{"id":13651,"date":"2015-11-04T00:00:00","date_gmt":"2015-11-03T22:00:00","guid":{"rendered":"https:\/\/michelsanti.blog\/2015\/11\/04\/the-exorbitant-german-privilege\/"},"modified":"2018-10-17T17:43:27","modified_gmt":"2018-10-17T15:43:27","slug":"the-exorbitant-german-privilege","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/germany\/the-exorbitant-german-privilege","title":{"rendered":"The exorbitant German privilege"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/proclamation.jpg?ssl=1\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/proclamation-300x222.jpg?resize=300%2C222&#038;ssl=1\" alt=\"proclamation\" width=\"300\" height=\"222\" class=\"alignnone size-medium wp-image-6393\" \/><\/a><\/p>\n<p>Germany has a huge demographic problem, but not necessarily the one you might suspect. While its population is indeed stable at slightly over 80 million inhabitants, it is the age of the total payroll that threatens to derail the country\u2019s economy. This is because they are dangerously increasing the dependency ratio, that is, the proportion of those who work and help to prop up the unemployed. Hadn\u2019t the Federal Statistical Office of Germany calculated (in April 2015) that the number of 20 to 65 year olds would fall from 49.2 million to 48.8 million by 2020, on the basis of immigration falling from 500,000 annually to 100,000 in the run up to the end of the decade? According to these calculations the total wage bill in the country would remain at the current level of 49.2 million workers aged between 20 and 65 only on the express condition that annual immigration be at least 200,000 people.<!--more--><\/p>\n<p>Since then, the problem now seems to be resolved thanks to the massive influx of refugees, on the condition however that this is maintained in the long term\u2026Not really actually, given that this onrush into Germany in the form of an irresistible influx of labourers is only parring off the problem to somewhere else. And as it happens, they are relegating the problem to the rest of Europe which has once again been summoned to deal as best they can with the master of Europe\u2019s unilateral decisions. In one way or another, it is effectively the minimum wage (\u20ac8.50 per hour) which will be put into question by this enormous arrival of Syrian and Levantine workers. <\/p>\n<p>If the minimum wage will not be able to be reduced in the immediate future for legal or simply ethical reasons, the increase in the number of paid workers will have an insidious effect, squeezing real income, and this will come indirectly. The influx of men and women who are willing to accept a minimum wage job will logically blur the whole spectrum of employment and will lead to a slump in the skill level demanded of workers in this wage bracket. When all is said and done, this minimum wage glass floor will end up giving in or will be at the very least bypassed by grey work and other more ingenious alleys. Obviously, it is the whole Union that will suffer from it even more that the southern countries who have been seriously hindered by systematically lagging German wages, which have in fact been unfair competition in disguise. <\/p>\n<p>Consequently, we shouldn\u2019t expect anything good to come from the Germans now that they have opened their arms to this mass of refugees, because it with a genuine shock to the labour supply that they will henceforth confront the other members of the Union. In all possible scenarios, European paid workers are doomed to reduce in number and the European crisis to get worse, the crisis which was underpinned by precisely the disparity of labour costs among the different European countries. The influx of refugees into Germany will thus exacerbate the imbalances which will only be able to be compensated for by additional interior devaluations (that is to say more and yet more austerity) in the central and southern nations, due to a lack of monetary readjustments in the heart of a zone which shares the same currency. <\/p>\n<p>To sum it up, the situation that the world\u2019s number one exporter finds itself in will go on improving while the rest of its European counterparts will struggle to survive, and not without suffering double-figure unemployment rates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Germany has a huge demographic problem, but not necessarily the one you might suspect. While its population is indeed stable at slightly over 80 million inhabitants, it is the age of the total payroll that threatens to derail the country\u2019s economy. This is because they are dangerously increasing the dependency ratio, that is, the proportion&hellip;<\/p>\n","protected":false},"author":4,"featured_media":13652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[648941264,648941253,648941260],"tags":[],"class_list":["post-13651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-european-union","category-germany","category-productivity"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The exorbitant German privilege - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/germany\/the-exorbitant-german-privilege\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The exorbitant German privilege - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"Germany has a huge demographic problem, but not necessarily the one you might suspect. 