Stacy Summary: Lots of German bashing in the comments. And some Greek bashing. Hopefully we can discuss more economic issues surrounding how to get out of the massive trade imbalances that have marked the past few decades and also the fiscal issues of many of these governments having expanded their deficits when they transferred massive amounts of money to bankers by buying their toxic assets last year. By the way, I’m surprised Ireland is so high up on the trade surplus list; I wonder, however, if they are including all the US services that are then counted as exports?
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@William of the North – actually, France has one of the LOWEST union membership rates in the world: http://www.nationmaster.com/graph/lab_tra_uni_mem-labor-trade-union-membership
Apparently, it is not required as collective bargaining is considered the norm; on top of that there is the liberté, égalité, fraternité which sees other workers come out in support of other workers; PLUS, a huge percentage of the population works for the government and it is almost impossible to fire them . . .
I think to bash germany for its trade surplus is wrong. I mean who pays the bills in
the end in the EU ? Right. Its germany. Also i think its misdirecting to focus on
single states in the EU instead of seeing the EU as a whole,because the EU is in
fact a confederation in which its memberstates lost their independence for the most part in the last 25 years. That the EU is commonly not seen this way is because it lacks the legitimation relating to international public law but effectivly it is…and nobody seems to care.
Anyway. In the past decades germany – or better the german top class – was eager to dump wages and social services and healthcare. Turning germany
into a low wages production country that stays competitive because traditionaly
the realy powerfull in germany have export oriented buisnesses and they knew
what shitstorm is comming from over the atlantic…
Under the governments of Kohl and Schröder the working class – who had enjoyed quite a high standart of living – was robbed of a big chunk of its rights
and gouvermental services like the unemployment insurance. Under both
gouvernments those with special interest even wrote the bills which then were
signed into law. Yea,right,thats how democracy works in old germany.
As long as only the working class was affected the politcal influecial doesnt seem
to care. But know that the middle class get touched also critical voices are heard.
britian has run a significant trade deficit for centuries.
Looks like the UK is the biggest PIG of them all!
@X
I understand….no problem….
Joe
“This conventional wisdom is, alas, nonsense. Until policymakers recognise this, they are dooming the eurozone to huge tensions. There is no way to put this delicately. So long as the European Central Bank tolerates weak demand in the eurozone as a whole and core countries, above all Germany, continue to run vast trade surpluses, it will be nigh on impossible for weaker members to escape from their insolvency traps. Theirs is not a problem that can be resolved by fiscal austerity alone. They need a huge improvement in external demand for their output.”
Martin Wolf for FTblogs:
http://www.ft.com/cms/s/0/3d744b46-15b7-11df-ad7e-00144feab49a.html?ftcamp=rss&nclick_check=1
“Europe needs German consumers”
http://www.euronews.net/2010/02/11/greek-debate-over-eu-stability-pact/
“Protesters in front of the Greek parliament have accused Bussels of putting the interests of banks and businesses above those of ordinary workers.
They say reforms in the name of the EU Stability and Growth Pact should not be accepted.”
typo: standardization WITHOUT concern for member states I meant!!!
The autonomy of sovereign control over finance has been ceded by the G20 member states to the FSB. The 3% deficit rule is an example of standardization with concern for economic wellbeing of member states.
Greece is under the same onus.
Role of the Financial Stability Board in regulating nation/state finance:
http://www.financialstabilityboard.org/publications/r_100109a.pdf
Summary of the past participation of FSB member jurisdictions
in the Financial Sector Assessment Program
“United States underway”
We are currently underway in our FSAP. The call is for IMF supervision under BIS jurisdiction.
@ Alan Partridge
F@#K ta past;-> I already suggested tat
Ta fight is out there
N WTF Timmy visted again or was it just some guy wit a wierd sense of Humor Hic
Ireland’s current account balance is negative. So if you to the balance of trade add in net factor income (e.g. interest and dividends) and net transfer payments (e.g. foreign aid), they are negative $-14bn or so (2007 data from IMF).
@ Sacramento Joe
Re: devalue euro
I was not attacking your comment.
To be honest, I hadn’t even read your comment.
I was expressing my frustration with the media continually saying that, deep down, Germany is happy that the € is going down the drain.
That’s all.
One has to take into account that the UK is NOT part of the Eurozone. So, the situation in the UK is “”Not Good”" but it doesn’t pose a risk for the Eurozone.
