should spark some interest – but it hardly does. As I said: I’m curious, I would really like to understand what is going on here.

    • Replies: @German_reader
  38. German_reader says:
    @Dieter Kief

    I could name you quite easily a dozen French writers on politics, who are vividly discussed in Germany

    Eh, which ones exactly?
    My impression is that there’s little overlap in the political discussions of different European countries, it’s all very superficial, with everyone talking past each other. What actually exists is a lowest-common-denominator discourse in English where America’s pernicious political culture is the trendsetter (very pronounced among both SJWs and the more modern kind of far right activists, both of them get many of their talking points from the US).

    • Replies: @Dieter Kief
  39. @German_reader

    Those who read Jürg Altwegg, Martina Meister, Michaela Wiegel, Der perlentaucher, die weLT, Der Spiegel, NZZ, Achgut and a dozen other German outlets. ok. – those do know not only the big names like Michel Houellebec, Bernard-Henry Lévy, Francois Furet, Marcel Gauchet, Michel Onfray, Pascal Bruckner and Michel Houellebecq, Emmanuel Todd,  but also Emanuel Carrère, Didier Eribon (dayly mentions in the German press at times – also high frequencies in Deutschlandfunk, SWR, HR and other PBS staions as well as in the literary magazines in ZDF, SFDRS etc)), intellectual/ photographer Raymond Depardon, Christophe Guilluy, Jean-Claude Michéa, Elisabeth Badinter, Elham Manéa, Camel Daoud, Fawzia Zouari, et. al. ….

    • Replies: @German_reader
  40. German_reader says:
    @Dieter Kief

    Those who read Jürg Altwegg, Martina Meister, Michaela Wiegel, Der perlentaucher, die weLT, Der Spiegel, NZZ, Achgut and a dozen other German outlets. ok

    Ok, I don’t read any of them anymore, German mainstream media doesn’t interest me (nor fake “dissident” garbage like Achgut). I recognize some of the big names (Houllebecq, Levy, Furet, Bruckner, Todd; have also heard of Guilluy who is some sort of sociologist iirc), but apart from Furet who has been dead for 20 years and who might be worth reading (not least in his correspondence with Ernst Nolte) I’m unconvinced the rest offer much of worth.
    The other names you mentioned…no idea who these people are, nor will 99% of the German population. Sorry, but that Francophile boomers still reading newspapers may have heard their name once, doesn’t mean there is lively debate about those people and their thought in Germany.
    One Frenchman you could have mentioned though, because his ideas do have some presence among the German fringe right at least (even if elements of them are criticized), is Alain de Benoist, but I suppose that’s already too far out there for polity company.

    • Replies: @Dieter Kief
  41. Catiline says:
    @German_reader

    Actually that argument is often brought up by EU-skeptics in Germany: they argue that Italy is much wealthier than commonly perceived (whereas Germany is much poorer and weaker than usually thought) and could easily solve its debt problem by taxing its citizens more or raising a one-time contribution on private wealth.I make no judgement how accurate that view is, but if Italians themselves are making similar claims it contradicts the strident calls for “solidarity” which threaten apocalyptic consequences if Italian demands aren’t met.

    The whole point of eurobonds is to take advantage of the lower interest rates that the Anglo-American financial tyranny denies the PIIGS.

    The Anglo-American financial tyrants are deliberately squeezing them in an effort to provoke a crisis and break the euro.

    The A-As want to break the euro because it threatens the US dollar’s status as world reserve currency.

    If the dollar loses it’s status as world reserve currency the Anglos lose their squalid empire.

    Which is why German EU skeptics are dupes and useful idiots.

    Thank you and have a nice day.

    • Agree: utu
    • Replies: @eah
    , @German_reader
  42. Catiline says:
    @utu

    Germany’s trade surplus with Spain alone is €13. With Italy €11. With France €46. Und so weiter.

    He’s a greedy useful idiot and a dupe.

    • Replies: @German_reader
  43. German_reader says:
    @Catiline

    He’s a greedy useful idiot and a dupe.

    Meh, no need to insult me, I’m open to arguments.
    But probably what one has to expect on this shit site. Waste of time.

    • Replies: @Auch Gast
  44. eah says:
    @Catiline

    The whole point of eurobonds is to take advantage of the lower interest rates that the Anglo-American financial tyranny denies the PIIGS.

