The other things listed are of course problematic too. But except for the aging, things have been like that in
Now in the greater scheme of things, everything of course is connected, but the main cause of it all is a lack of consumer confidence. Compared to the Americans, the Germans see things much bleaker and therefore save more and consume less. This isnât new either; Germans have always saved more than the Americans. But when markets were less open, the money they saved was directly invested in the local industry, who had thereby a lackluster home market, but access to cheap and abundant money. Now a lot of those savings are invested in the
Itâs not just
The Euro will reach levels where that will kill the export industry, the one sector that kept the economy in Euroland afloat. Cheaper imports and a flood of money looking for saver investment than the
Or may be it all turns out well. But somebody should do something about this pessimism before it is too late.