{"id":25829,"date":"2024-03-20T10:09:47","date_gmt":"2024-03-20T09:09:47","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=25829"},"modified":"2024-03-20T10:09:47","modified_gmt":"2024-03-20T09:09:47","slug":"the-year-0-of-germany","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/austerity-2\/the-year-0-of-germany","title":{"rendered":"The Year 0 of Germany"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"25831\" data-permalink=\"https:\/\/michelsanti.fr\/en\/austerity-2\/the-year-0-of-germany\/attachment\/allemagne-0\" data-orig-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/03\/allemagne-0-1.jpg?fit=1900%2C1151&amp;ssl=1\" data-orig-size=\"1900,1151\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"allemagne 0\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/03\/allemagne-0-1.jpg?fit=1024%2C620&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/03\/allemagne-0-1.jpg?resize=1170%2C709&#038;ssl=1\" alt=\"\" width=\"1170\" height=\"709\" class=\"alignnone size-full wp-image-25831\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/03\/allemagne-0-1.jpg?w=1900&amp;ssl=1 1900w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/03\/allemagne-0-1.jpg?resize=300%2C182&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/03\/allemagne-0-1.jpg?resize=1024%2C620&amp;ssl=1 1024w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/03\/allemagne-0-1.jpg?resize=768%2C465&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/03\/allemagne-0-1.jpg?resize=1536%2C930&amp;ssl=1 1536w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/03\/allemagne-0-1.jpg?resize=1200%2C727&amp;ssl=1 1200w\" sizes=\"(max-width: 1170px) 100vw, 1170px\" \/><\/p>\n<p>This is striking! <\/p>\n<p>The energy crisis of 2022 has been the worst economic crisis in Germany since WWII when looking at the decline of real wages.<\/p>\n<p>The increase in the price level is very likely permanent \u2013 those with savings have unexpectedly lost some of their purchasing power. <\/p>\n<p>The real estate owners (upper middle class) are hit by both falling real estate prices and higher consumer prices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is striking! The energy crisis of 2022 has been the worst economic crisis in Germany since WWII when looking at the decline of real wages. The increase in the price level is very likely permanent \u2013 those with savings have unexpectedly lost some of their purchasing power. The real estate owners (upper middle class)&hellip;<\/p>\n","protected":false},"author":4,"featured_media":25831,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_crdt_document":"","_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_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","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":[648941742,648942028,648941768,648941264,648941253,648942242,648941284,648941274,648941761,648941294,648941653,648941785,648941686],"tags":[],"class_list":["post-25829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austerity-2","category-energy-crisis","category-euro-2","category-european-union","category-germany","category-global-crisis","category-inequality","category-inflation-en","category-market-crash","category-neoliberalism","category-ordoliberalism","category-public-spending","category-secular-stagnation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Year 0 of Germany - 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\/austerity-2\/the-year-0-of-germany\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Year 0 of Germany - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"This is striking! The energy crisis of 2022 has been the worst economic crisis in Germany since WWII when looking at the decline of real wages. The increase in the price level is very likely permanent \u2013 those with savings have unexpectedly lost some of their purchasing power. The real estate owners (upper middle class)&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/michelsanti.fr\/en\/austerity-2\/the-year-0-of-germany\" \/>\n<meta property=\"og:site_name\" content=\"Michel Santi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/michel.santi.economiste\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-20T09:09:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/michelsanti.fr\/wp-content\/uploads\/2024\/03\/allemagne-0-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1900\" \/>\n\t<meta property=\"og:image:height\" content=\"1151\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Michel Santi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:site\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michel Santi\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany\"},\"author\":{\"name\":\"Michel Santi\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"headline\":\"The Year 0 of Germany\",\"datePublished\":\"2024-03-20T09:09:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany\"},\"wordCount\":69,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/allemagne-0-1.jpg?fit=1900%2C1151&ssl=1\",\"articleSection\":[\"austerity\",\"energy crisis\",\"euro\",\"European Union\",\"Germany\",\"global crisis\",\"inequality\",\"Inflation\",\"market crash\",\"neoliberalism\",\"ordoliberalism\",\"public spending\",\"secular stagnation\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany\",\"url\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany\",\"name\":\"The Year 0 of Germany - Michel Santi\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/allemagne-0-1.jpg?fit=1900%2C1151&ssl=1\",\"datePublished\":\"2024-03-20T09:09:47+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/allemagne-0-1.jpg?fit=1900%2C1151&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/allemagne-0-1.jpg?fit=1900%2C1151&ssl=1\",\"width\":1900,\"height\":1151},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/austerity-2\\\/the-year-0-of-germany#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/michelsanti.fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Year 0 of Germany\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#website\",\"url\":\"https:\\\/\\\/michelsanti.fr\\\/\",\"name\":\"Michel Santi\",\"description\":\"\\\"It is not because things are difficult that we do not dare. 