Yesterday the latest unemployment data for Europe confirmed once again how bad the situation is: never since the mid 1990s, before the Euro was created, has the number of people out of a job been so large! More than 26 million people across the 27-nation European Union. The jobless rate rose to an unprecedented 12% in the first two month of this year, of course hitting very badly Southern Europe, all the countries that are the favorite targets of Germany's austerity measures. Greece in particular: there, unemployment of the young reached an astonishing 58.4 percent in December 2012, the latest month for which data is available. And we all know that Cyprus, that has just avoided meltdown thanks to a skimpy bailout engineered by the so-called "troika", the Eurogroup, the European Central Bank and the IMF, clearly guided by Germany, is obviously next on the road of economic contraction and pain.
When will Germany ever learn that in times of recession you do.Not.Impose.Austerity.Measures?? Germany is killing off its own markets! How many people are buying BMWs or Audis in Greece or Portugal or even Italy? Sure, the US appears to be recovering and China and Japan too. Will that be enough to save Europe?
Because you can't expect any change in policy from the European ruling political class: Mutti Merkel has everyone by the throat and won't change her stance until her re-election in September, because that's what she's banking on: she is betting the German electorate will be happy to vote her back in since she's done such a good job of defending the German taxpayers against the rest of Europe.
We all know that politicians think only of saving their...seat, but this takes the cake! Mutti Merkel prefers to see Europe sink rather than entertain the simple solutions that would solve things almost instantly: like quantitative easing (the American Fed's solution) or issuing Euro-bonds that would spread the burden collectively, which would only be fair since the Euro is supposed to be a common currency.
Don't tell Mutti Merkel that she's responsible for the Euro! No, it's all the others who are, not her, not her country. Germany knows on which side its bread is buttered: it takes advantage of the Euro that keeps the prices for their exports down but will give nothing in return for this advantage! Deutschland uberall and the rest of us Europeans are left with nothing but burnt bread!
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Reuters article: Greece may still have to quit euro - Merkel ally(forexlive.com)
Meet The Influential German Professor Who Wants To Get Rid Of The Euro In Order To Save Europe(businessinsider.com)
Former German chancellor Schröder defends Merkel on euro crisis(irishtimes.com)
21st Century Germany: kinder/gentler Nazis(sgtreport.com)
The euro survives, but where are the Europeans? | Timothy Garton Ash(guardian.co.uk)
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