{"id":13595,"date":"2015-03-14T00:00:00","date_gmt":"2015-03-13T22:00:00","guid":{"rendered":"https:\/\/michelsanti.blog\/2015\/03\/14\/there-is-no-german-miracle\/"},"modified":"2018-10-17T17:43:34","modified_gmt":"2018-10-17T15:43:34","slug":"there-is-no-german-miracle","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/germany\/there-is-no-german-miracle","title":{"rendered":"There is no German miracle"},"content":{"rendered":"

\"Lost<\/a><\/p>\n

German politicians live and evolve in a parallel universe. Their trade surpluses, their fiscal and restrictive fiscal policies and their anemic domestic investment are all compelling evidence of the \u201ceconomic autism\u201d of their government elites. Those political leaders incessantly affirm in public the validity of these surpluses as if trying to convince themselves that these policies are healthy. The majority of the German written news media uses a radical and populist prose and encourages its readers to adopt an isolationist stance versus the rest of Europe. It sometimes goes as far as to promote hatred of all things non-German.<\/p>\n

However, this German intransigence and isolationism hide a deplorably weak internal situation. And Germany\u2019s leaders show a complete lack of vision and ambition to correct her economic weaknesses. They boast about their budget surpluses while neglecting to implement critical structural reforms.<\/p>\n

German productivity, which decreased by 60% between 2005 and 2014, is melting away. Germany\u2019s GDP growth is built on foundations of incredible fragility, which might collapse at any moment. Her economic growth is entirely dependent on the creation of precarious employment, low wages and a non-productive labor force. I find the arrogant German posture of prescribing structural reforms to other European countries comical and pathetic since her own economic model harks back to the Gerhard Schr\u00f6der era.<\/p>\n

It is obvious to me that the German government authorities as well as almost all economists in that country are in full denial of the facts and do not hesitate to interpret their economic statistics to fit their dogmatic views. But the numbers do not lie. Public investment in Germany is the second lowest of all OECD countries. As an example, 40% of their bridges are in desperate need of repair. Should we perhaps forgive this German attitude on the pretext that her citizens are ignorant of the inevitable demographic cataclysm that awaits them? Because not only is Germany aging, but is also doomed to suffer a significant erosion of its population size. Her population of 80 million today will shrink to no more than 65 million in 2060, well below the French population at the same time. And in 2060 35% of Germans will be over 65 years old.<\/p>\n

Germany\u2019s destiny has already been decided. Her future economic growth will obviously decline at the same time as her population. At present, in 2015, Germany still refuses to facilitate the access of her women to the labor market or to expedite the immigration process for those willing to work there. Germany today has no margin for error. Therefore, the \u201cGerman way\u201d is a future problem to the rest of the world and not a solution.<\/p>\n","protected":false},"excerpt":{"rendered":"

German politicians live and evolve in a parallel universe. Their trade surpluses, their fiscal and restrictive fiscal policies and their anemic domestic investment are all compelling evidence of the \u201ceconomic autism\u201d of their government elites. 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Their trade surpluses, their fiscal and restrictive fiscal policies and their anemic domestic investment are all compelling evidence of the \u201ceconomic autism\u201d of their government elites. 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In fact, the overwhelming majority of Germans have been convinced by the narrative\u2026","rel":"","context":"In "Germany"","block_context":{"text":"Germany","link":"https:\/\/michelsanti.fr\/en\/category\/germany"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/coton_vrac_1.jpg?fit=500%2C333&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13710,"url":"https:\/\/michelsanti.fr\/en\/germany\/overcoming-the-german-autocracy","url_meta":{"origin":13595,"position":1},"title":"Overcoming the German autocracy","author":"Michel Santi","date":"May 29, 2016","format":false,"excerpt":"German households and businesses are clearly creditors and in surplus with regards to countries abroad. As for the German government, its objective is to clear its public debt and run a budget surplus. So why would it now trouble itself with the endemic deceleration of the country\u2019s domestic investment, which\u2026","rel":"","context":"In "Germany"","block_context":{"text":"Germany","link":"https:\/\/michelsanti.fr\/en\/category\/germany"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13798,"url":"https:\/\/michelsanti.fr\/en\/germany\/german-prosperity-a-nightmare-for-40-of-its-citizens","url_meta":{"origin":13595,"position":2},"title":"German prosperity: a nightmare for 40% of its citizens","author":"Michel Santi","date":"April 12, 2018","format":false,"excerpt":"The German economic miracle has its dark side, demonstrated by a massive budget surplus of 1.2% of GDP \u2013 that being 38.2 billion euros in 2017 \u2013 that\u2019s causing the country\u2019s infrastructure to tumble, which is now the worst infrastructure of all the rich and industrialised nations. 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Just before being overthrown, he managed to run up a surplus in the way of 9 billion dollars on his country\u2019s balance of payments, just like how Olaf\u2026","rel":"","context":"In "Germany"","block_context":{"text":"Germany","link":"https:\/\/michelsanti.fr\/en\/category\/germany"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/ordolib%C3%A9ralisme-allemand-600x278.jpg?fit=600%2C278&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/ordolib%C3%A9ralisme-allemand-600x278.jpg?fit=600%2C278&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/ordolib%C3%A9ralisme-allemand-600x278.jpg?fit=600%2C278&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":27210,"url":"https:\/\/michelsanti.fr\/en\/ordoliberalism\/pitiful-germany","url_meta":{"origin":13595,"position":4},"title":"Pitiful Germany","author":"Michel Santi","date":"December 17, 2024","format":false,"excerpt":"\u00a0 Germany is now heading toward early elections. Chancellor Scholz has lost the confidence vote in Parliament, signaling the end of the coalition that had already collapsed on November 6. The main issue? In short, the budget, and especially the famous \"debt brake\" that was enshrined in the German constitution\u2026","rel":"","context":"In "Germany"","block_context":{"text":"Germany","link":"https:\/\/michelsanti.fr\/en\/category\/germany"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/trade-deficit-1.jpg?fit=1200%2C710&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/trade-deficit-1.jpg?fit=1200%2C710&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/trade-deficit-1.jpg?fit=1200%2C710&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/trade-deficit-1.jpg?fit=1200%2C710&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/trade-deficit-1.jpg?fit=1200%2C710&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13691,"url":"https:\/\/michelsanti.fr\/en\/germany\/the-european-social-nightmare","url_meta":{"origin":13595,"position":5},"title":"The European social nightmare","author":"Michel Santi","date":"March 8, 2016","format":false,"excerpt":"What European social model? Is there only one, when the Germans are more than ever obsessed with competitiveness and their trade surplus? In reality, Merkel and Schauble\u2019s only solution in order to compete with emerging and developing countries \u2013 and therefore to preserve Germany\u2019s market shares \u2013 consists of crushing\u2026","rel":"","context":"In "Economic growth"","block_context":{"text":"Economic growth","link":"https:\/\/michelsanti.fr\/en\/category\/economic-growth"},"img":{"alt_text":"aust\u00e9rit\u00e9","src":"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/aust%C3%A9rit%C3%A9-285x300-285x300.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/13595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=13595"}],"version-history":[{"count":0,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/13595\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/13596"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=13595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=13595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=13595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}