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The country\u2019s moral authority was constantly being unleashed upon Mario Draghi during his time as president of the ECB because of his active monetary policy. Germany\u2019s arrogance\u2026","rel":"","context":"In &quot;Germany&quot;","block_context":{"text":"Germany","link":"https:\/\/michelsanti.fr\/en\/category\/germany"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/08\/empire-allemand-versailles-1871.jpg?fit=528%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/08\/empire-allemand-versailles-1871.jpg?fit=528%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/08\/empire-allemand-versailles-1871.jpg?fit=528%2C400&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13802,"url":"https:\/\/michelsanti.fr\/en\/germany\/europe-is-sick-with-germany","url_meta":{"origin":13651,"position":1},"title":"Europe is sick with Germany","author":"Michel Santi","date":"May 28, 2018","format":false,"excerpt":"My intention here is not to fall into caricaturisation or outrage, but Germany is now being governed a bit like Ceausescu's Romania. 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 &quot;Germany&quot;","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":13736,"url":"https:\/\/michelsanti.fr\/en\/germany\/the-european-illusion","url_meta":{"origin":13651,"position":2},"title":"The European illusion","author":"Michel Santi","date":"March 15, 2017","format":false,"excerpt":"The infamous Treaty of Versailles which was imposed on Germany following the First World War forced the nation to pay the astronomical sum of 132 billion Marks. This iniquitous treaty was to provoke the Occupation of the Ruhr in 1923 by France, displeased at the delays in German payments. In\u2026","rel":"","context":"In &quot;debt&quot;","block_context":{"text":"debt","link":"https:\/\/michelsanti.fr\/en\/category\/debt"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/versailles_traite.jpg?fit=848%2C730&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/versailles_traite.jpg?fit=848%2C730&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/versailles_traite.jpg?fit=848%2C730&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/versailles_traite.jpg?fit=848%2C730&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13718,"url":"https:\/\/michelsanti.fr\/en\/germany\/the-euro-isnt-solvent-in-growth","url_meta":{"origin":13651,"position":3},"title":"The euro isn\u2019t solvent in growth","author":"Michel Santi","date":"October 15, 2016","format":false,"excerpt":"What a shame it is that politicians aren\u2019t historians too! And that it is regrettable for all of us that they aren\u2019t looking back to the year 1931 \u2013 a tragedy, among other things \u2013 in order to draw parallels and precious lessons for today. Let\u2019s remember the bankruptcy of\u2026","rel":"","context":"In &quot;European Union&quot;","block_context":{"text":"European Union","link":"https:\/\/michelsanti.fr\/en\/category\/european-union"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13730,"url":"https:\/\/michelsanti.fr\/en\/germany\/a-germany-living-on-borrowed-time","url_meta":{"origin":13651,"position":4},"title":"A Germany living on borrowed time","author":"Michel Santi","date":"February 18, 2017","format":false,"excerpt":"The narrow-minded attitude of the Germans with regards to austerity, currency and money in general is totally counterproductive in Europe\u2019s current situation. There is nevertheless one certainty: they are sincere! In fact, Germany\u2019s behaviour can only be understood in relation to its at the very least tormented history. Wasn\u2019t bread\u2026","rel":"","context":"In &quot;Germany&quot;","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\/hyperinflation.jpg?fit=1200%2C511&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/hyperinflation.jpg?fit=1200%2C511&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/hyperinflation.jpg?fit=1200%2C511&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/hyperinflation.jpg?fit=1200%2C511&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/hyperinflation.jpg?fit=1200%2C511&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13598,"url":"https:\/\/michelsanti.fr\/en\/germany\/europe-faces-its-old-demons","url_meta":{"origin":13651,"position":5},"title":"Europe faces its old demons","author":"Michel Santi","date":"March 23, 2015","format":false,"excerpt":"The European government elites are sinking into denial. Their frightened posture against public deficits and preference for strict financial orthodoxy is a reflection of an age-old tendency for self-destruction. However, the current version of this tendency is about to lead them to a nasty state of affairs. I am referring\u2026","rel":"","context":"In &quot;Germany&quot;","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\/domination-allemande.png?fit=600%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/domination-allemande.png?fit=600%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/domination-allemande.png?fit=600%2C800&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/13651","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=13651"}],"version-history":[{"count":0,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/13651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/13652"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=13651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=13651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=13651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}