Posted on 07/19/2015 3:08:56 PM PDT by BlopAndStop
The situation in Athens seems to have calmed down, but former Federal Reserve Chairman Ben Bernanke thinks Europe has an even bigger issue to worry about: Germany.
In a blog post on Friday, Bernanke wrote that the failure of the eurozone as a whole is very much related to the "highly asymmetric outcomes" among member nations.
In other words, Bernanke is attributing Europe's woes to the fact that countries like Germany are benefiting at the expense of the monetary union's weaker members, like Greece, Spain, and Italy.
Bernanke points to unemployment rates as a clear sign of the disparity in Europe.
Unemployment in the eurozone as a whole is actually up from late 2009/early 2010, when it was at about 10%.
Today, eurozone unemployment stands above 11%, and even passes 13% when excluding Germany.
Meanwhile, Germany’s unemployment rate is less than half of that, at under 5%.
(Excerpt) Read more at businessinsider.com ...
The problem with Greece is that, they just didn’t implement socialism well enough. They should look to Cuba to see how it’s done. Heck, Obama is opening diplomatic relations with Cuba, just to get Americans to get a taste of what a workers’ paradise is about.
The sole purpose of the Eurozone is to hold down the Deutschmark.
And the country as a whole is very fearful of inflation.
The people still remember 1920-1922.
Don’t take the money?
Wait til Germany rolls into the HQ of the EU and makes it part of the greater Germania. They may not even have to fire up their Lepard Tanks. The EU may hand them the keys.
North Korea makes Cuba look like a piker.
We had (have) a communist for a Fed Chairman.
Never allow a human institution become that
powerful and unaccountable.
Ja ja, ach du lieber, das ist vier gut, fantastisch! Sauerbraten, wienerschnitzel, das pommes fritten, das pizza, die Spanish rice!
Jawohl! (smack smack smack)
Well, the solution is obvious. The Germans are going to have to give up a piece of their strudel so the PIIGS can have more.
No citizen of any country works as hard or as much as the German.
No nation in Europe is required to borrow money from Germany.
If the rest of the European people would get their shi!t together they wouldn't have a problem.
Otherwise they' will work for the Germans, or, not work and not eat.
Why do people make the situation out to be otherwise?
There is an all to common personality type that resents success. The Germans are successful because they work hard. The Greeks on the other hand spend a great deal of time trying to avoid taxes. When this bailout runs out they will be back with their hat in their hand looking for more. At some point the Germans will have to say no. Bernanke is an economist. H.S. Katz: “Modern economics claims to be a science. This is a sham and a fraud. When it fails to predict future events it does not act like the scientist, disregarding false theories in search of the truth; it acts like the Indian Medicine Man who has failed to make rain. It equivocates, rationalizes and tries to make minor adjustments.”
Germany is the only with a halfway functional economy
LOL, good one...
Should had waited until April 1, 1942.
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