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."

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