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Instead, what it did was take effective control of the massive U.S. mortgage market. Without Federal guarantees and full government support, the U.S. real estate market (already under\u2026","rel":"","context":"In &quot;Money creation&quot;","block_context":{"text":"Money creation","link":"https:\/\/michelsanti.fr\/en\/category\/money-creation"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/subprime-meltdown.jpg?fit=504%2C440&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":25852,"url":"https:\/\/michelsanti.fr\/en\/real-estate-crisis\/no-more-bets","url_meta":{"origin":25829,"position":1},"title":"No more bets ?","author":"Michel Santi","date":"March 25, 2024","format":false,"excerpt":"Since mid-2022, real estate prices in the United States have dropped by an average of 20%, compared to a total of 23% during the cataclysmic subprime crisis. It was 23% at the time from 2007 to 2010, whereas we're dealing with a 20% decline over 20 months now. 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This phenomenon was the direct consequence of integrating the banking and financial systems together because deregulation and innovations such as securitisation intensified the flow of cross-border\u2026","rel":"","context":"In &quot;bubble&quot;","block_context":{"text":"bubble","link":"https:\/\/michelsanti.fr\/en\/category\/bubble"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/subprime-mortgages.jpg?fit=500%2C350&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":27507,"url":"https:\/\/michelsanti.fr\/en\/real-estate-crisis\/real-estate-speculation-vs-the-citizen","url_meta":{"origin":25829,"position":3},"title":"Real Estate Speculation vs. The Citizen","author":"Michel Santi","date":"February 10, 2025","format":false,"excerpt":"\u00a0 The West faces a major challenge. We do not want our society to be divided into two classes: wealthy property owners and poor tenants.\" These were the words recently spoken by Spanish Prime Minister Pedro S\u00e1nchez. Under his leadership, Spain will soon impose a 100% tax on any real\u2026","rel":"","context":"In &quot;inequality&quot;","block_context":{"text":"inequality","link":"https:\/\/michelsanti.fr\/en\/category\/inequality"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/espagne-golden-visa.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/espagne-golden-visa.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/espagne-golden-visa.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/espagne-golden-visa.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/espagne-golden-visa.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":13623,"url":"https:\/\/michelsanti.fr\/en\/real-estate\/real-estate-growths-parasite","url_meta":{"origin":25829,"position":4},"title":"Real estate, growth\u2019s parasite","author":"Michel Santi","date":"May 29, 2015","format":false,"excerpt":"The meager European economic growth - often described as anemic \u2013 stems from a savings glut. Economic stagnation becomes secular from the moment the money stops flowing, that is, once the investor keeps his precious cash in his bank account and that bank is no longer able to recycle it\u2026","rel":"","context":"In &quot;growth&quot;","block_context":{"text":"growth","link":"https:\/\/michelsanti.fr\/en\/category\/growth"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23693,"url":"https:\/\/michelsanti.fr\/en\/real-estate\/german-subprimes","url_meta":{"origin":25829,"position":5},"title":"German Subprimes","author":"Michel Santi","date":"December 16, 2022","format":false,"excerpt":"\u00a0 Real estate storm to come in Germany where residential construction is plunging at the same rate as mortgage applications. \u00a0","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/michelsanti.fr\/en\/category\/real-estate"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/12\/lending-1.png?fit=1200%2C676&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/12\/lending-1.png?fit=1200%2C676&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/12\/lending-1.png?fit=1200%2C676&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/12\/lending-1.png?fit=1200%2C676&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/12\/lending-1.png?fit=1200%2C676&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/25829","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=25829"}],"version-history":[{"count":2,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/25829\/revisions"}],"predecessor-version":[{"id":25833,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/25829\/revisions\/25833"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/25831"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=25829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=25829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=25829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}