Germany Still Exporting Too Much Stuff

The German export surplus is still threatening the rest of Europe, the European Commission says.

Exports

Berlin disagrees, of course, pointing out that it imports tons of stuff, too.

Germany imports 24 percent of Russia’s natural gas exports, for instance, more than any other European country. It also has an 8.7 percent share of Russia’s foreign trade. Germany is also Russia’s biggest oil market, taking almost 700,000 barrels a day back in 2012. No dependency here. So quit the moaning already, Brussels, and let us get back to work.

“Der Handlungsbedarf ist erheblich angesichts der Größe der deutschen Wirtschaft.”

The Thrill Is Gone

My how time flies. Especially when it’s only been fifteen minutes.

Snowden

For the rest of us, I mean. Edward Snowden still has a whole lot more time on his hands.

The European parliament is to ditch demands on Wednesday that EU governments give guarantees of asylum and security to Edward Snowden, the National Security Agency whistleblower.

In Brüssel ist ein Vorstoß von Grünen und Linken gescheitert, dem Whistleblower Schutz in der EU zu gewähren. Der Innenausschuss des EU-Parlaments stimmte gegen den Antrag.

Germany May Double Number Of Soldiers In Africa To 14

OMG! Is Germany now headed for WAR ITSELF?!? Where is Guido Westerwelle when you need him? “The deployment of German combat troops is not an option. And I have to mention just one more point. We Germans are highly involved in Afghanistan, where the French are hardly involved at all.”

Soldiers

According to a report in the “Süddeutsche Zeitung” on Saturday the German government is planning to help reinforce the ongoing military operation in Mali through a larger and more robust French-German contingent. The newspaper also reported that government would support a possible EU military operation in the Central Africa Republic (CAR) with transport aircraft and aerial refueling.

“Europe cannot leave France on its own down there.”

PS: In a related story (not), Barack Obama Tells Germans In TV Interview That It’s OK For Them To Stop Worrying About US Spying Now So Everything Is OK Again.

Taxing Nuclear Fuel Rods That Aren’t Being Used?

You can never be too rich or too thin, I guess. And if you’re Germany, you can never tax too much, either.

Taxation

Germany’s biggest utilities, still reeling from the country’s early exit from nuclear power, scored a major victory Tuesday when a Hamburg court said the national tax on nuclear fuel rods may violate European law.

The Hamburg finance court said it “cannot assess beyond any doubt” whether the tax on nuclear fuel used for electricity generation complies with European law. It will now ask the European Court of Justice to decide whether the levy conforms with rules that prohibit member states from creating new taxes on electricity for “general budget financing purposes.”

The tax was introduced at the beginning of 2011 and came as part of an extension of nuclear reactors’ operating lives that the government had agreed on. However, the nuclear disaster at Japan’s Fukushima power plant in March of that year triggered a U-turn in German energy policy, with Chancellor Angela Merkel ordering the immediate shutdown of the oldest plants and the early phaseout of nuclear energy by 2022. Out of 17 reactors that were in operation in March 2011, only nine are still producing power. But the fuel-rod tax remains in place, to the utilities’ annoyance.

Das Hamburger Finanzgericht will vom Europäischen Gerichtshof (EuGH) in Luxemburg zentrale Fragen zur umstrittenen Brennelementesteuer klären lassen.

I’ll Bash Germany With The Best Of Them

But… How is it that its critics blame Germany for the high unemployment, declining living standards, and riots to their South?

Germany

If this were a football game, the referee should call unnecessary roughness for piling on Germany. The American Left led by Paul Krugman (The Harm Germany Does and Those Depressing Germans) excoriates Germany for forcing austerity on the rest of Europe. The U.S. Treasury and others (no newcomer to spending) demands that miserly Germany spend more to pull the PIIGS (Portugal, Italy, Ireland, Greece and Spain) out of their economic doldrums…

I interpret the liberals’ German bashing as having an entirely different motivation – their inherent dislike of economic success… In the liberal mind set, success must be equally shared. If one person, company, or country is better off, it must be at the expense of those who are less well off. We need to even things out in their zero-sum world.

PS: And I’m going to go even further out on the limb tonight defending Germany by predicting that they will finally – after 19 encounters? –  beat Italy.

A Scrooge Issue?

Or is it more of a squanderer one?

Scrooge

I don’t know what troubles me more here; a Germany that spends too little for Christmas or the weakest European economies that spend too much.

With almost 28 percent unemployment and a lingering recession that’s wiped out one-fourth of their country’s economic output, it makes sense that Greek consumers plan to trim their Christmas spending by 12.8 percent this year. What’s more surprising is that the average Greek budget for holiday gifts, food, and drink is €451 ($608)—more than the €399 average in Germany, the country that has borne much of the cost of a Greek bailout.

Residents of Ireland, another bailed-out economy, plan to outspend the Germans more than two to one this Christmas, with an average €894 budget. In Spain, where unemployment is at 26 percent, consumers expect to spend an average €567. In recession-hobbled Italy, meanwhile, the figure is €477.

“Differences between countries’ spending habits are linked to the culture of the countries.”

Time To Say Goodbye

To “clean power rebates” for German industry, that is.

Germany collects surcharges from power users to help fund operators of solar and wind power installations. Heavy electricity users such as cement, steel and some chemical plants are exempt to keep them from being priced out of the global market.

Industry

The EU now wants to change this. And that should make almost everybody happy. Now many of these German industries will get priced out of the market or maybe moving their production facilities to other countries altogether.

MEHR ALS DIE HÄLFTE DES INDUSTRIESTROMS VON UMLAGE BEFREIT

PS: Grid nationalisation in Berlin? Close but no cigar. Nice try but now you’ll just have to grid and bear it.

Speaking Of Ausländer…

Who cares about a few thousand Brits? Germany has more foreigners than you can shake a stick at and, well, more than they did back in 1993 (that’s bad, right?).

Ausländer

Some 7.2 million total there be. Not bad. For a xenophobic, racist, narrow-minded Volk living in a contemptuous and chauvinistic country still suffering under a living-dead Nazi past, I mean.

Die Zahl der in Deutschland registrierten Ausländer ist 2012 so kräftig gestiegen wie seit fast zwei Jahrzehnten nicht mehr. Sie erhöhte sich um 4,1 Prozent auf gut 7,2 Millionen, teilte das Statistische Bundesamt mit.

PS: Damn. Claudia made it. Weren’t they even allowed to vote against anybody during that vote?

It’s Good To Be In A Crisis

Money is like water (or maybe like beer). It has to go somewhere. And 40 billion euros just made its way to Germany.

Crisis

While fear has driven money away from Greece and Spain and co, making the government cost of repaying debt in these countries seem prohibitive, in Germany it has been quite different. Fear has boosted Germany coffers…

One thing is for sure, putting it in Greek bonds is risky. Spanish, Italian and Portuguese bonds don’t seem much safer either. But German bonds, in contrast, feel as safe as a safe house in a land with no crime. In fact so safe are German government bonds or bunds, perceived to be, that there have been times when the yields on some of them have been negative.

So actually, Germany has done rather well out of fear created by the euro crisis – or should that be the other way around – a euro crisis created by fear?