Post date: Aug 05, 2009 10:32:32 AM
Grein Hans-Werner Sinn birtist í Wall Street Journal í gær
A misguided social policy Germany was struck by a virtually unparalleled mass exodus of capital and talent out of the labor intensive domestic sectors
This explains the high German capital and manufacturing export surpluses.
Instead of putting the machines produced in Germany to work in Germany, they were exported, creating work abroad
Germans save like others, but invest less than any other OECD country
It is no small wonder that during the period from 1995 to 2009, Germany will come in at the bottom of the list in economic growth.
While the 15 western EU nations will have grown on average by 27.1% over the period, Germany will have managed a mere 14.3%, surpassing only anemic Italy, which comes in last with 11.9%
Nokkrir púnktar greinarinnar
No other major European economy is suffering as much from the shockwaves of the U.S. financial crisis as Germany
Germany’s economy will probably shrink by more than 6% in 2009
So why is Germany so much worse off than most of its European Union peers?
Germany systematically obliterated its labor-intensive domestic sectors with its policy of reducing income disparities across skill categories
By offering low-skilled workers welfare and unemployment benefits that often exceeded the wages they could earn in the private sector, policy makers condemned them to chronic unemployment
Lesið alla grein Hans-Werner Sinn hér
"Fólk heldur oft að kreppan mikla 1930 hafi komið vegna hruns á hlutabréfamörkuðum. En svo er ekki. Þetta var bara venjuleg kreppa sem kom þarna. En svo fór risastór banki í Mið-Evrópu á hausinn og sá atburður kom af stað kreppunni miklu."