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Excellent article examines German and European Crisis

"The problem here is simple and everyone knows the story by now. Germany benefited from a weak Euro relative to what it otherwise would have experienced had it not been a part of the EU.

Their growth and exports skyrocketed and the lesser nations from an economic and financial standpoint (often referred to collectively as the PIIGS) borrowed from Germany essentially to finance current account deficits as they took advantage of much lower interest rates due to their affiliation with Germany via the Euro.

These PIIGS lived up to their name in eating up every source of financing they could."

Its conclusion:

"You cannot borrow more than you can pay back and if you do, you will pay for it eventually either via war, severe or hyperinflation, deflation, depression etc.

The market won’t disappear and we will get back to the “good times” eventually. However, the 90s were an aberration where everyone made money like in the roaring twenties, and we all know what happened there.

We have a solid 5-10 years of pain before we can get our house in order and get back to a “normal” economy, if there is such a thing".

seekingalpha.com

795 thousand euros for a two-bedroom one-and-a-half-bath apartment

Two-bedroom appartment in Germany

"This two-bedroom one-and-a-half-bath apartment is on the second floor of a 1906 manor house on Elbchaussee, an Elbe riverfront thoroughfare known for its regal villas and impressive gardens. The three-story white house is in Othmarschen, a wealthy residential district a 15-minute drive from the city center of Hamburg.

The house has six units, accessed via a grand marble staircase with wrought iron railings. The apartment, with 1,367 square feet of space, has high ceilings, pitch-pine floors, distinctive moldings, numerous windows and three terraces".

nytimes.com