    Also to make everyone in the Eurozone, especially Germans, responsible for paying the interest and principal — but the rate would still be positive, whereas the only Bund maturity with a positive yield right now is the 30 yr — so it would all be cheaper still if the Germans just surreptitiously issued the debt themselves, right? — if as you say the “whole point” is lower interest rates — it’s also politically significant in that it’s a further step in the direction of creating a United States of Europe, which many EU elite would like.

    The A-As want to break the euro because it threatens the US dollar’s status as world reserve currency.

    “LOL” — the euro is no threat whatsoever to the USD: dollar hegemony is based on US political and military hegemony, and Europe in no way threatens that — the euro has actually fallen vs the dollar since the trillions in US money printing stimulus for corona was announced.

    Which is why German EU skeptics are dupes and useful idiots.

    This is a non-sequitur and does not follow at all.

    Some Germans are skeptical of the EU because they see it as just another tax burden; another group of useless elite bureaucrats ruling over and exploiting them, when Germans have already been ‘governed into poverty’ (“in die Armut regiert wurden”) by their own politicians.

  45. Auch Gast says:
    @German_reader

    Your own fault. You try to reason, while they are in constant attack mode. You admit to nuance while they always employ ridiculous hyperbole. You plead for fairness while they are always fueled by their constant med-butthurt.

    What outcome did you expect, you square headed kraut?

    • Replies: @Catiline
  46. @Svevlad

    Such limits are probably more useful in the relativly more corrupt countries. What’s the point for a country to take a loan, if hypothetically 20% is pocketed?

  47. German_reader says:
    @Catiline

    The whole point of eurobonds is to take advantage of the lower interest rates

    I know that, but it doesn’t answer my question why Italy can’t use the private wealth of its citizens (who as you’re writing yourself are less indebted than in northern countries) to reduce its debt burden, which should enable it to borrow at more favourable rates through its own efforts.
    And I actually even wrote in my first comment in this thread that I’m in favour of the planned recovery programme.
    However I haven’t yet seen an argument why one should trust the current governments in Spain and Italy to use the funds constructively. Both are composed of rotten socialists, leftie populists and outright Marxists. The very type of people who are responsible for Italy’s and Spain’s public debt issues. It’s hard not to suspect that they’ll be tempted to use any fiscal benefits from the recovery programme for the usual clientelism.
    And putting conditions on the use of recovery funds brings out the usual complaints about “muh austerity” and “colonization”.
    imo the way things are going now there’s a strong chance that this will eventually break the EU, with extremely bitter recriminations between north and south.

    • Replies: @Catiline
    , @A123
  48. Catiline says:
    @Auch Gast

    Snow-niggers like you are the lowest of the low.

    • Replies: @Auch Gast
  49. Catiline says:
    @German_reader

    We’ve gone through this. You’re hopeless. Now I know what Nietzsche meant when he referred to Luther as “that German monk”.

  50. A123 says:
    @German_reader

    I know that, but it doesn’t answer my question why Italy can’t use the private wealth of its citizens to reduce its debt burden, which should enable it to borrow at more favourable rates through its own efforts.

    European tax rates are so high that individuals have gone to great lengths to protect what they have managed to keep. This another strategy with a 100% fail rate. There is no way for an Italian government to tax its way out of the hole intentionally created by Elite German industrial policy.

    As demonstrated in Greece, the proposed solution of Austerity Economics is also a failure.

    Then only options that I can see are either:
    — Massive national defaults, which will wipe out Deutsche Bank and other major German financial institutions.
    — Substantial Euro devaluation, which would wipe out personal savings of private German citizens.

    … the way things are going now there’s a strong chance that this will eventually break the EU, with extremely bitter recriminations between north and south.

    If Elite German Globalist leaders stay in the € and refuse to change Industrial Policy. The EU will break and Germany will be blamed. The smart move would be for Germany to exit the € Currency Zone sooner rather than later.

