Germany is kicking away props of global recovery

guardian.co.uk/commentisfree … l-recovery

Erm, how dare they work hard and not get into excessive debt for the past 10 years.

Its their duty to bail out every other country who spent the last 10 years partying!

I love the way he creates an equivalence between German elites and ordinary German people who almost certainly knew little of the decisions the former were taking.

There is one thing for sure, the idle and prosperous retirement that the top dogs in government and Deutsche bank look forward to is not under threat. Just the guy who has spent 40 years on a factory floor and hasn’t a clue what a derivative is.

and see here for a similar argument
irisheconomy.ie/index.php/20 … ment-47986

sometimes one despairs…

I expected there to be some twist at the end where he revealed he was talking about Greece instead of Germany.

The article and the irisheconomy.ie comment seems to all come from the “Relax the regulation for Anglo!” and “If only we could devalue!” school of thought. They seem to entirely miss the point that the purpose of an economy is to produce stuff people want or need not to simply give people something to do for 8 (or so) hours a day.

Boy if only those Germans would hand over their productive output in return for our stuff nobody wants we could keep the party going a couple more years!

That Brian O’ Hanlon dude’s a fucking loon. I’m amazed you even took the time to read his comment.

Every economic discussion can be explained, in his eyes, by analogous experiences he’s had working for Liam Carroll.

From that comment you linked to:

LOON!!!

Remind me again who got to retire at 60 and who at 65? Greece was one of them and Germany the other. Remind me again why it is not a good idea to save up for your retirement?

This is not about giving a free pass to Germany - they should have seen the problems coming themselves (as it was their money they were investing), but instead let it lie because they were making money. To blame them and their cradle-to-grave socialism for them being really good at capitalism is weird, if not downright stupid.

It does, though, expose the modern growth story as a myth. It only works if everyone destroys their own profits. And the best way to do that is to encase it in concrete and live in it (or rent it out to someone else at a loss…). If you are not stupid enough to do that, you don’t deserve to be rich ™.

Maybe it is an innocent mistake but he refers to Angela Merkel as a male, in a post where he is condemning Germans for not knowing what is going on in the periphery of the EU.

Edit: maybe he is referring to the German economist

He used to write the same long, long posts on archiseek.com - one needs to learn how to use the scroll function.

All that money Stavros, Jose and Paddy pissed up against the wall…where did it come from in the first place? A lot must have come from Germany, right?

Actually, I think there is a thread in this but don’t you hate those men/women who you work with that like to continually like to remind you of their experience with little anecdotes.

  • I have 15 years of exprience…
  • In my last company…
  • We never did it that way when I used…
  • Blah, blah, blah…

Not saying that there aren’t cases when something useful might come out of it but it usuallly is used to cover severe limitations. I used to get it a lot more when I was a young pup, making my way in the world.

You think that’s bad, I used to work with 2 guys, one who had seen everything before and the other who knew everything.

Those were some long days. :laughing:

I was having this conversation last weekend.

We had a choice in the boom/bubble/loose credit years.

We could have invested in infrastructure (roads, transport, broadband, water, etc.) and education to build long-term wealth or we could sink it into rent-seeking, non-productive goods to seek short-term speculative returns.

We chose the latter.

So every office block shell, hotel in the arse end of nowhere and ghost estate is the physical representation of the opportunity cost of the gombeen winning the debt lottery and blowing it all on hookers and coke.

We had a choice. We chose the beads.

https://media-2.web.britannica.com/eb-media/64/68364-004-FAED8910.jpg

German bashing is unfair. They entered the euro at too high of an exchange rate. They’ve spent the last ten years restoring competitiveness. This was a painful process for them with low growth, low pay increases, serious work practice reforms (Hartz reforms) and higher unemployment. They probably got competitive again about 2 years ago.

The critics mostly harp on about Germany not consuming enough. German people aren’t buying enough bling. :unamused: This has nothing to do with the German government. They’d like a bit of vat revenue.

I guess it’s ok for badly run economies to seek export-led recoveries, but bash Germany for being a large net exporter.

The Tony Cascarino of the property world.

:smiley:
Now you give it out? :wink:

It’s no surprise. UK press has to always try and divide and conquer. They have an economy based on bullshit, not exports. The fact that Germany recently was ranked the most highly regarded country in the world in a BBC survey must have pissed them right off : german-info.com/press_shownews.php?pos=Politics&pid=2466.

True, Germany’s worked hard to regain competitiveness, and many ordinary Germans have suffered. This so-called all encompassing cradle-to-grave welfare system doesn’t exist in Germany any more. By european standards, their child minding and creche facilities and support are quite poor. If you’re unemployed for more than a year, you’re on “Harz IV” welfare which is really only survival money. Your health insurance doesn’t cover as much as it used to. And they’re raising the retirement age to 67.

On top of all this, German wages have not risen to any significant degree, which is one of the reasons their consumption is low. If I were German, I’d be outraged at having to bail out Greece after all the cuts the Germans have suffered.

Never, I’m anti-establishment me, well apart from working for a NYSE quoted multi-national :slight_smile:

All the same… the Germans failed to do their due diligence. Should they be insulated from the consequences?

I didn’t profit from the property bubble. Why should I pay extra tax to bail out some German bondholder who was too lazy or naive to find out where his money was being invested?

Their beef is with Seanie and his likes, not with me. I’m very sorry it happened to them but frankly, tough shit. We are in a triage type situation here and they can’t be helped except by
hurting people who had nothing to do with creating this whole mess.