@ Bonn, i am lead to belive, that my country has taken a few liberties with yours during our special relationship time together.
Maybe a game of Cricket for double or quits?
@ stacyherbert; Yes your graph is not a pretty picture and as for the oil thing too. Oh well at least house prices are still going up
A question is not ‘bashing’: the question I asked regarded an indication of bullying by the German press. The issue of the Greek debt has not been covered dispassionately by the press, most often indicated by a reference to German industry and Greek indolence. The question of the role of the central bank, the ECB, in promoting low interest rates within the eurozone has not been considered here. The Fed was demonized as the culprit for the debt buildup in the US in regards to the low interest rate policies pursued in the Greenspan years. Why is the ECB given a go?
http://english.peopledaily.com.cn/90001/90778/90858/90865/6888785.html
It seems odd that the US is the whipping boy and the Germans are sancrosanct. The ECB policies are not somehow more ‘moral’ than those of the FED: both feed into a system of profit for those who benefit from the G20 banking/political structure.
I live in Ireland. don’t be deceived. The local economy is suffering in contruction & retail mostly and a serious lack of lending. but the big multinationals are exporting a bunch of stuff as usual. They put a lot of stuff through the books here because of Irelands low corporation tax …. 12.5% I think. which is lower than even china or singapore.
….. but all that cash from exports don’t seem to be getting into the paws of the local fella in the street! (like me)
Please do an article into Irelands version of a banker bailout. it’s called NAMA & it got the green light today. It’s the national asset management agency………. in other words, pay off cash strapped developers & banks with tax payers money for land & houses that is worth a lot less in reality…& supposedly the banks will be nice and start lending again…….yea right…… were gonna be paying this back until we die.
Just curious, but is there a correlation between the imbalances and organized labour?
From what Max and Stacey tell us, France is quite unionized; which is great if you’re a worker belonging to an union, but it might make the products you produce less competitive.
Does anyone have any information on this?
seems to me that we are badly underestimating the Population factor
there are 5 german per each dutch and 4 dutch per each irlander (? or whatever it is called, that’s not my point)
on a per capita basis= neatherlands 250 billions
ireland 1 trillion !!!!
@x
If they worked so hard to defend the Mark…….why did they join the EU and the embrace the Euro? This arrangement created the current obsession with unnaturally homogenizing wealth and lead to economic distortions, and intractable problems. Central banking at its best.
Were they wrong? Yes.
Joe
Joe
1/ It is typical simplistic media crap to say that Germany will benefit from a devalued €.
For decades, Germany worked hard to defend the Deutsche Mark. Were they wrong? Hardly.
2/ There exists natural differences in wealth among nations, the result of various factors.
The current obsession with unnaturally homogenizing wealth can only lead to economic distortions, and intractable problems.
Just for fun…..check THIS out……
http://www.youtube.com/watch?v=UzGwUhIXLDk&feature=popular
What the UK needs is another tough, Thatcher-like character that brings some sensible, conservative deindustrialisa…..oh.
@ Stacy-
Germany has production and savings…..and will also benefit from a devaluation of the Euro. In addition, they are not wasting money on nation building and defense(offense). I am curious if the crippled three/Senate/Congress will set their sights on Volkswagen next…..which is also a big chunk of the German economy. Seems to be a quicker/new form of protectionism/tariffs imposed by our bully nation. We used to lead by example. Now we are perceived as a spoiled drunk fifteen year old waving a gun in their face. (Forsyth)
Keep spreading the truth.
Joe
Dear Stacey,
So the Germans work and Greeks lie on the beach all day? Damnit, I knew I should have learned German while in high school, although learnin Korean is quite fun. When is the German government going to tell the US to take its bases and go take a hike?
But shooosh Bonn no in fightin now
Ta fight is out there
loolololololol
ROFL
Hic
hahahahahahah
UK ROFL Just kiddin mate
But ya guys butt F@#ked India fer 200 years
Ta ting is I hope ta CIA / FBI snoops which snoop tis site realize tat they aint part of ta plan as well matey mate
Ya just a pawn -> ya hafta proove to these lunatics that ya got a Royal blood line
Hic
At the company store, there was always a large trade imbalance between the share cropper and the store owner.
A different Stacy with some good news
http://www.newrules.org/retail/article/new-deal-local-economies
@Partridge – have to admit . . . it looks pretty bad for the UK . . . at least on paper; and I’m sure it’s going to get worse now that you started importing oil as of December or January?
err, first also?
Look at my UK!