    For this to happen, the German people need to get rid of badly out-of-touch Elite German leaders. Unfortunately, I do not see any moves by the German people to obtain new leadership. The only serious reform party is AfD. The smear campaign against them has been unfair but effective. The German system makes coalitions nescessary, and AfD is now toxic as partner.
    ____

    I empathize with your sitution. Barack Hussein was a despicible, evil, tyrant who did his best to sell out the U.S. He never represented U.S. Citizens, yet we received the blame for his misdeeds. Trump has spent 4 years undoing the poisonous legacy of Barack Hussein’s misrule. Yet, posters here often whine about Trump’s lack of progress.

    PEACE 😷

    • Replies: @Catiline
  51. @German_reader

    Michel Onfray and his new nationalism are widely discussed. As are Eribon, Carrère (- his Limonov is a great book- I highly recommend it!), Elisabeth Badinter, Fawzia Zouari, and Camel Doud, When it comes to immigration, integration Islam, etc.
    Jean-Claude Michéa did surface in the last months, but also in the context of David Goodhart’s somewhere/anywhere dichotomy. Michéa is one of those who understood -like Götz Kubitschek, that one of the big weaknesses of the traditional left is their rootlessness.

    It strikes me as if there would be a slight imbalance if I look at the reception of french intellectuals in Germany and vice versa. That is mirrored in the number of translations too. – There are many more translations of french books into German than the other way round. – This imbalance is even bigger if one compares the US and Germany. A meager 150 or so belletristic books were translated last year into (American) English, whereas 3500  American novels and crime fiction books etc. were translated into German. 
    As I said above, I hardly complain anymore about this imbalance. But then there are exceptions – and in the case of Thilo Sarrazin, I just don’t see anybody who would do what he has done, as far as analytical skills are concerned.
    That’s why I love to read Guillaume Durocher because he makes at times the same points as Thilo Sarrazin does. Thilo Sarrazin’s perspective is very rich because he not only understands the technical aspects of economic analysis but also the practical steps which are necessary for modern-day parliamentary politics to get things done.

    • Replies: @German_reader
  52. Auch Gast says:
    @Catiline

    Great riposte. This really displays your superior wog refinement.

    • Replies: @Catiline
  53. German_reader says:
    @Dieter Kief

    It strikes me as if there would be a slight imbalance if I look at the reception of french intellectuals in Germany and vice versa. That is mirrored in the number of translations too.

    Well, tbh what is there to translate? Ok, you mentioned Sarrazin, but in his books about IQ and immigration he’s merely a popularizer of other people’s work, not an original thinker. And his works on economics and the Euro are unlikely to find a receptive audience outside of Germany.
    More generally, Germany today seems like a cultural and intellectual wasteland to me, imo there isn’t much besides pedestrian politically correct propaganda and endless navel-gazing about the German past. Some fringe right-wingers like Kubitschek, but they’ve got their own issues, and probably aren’t interesting to anybody not involved in German politics.
    There’s Ernst Nolte of course, his late work Historische Existenz (which he regarded as his magnum opus and attempted to deal with general themes in history) seems not to have been translated into English, I suppose because he had become a non-person at that point.

    • LOL: eah
    • Replies: @eah
    , @Dieter Kief
  54. eah says:
    @German_reader

    Some fringe right-wingers like Kubitschek, …

    He’s only a ‘fringe right-winger’ because that’s what the media makes him out to be, just like Höcke ist ein Faschist because the media says he is — Sie reden von “pedestrian politically correct propaganda”, yet seem unable to see that you are a victim of it.

    Einfach ein Paar wachsen lassen.

    More generally, Germany today seems like a cultural and intellectual wasteland to me, …

    Eben — aber eher politisch werde ich sagen — for a long time ruled by a Große Koalition consisting of the two main parties, one of which really ought to always be in the opposition — meaning (excluding the AfD) there is simply no real opposition anymore, just a dictatorship by the Systemparteien — but most Germans are too naive (or dumb) to see that they live in a Scheindemokratie — even if it ever came to that (and it should have long ago), Merkel would be at no risk of losing a no confidence vote because the Greens would support her — and that tells you really all you need to know.

    • Replies: @German_reader
  55. @German_reader

    Egon Flaig has quite some interesting things to say, as does Rolf-Pete Sieferle (whom I studied with in Konstanz), nd heiner rindermann (Cognitive Capitalism – really interesting) – as are Gunnar Heinsohn’s books and Detlef Rost’s and Rüdiger Safranksi’s – I’d even mention writers like the historian Heinrich-August Winkler and ex- Constitutional Court president Dieter Grimm – both commented quite straightforward on the BVerfG-decision concerning Eurobonds and the EuGH. I agreed wholeheartedly with them.

