“Despite its shiny façade, the German economy is crumbling at its core. That, at least, is how Marcel Fratzscher sees it.”
By SPIEGEL Staff 18 Sept 2014
The Bonn economist worked as a government adviser in Jakarta in the mid-1990s during the Asian financial crisis. He conducted research at the renowned Peterson Institute in Washington when the dot-com bubble burst and wrote analyses for the European Central Bank in the darkest hours of the euro crisis. He has always observed developments in Germany “with a certain amount of distance,” he says.
Fratzscher has headed the German Institute for Economic Research (DIW) for more than a year now, and it is clear that this newfound proximity has sharpened his view of the contradictions in the world’s fourth-largest economy. German industry sells high-quality automobiles and machines around the world, but when the plaster begins to crumble in an elementary school, parents have to raise money to hire a painter. Companies and private households are sitting on trillions in assets, but half of all autobahn bridges are urgently in need of repair. Germany derives more benefits from Europe than most other countries, and yet its citizens feel taken advantage of by Brussels.
Read More: spiegel.de
I think the US still has worse infrastructure problems than Germany, especially since the 2008 collapse. Although state revenues are gradually improving, most infrastructure is paid for at the municipal level and cities and school boards are still making major cuts in infrastructure, such as street lighting, libraries, clinics, police, school services and transportation.
I see the deterioration of infrastructure every day here, in the USA.
Potholes in streets, businesses closing, workers being laid off…
I recall Sep 2011, “U.S. Mortgage-Aid Program Is Shutting Down, With Up to $500 Million Unspent”.
Bankers’ home mortgage fraudclosures throwing families out onto the streets, homeless and credit wrecked.
I did not write that report about Germany, however I thought it very interesting that the pride of the European Union is sinking with the rest.
The global collapse is experienced by us all, except the criminal elite directing the G-20…
I am feeling emotionally upset with all this week’s scams, institutional crimes, vote rigging and the G-20 summit meeting to plot their slave system on the unsuspecting People on Earth.