Tag Archives: Debt

Well, if there was ever any doubt…

November 26, 2024 By in Hard Facts, Heconomy, Home Cooking, Hurt Feelings Tags: , , , , , , , , Leave a comment

You must NEVER relax the debt brake, Germany.

Relax Germany’s debt brake, says Angela Merkel – Former chancellor’s memoirs back reform of borrowing cap that she introduced into constitution.

Former chancellor Angela Merkel has called for Germany to relax its “debt brake”, in a sign of the growing political pressure to overhaul a borrowing cap that many economists say is too inflexible. 

Merkel, who served as chancellor between 2005 and 2021 and introduced the debt brake into Germany’s constitution, made the proposal for change in her autobiography Freedom: Memories 1954-2021.

More debt is the answer!

October 22, 2024 By in Hard Facts, Heconomy, Higher Education, Home Cooking Tags: , , , , , , Leave a comment

Right? It’s always the answer. Just look at US-Amerika.

We should be commending the Germans for not going down that deadly road, not smirking at them.

Schadenfreude reigns as Berlin pays the price of its tough line on debt – “It’s karma, no?” said one European official.

Germany has long been the European Union’s penny pincher par excellence — a paragon of fiscal rectitude in contrast to its spendthrift neighbors. But now its insistence on balancing the books is coming back to bite it.

We did it!

December 14, 2023 By in Habitudes, Hard Facts, Heconomy, Helplessness, Home Cooking, Hypocrisy Tags: , , , , , , , , , Leave a comment

My back is starting to hurt from all the patting I’ve been giving it.

We’ll just get around that old debt brake six months from now by declaring another “unforseen emergency” for more debt our high court can’t stop us from making. We’ve even announced what that unforeseen emergency will most likely be: Ukraine.

Germany clinches last-minute 2024 budget deal, keeps debt brake – Germany’s government clinched a last-minute deal on its 2024 budget on Wednesday that will see Berlin return to its self-imposed limits on new debt despite warnings this could hamper growth in Europe’s top economy and its green transition.

Chancellor Olaf Scholz’s three-party coalition was faced with either suspending what is known as the debt brake or finding some 17 billion euros ($18.3 billion) in savings and tax hikes after a Nov. 15 constitutional court ruling threw its plans into disarray…

Others said the deal simply delayed a necessary decision on how to fund investments in an economy that has already suffered years of chronic underinvestment. Last month’s court ruling has made clear the government will not be able to resort as easily to off-budget funds going forwards.

Dabblers

December 8, 2023 By in Habitudes, Hard Facts, Helplessness, Hideology, Home Cooking, Hurt Feelings Tags: , , , , , Leave a comment

You call that debt?

Sure, you’re burning too much of the taxpayers’ money but if you want to see how it’s really done, take a look at The Banana Republic of US-Amerika.

Hard-pressed Germans dabble in debt but want government thrift – Most Germans do not want their government to loosen its strict borrowing rules to fix a budget mess – but many in a nation that prides itself on thrift are building up their own debts as a cost of living crisis deepens.

Chancellor Olaf Scholz’s coalition is reeling from a court ruling last month that has thrown its finances into disarray and forced it to suspend a constitutionally enshrined “debt brake” for the 2023 budget.

I sea what you did there…

December 4, 2023 By in Hard Facts, Heconomy, Helplessness, Hideology Tags: , , , , , , , , Leave a comment

But I’m not shore if you were serious.

What goes around comes around.

Island strife: Greece serves Germany a dose of its own medicine – A former minister in Athens turns the tables with a proposal that recalls unwelcome advice during the debt crisis.

As Greece sank into the mother of all debt crises in 2010, the German tabloid Bild ran a story under the headline: “Sell your islands, you bankrupt Greeks! And sell the Acropolis, too!”

One former Greek government minister never forgot the newspaper’s impertinent advice. Like a reincarnation of Nemesis, the ancient Greek goddess, Panagiotis Lafazanis last week recommended — in an interview with Bild, no less — that Germany should consider selling an island or two to overcome a budgetary emergency of its own.

More wiggle, wiggle, wiggle

November 27, 2023 By in Habitudes, Hard Facts, Heconomy, Helplessness, Hideology, Home Cooking Tags: , , , , , , , Leave a comment

They’re still squirming. 1) No money but lots and lots of things to spend it on (spending voters’ taxes is how they get votes). 2) Can’t raise taxes any higher (voters are already being taxed to death).

Let’s see. 3) There’s still this debt brake thing we could tweak (except we would need to change the German constitution and the opposition won’t help us).

This adds up to… Are you serious? Do you honestly mean to tell us that we now have no choice but to set priorities and, gulp, cut spending? OMG we’re all gonna die!

Germany’s budget crisis spurs calls to change its borrowing limits – Germany’s budget crisis has given new momentum to reforming self-imposed borrowing limits even among the opposition conservatives, as hunger for sorely needed investment trumps an earlier political obsession with fiscal rectitude.

German of the day: La malignità

November 23, 2023 By in Hard Facts, Helplessness, Home Cooking, Hurt Feelings Tags: , , , , , , , Leave a comment

Actually, that’s Italian. Meaning Schadenfreude, which is German. Meaning schadenfreude in English. Meaning malicious glee, of course. It’s complicated.

Meloni’s Italy Tastes Schadenfreude Over German Fiscal Fiasco – Stable ratings for Rome contrast with Germany’s fiscal pickle.

“Germans make mistakes too,” says professor at Bocconi.

Italian Prime Minister Giorgia Meloni could be forgiven for feeling any schadenfreude this week while looking on at Germany’s unfolding budget debacle.

A string of fiscal wins for Rome has just coincided with a crisis rocking Chancellor Olaf Scholz’s coalition in Berlin after a calamitous court judgment cast doubt on its financing plans.

Wiggle, wiggle, wiggle…

November 21, 2023 By in Hard Facts, Heconomy, Helplessness, Hideology Tags: , , , , , , , Leave a comment

Let’s watch them squirm.

We… must… spend… more… money we don’t have! There just has to be a way around this debt brake!

Germany freezes spending as budget crisis deepens – As Germany’s financial woes grow more acute, there are growing calls to suspend the country’s damned debt brake.

Germany’s finance ministry has imposed a spending freeze on all federal ministries, deepening a budget crisis that has rocked the ruling coalition since a bombshell ruling by the country’s top court last week.

The finance ministry decision, which halts most new spending authorizations, followed a ruling by the constitutional court last week that blew a €60 billion hole in the government’s coffers.

“Lost its luster?”

November 2, 2023 By in Habitudes, Hard Facts, Helplessness, Hideology, Home Cooking, Hurt Feelings Tags: , , , , , , , , Leave a comment

It’s called being confronted with reality.

This is a classic German Green phenomenon. As soon as they’re given power, they promptly proceed to shoot themselves in the foot by proposing “solutions” to non-existent problems that “regular folks” simply can’t understand, much less afford. They’ve been given enough rope, in other words.

How Germany’s Greens Lost Their Luster – The party was riding high when it entered the government two years ago. Now it is stumbling, blamed for driving voters to the far right.

What a difference two years make. And a Russian invasion of Ukraine. And rising energy costs. And a host of missteps that some even within the party concede has stalled the Greens’ momentum.

Today the Greens are widely viewed as a drag on the government of the Social Democratic chancellor, Olaf Scholz, which one poll gave a mere 19 percent approval rating. The Greens have drawn withering attacks from even their own coalition partners. To their opponents, the Greens have overreached on their agenda and become the face of an out-of-touch environmental elitism that has alienated many voters, sending droves to the far right.