    Then there is Michael Klonovsky – not only a great novelist up there with Carrère quite easily (Zeit der Wunder), but also a great essayist – not to forget Frank Böckelmann, Spiritus Rector of the quaterly TUMULT… and that is only the beginning of a great list of at least here on unz usually completely overlooked German intellectuals who do indeed have something to contribute to the analysis of our times (statistician Walter Krämer, energy-expert Frank Henning,essayist and novelist Bernhard Schlink).
    PS
    I’m glad you did not dismiss Thilo Sarrazin altogether…you’s much too harsh on him, but this is nothing special.

    • Replies: @German_reader
  56. German_reader says:
    @eah

    He’s only a ‘fringe right-winger’

    It wasn’t a value judgement on my part, I don’t object much to Kubitschek (apart from the idiotic stance his magazine has taken on the Coronavirus), but he’s considered fringe by the German mainstream (all the more so since he’s now under surveillance by the Verfassungsschutz, which is of course an outrageous abuse of power). And I can’t think of a reason why someone in France would want to read him, he’s mostly dealing with specifically German issues.

    • LOL: eah
    • Replies: @eah
  57. German_reader says:
    @Dieter Kief

    Gunnar Heinsohn’s books

    Gunnar Heinsohn is a despicable fraud who believes all manner of idiocies (e.g. invented middle ages, his thesis about the early modern witch craze being an anti-contraception programme is also absurd). Recently read an interview with him on Tichy’s Einblick about Coronavirus where he basically said it’s a hoax…what an asshole, he should catch it himself. Baffles me why this guy (a professor for Sozialpädagogik) is taken seriously.
    Rindermann is known in the Anglophone world, and Schlink even got a Hollywood movie based on one of his novels. Flaig and Sieferle might be interesting for an international audience for their historical works, but I don’t think they’ve got any special insights one couldn’t get from other historians. As for the rest…meh, who cares. Someone like Winkler is just a propagandist for “federal republic is the best Germany there ever could be”.
    Germany today produces nothing original or of a more general interest, it’s intellectually sterile.

  58. Didn’t know that he thinks the Middle Ages were invented. Heinsohn and others said basically, that there will be no second wave – and that the CO-19 pandemic is over. – A few days later Christian Drosten came up with his assumption, that – there may be no second wave…
    Gunter Frank and Bodo Schiffmann have some valid points concerning CO-19, to which Heinsohn and others refer with good reasons in their paper.
    What Heinrich-August Winkler and Dieter Grimm and Bernhard Schlink (in august 2019 in a one page long quite interesting essay in the FAZ) wrote is central to the actual European discussion about the power of the EZB and the EuGH. – I’d love to find texts by other experts in other European countries, which are as dense and as clear in stating what – – – Thilo Sarrazin has been saying for quite some time now (since at least 2012 in Deutschland braucht den Euro nicht) – that a depotentialization of the national constituencies in Europe is taking place.

    If you look at what Winkler and Grimm wrote in April and May 2020, you’ll find that Sarrazin has now found supporters, who are – other than him – being widely respected in the German (and European? – that’s the big question) public.

  59. German_reader says:

    https://www.ilfattoquotidiano.it/2020/05/29/recovery-fund-m5s-usiamo-quei-soldi-per-abbassare-le-tasse-il-ministro-amendola-no-sono-destinati-a-investimenti/5817433/

    M5S politicians would like to use the recovery funds for lowering taxes.
    This won’t go over well in northern countries.

  60. eah says:
    @German_reader

    It wasn’t a value judgement on my part, …

    Achso — Sie haben geschrieben “Some fringe right-wingers like Kubitschek, …”, which is you calling or labeling him a ‘fringe right-winger’, oder? — then you disingenuously say that’s not a “value judgment” on your part, aber wie Sie schon wissen müssen, it’s definitely a way the German political and media establishment makes a “value judgment” — they denigrate people this way — it’s basically an ad hominem at this point, one which you repeated.

    Like I said: you are unable to see how you are a victim of this kind of moralizing propaganda.

