Posts Tagged ‘Germany’

Here’s one of the most misleading headlines ever… from CNBC no less:

Germany To Blame For Euro Zone Crisis: Study

Why is Germany to blame?  Because:

     Germany’s insistence on keeping wage growth in check has given the country an unfair competitive advantage vis-à-vis its euro zone peers and is preventing troubled countries from returning to growth, a new study argues.

So let me get this straight:

Because Germany has effectively controlled expenses… and not let its workforce bully them into irresponsibly creating unsustainable infrastructure costs… it’s getting blamed for succeeding?

Here’s what anyone in the Euro Zone that thinks Germany is to blame needs to know:

Unemployment Rate (source and source):

     German 5.4%

     France 11.0%

     Spain 26.7%

     Greece 27%  

You think German employees are moaning about lower wages?  All the way to the bank.

I used to say Greek Americans had more pride in Greece than Greeks.

That changed a few years ago… when Greece hosted an amazing Olympic Games… and even won a giant international basketball tournament… finally, a whole bunch of sorely-needed civic pride!

Given the turmoil in Greece today, I have no idea where civic pride stands.

But I do know Greece had a huge soccer match against Germany a few weeks back… actually, on the eve of their big political elections.

In a bizarre and unexpected “sports imitating life” scenario, the Germans were greatly favored… just like in real life.

To win, the Greeks were going to need a glorious upset… just like in real life.

And, go figure, the Greeks won!

As a second generation Greek American, I should feel ebullient.

But, strangely, almost sadly, I don’t.

I know the soccer match wasn’t a referendum on Greek vs. German fiscal philosophy… but it certainly felt like it.  I felt myself rooting for the team that comes from a much more responsible place…

… said another way, I can’t cheer for the currently irresponsible way of life in Greece to win.