    (apart from the idiotic stance his magazine has taken on the Coronavirus)

    What’s “idiotic” about it? — that he believes in freedom, and doesn’t think the government (“idiotic” doesn’t begin to describe those people) should have the power to intervene so dramatically in people’s lives? — yes, that’s really “idiotic”.

    “Typisch Deutsch” — “LOL”

    • Replies: @German_reader
  61. German_reader says:
    @eah

    What’s “idiotic” about it? — that he believes in freedom, and doesn’t think the government

    I’m against freedom, and those people whining about the (rather mild) shutdown are pathetic crybabies, wouldn’t have lasted one minute in 14/18 or 39/45. In case of a national emergency like a pandemic freedom has to take a back seat, public health is more important. If you think pensioners should just die for the economy, you aren’t a patriot.
    The right in Germany has too many libertarian idiots, I don’t regard such people as allies, they should be put in concentration camps and reformed through hard manual labour.

    • Disagree: schnellandine
    • LOL: eah
  62. Catiline says:
    @Auch Gast

    I thought that would be all the refinement a snow-nigger like you can handle. I was wrong.

  63. Catiline says:
    @A123

    Twenty years of Nordic imposed austerity on Italy and this is all German_reader can come up with.

    I’m sure G_r is a fine gentleman but this is truly shameless and barbaric.

    https://www.spiegel.de/wirtschaft/soziales/corona-krise-und-euro-bonds-deutschlands-fatales-zerrbild-von-italien-kolumne-a-09ded59c-4d98-4592-86dd-dae5f6d84615

    [MORE]
    Wie viel der Italiener in jüngster Zeit tatsächlich geschludert hat – und ob überhaupt -, lässt sich besser aus der Entwicklung der laufenden jährlichen Staatsbudgets ablesen. Da fahren Italiens Regierungen seit 1992 Jahr für Jahr Überschüsse im Etat ein, wenn man herausrechnet, was als Zinszahlungen für die Bedienung der Altschulden draufgeht. Sprich: Der Staat gibt seit 30 Jahren weniger für seine Bürger aus, als er ihnen abnimmt. Mit der einzigen Ausnahme des Weltfinanzkrisenjahres 2009. Das ist Rekordsparen, nicht Schludern, liebe schwäbische Hausfrau.

    Zur Katastrophe ist all das seit der Eurokrise geworden, als Regierungschefs wie Mario Monti unter internationalem und gerade auch deutschem Druck eine Reform nach der anderen durchzogen. Mal am Arbeitsmarkt, mal für die Rente. Dolce vita? Blödsinn. Seit 2010 sind die öffentlichen Investitionen in Italien unter dem Spardruck um 40 Prozent gesunken, so Stirati. Ein regelrechter Kollaps. In Bildung wird heute staatlich fast ein Zehntel weniger investiert. Irre.
    Anzeige

    Alles in allem stagnieren die realen öffentlichen Ausgaben in Italien seit 2006. Zum Vergleich: In Deutschland sind sie seither um fast 20 Prozent gestiegen. Und das lässt sich, liebe Schlaumeier, auch nicht als vermeintlicher Ausgleich dafür legitimieren, dass vorher beim Italiener zu viel ausgegeben wurde. In Deutschland gibt Vater Staat pro Kopf ein Viertel mehr aus als in Italien. Was in diesen Wochen elend zu spüren ist.

    Das alles wird in der aktuellen Coronakrise zu einem unfassbaren Drama: Auch die öffentlichen Gesundheitsausgaben haben Italiens Regierungen seit 2010 gekappt – während zeitgleich in Deutschland pro Kopf Jahr für Jahr mehr ausgegeben wurde. Was dazu geführt hat, dass in Italien beim Ausbruch der Pandemie jetzt umso mehr Betten fehlten und Menschen gestorben sind, die heute womöglich noch leben könnten. Keine direkte Schuld deutscher Politiker, klar. Aber höchste Zeit, mit irrigen Belehrungen aufzuhören – und zur Behebung des Desasters beizutragen, lieber Herr Schäuble. Oder mal “scusi” zu sagen.

    Stattdessen schreiben deutsche Welterklärungsclowns allen Ernstes in diesen Tagen noch über die “Kreditsucht” der Italiener. Auch hier ein kleiner Faktentipp: Die privaten Schulden liegen gemessen am Bruttoinlandsprodukt in kaum einem Land der EU so niedrig wie in Italien.

    Noch Fragen, warum in Italien in den vergangenen Wochen der Anteil derer, die die EU verlassen wollen, auf über 50 Prozent gestiegen ist? Um das zumindest ansatzweise zu verstehen, muss man sich nur einen Moment in jene Menschen in Mailand oder Bergamo hineinversetzen, die seit Jahren all die oben zitierten Kürzungen im täglichen Leben zu spüren bekommen haben, wegen überlasteter Krankenhäuser womöglich gerade ihren Vater oder ihre Mutter verloren haben – und jetzt von deutschen Großkotzen lesen, sie hätten ja mal sparen können. Manchmal ist es einfach nur unangenehm. Denen würde ich als Italiener auch irgendwann “Verpisst euch!” sagen.
    Alle Artikel zum neuartigen Coronavirus

    All das lässt sich nicht den Deutschen an sich vorwerfen. Dahinter steckt eher ein großes Versagen von denen, die bei uns fachlich ziemlich freihändig Politik machen, sich als Ökonomiepäpste gerieren oder sonst wie in Ressentiments ergeben. Und die aus Faulheit oder Was-auch-immer lieber Klischees umrühren, als sich mit Menschen und relativ simplen Regeln makroökonomischer Analyse und Statistik zu beschäftigen. Da reicht es eben nicht, immer nur Italiens Altschuldenquote aufzusagen.

    Wenn Italiens Staatsschulden nach der Eurokrise eher wieder gestiegen sind, kann das nicht am mangelnden Sparen liegen. Wer in Krisen kürzt und Steuern anhebt, macht wirtschaftlich und dadurch im Etat einfach alles nur schlimmer – und hat am Ende mehr Staatsdefizit und Schulden als vorher. So etwas müsste mit etwas gutem Willen auch in Deutschland zu vermitteln sein. Wir sind ja nicht durchweg blöder als andere.

    https://www.ilprimatonazionale.it/economia/nazione-fondata-evasione-fiscale-olanda-vero-parassita-158143/?fbclid=IwAR0IF2oDI3m-yBk8efyQLquMSc3TYLuD-bnQV5wTT4VT9LetG9U_1Djuh2k

    Indovinello. Ci sono due nazioni: una tiene i conti sotto controllo (almeno stando ai desiderata Ue) con consistenti avanzi primari di bilancio da trent’anni, ha una posizione sull’estero ormai in territorio positivo – il che, accostato ad un rilevante surplus di bilancia dei pagamenti, la rende perfettamente solvibile salvo atti di sabotaggio economico – e almeno fino al 2007, prima cioè dell’esplodere della crisi legata i mutui subprime, riduceva costantemente il proprio debito pubblico e vale l’11% del Pil europeo; l’altra invece ha fatto anni di deficit ben superiori alla nota “regola” del 3%, vale meno del 5% del Pil Ue e le sue finanze campano a scapito di quelle degli altri. Quale di queste è l’Italia e quale invece l’Olanda? Roma risponde alla prima descrizione, Amsterdam alla seconda.

  64. songbird says:
    @utu

    It is notable how Germany’s EU contribution comes under much more scrutiny, through passive nationalism – just through the process of crossing borders, than the undoubtedly much greater amount spent on non-Europeans within Germany. The same could be said of many “net contributors”, and perhaps Spain and Portugal as well, though they are on the other side, with perceived losses, though paper gain.

    The North-South divide is surely much less extreme than the divide between Europeans and non-Europeans. Ideologically speaking, that is why they cannot allow the EU to fracture, as it would give the lie to the project of multiculturalism.

    • Replies: @Anonymous
  65. songbird says:

    Countries should consider special-issue “demographic bonds” to gently remind buyers of demographic trends and test the waters to see how salable they are.

    For instance, a Eurabia bond which matures in 50 years for the EU. A Brazil del Norte bond for the US, for the same period.

  66. Anonymous[423] • Disclaimer says:
    @songbird

    Even the austerity whipped nations of southern Europe waste *billions* of euros supporting black/brown invaders which fucking shitty EU law *DEMANDS* they take in.
    Even bloody bankrupt Greece is forced to support these dirty bastards.

    • Agree: songbird
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