Is there really such a thing? Someone should inform the Biden administration immediately.
Germany’s federal government has reached the limit of its fiscal capacity, its finance minister said, with extra financing to cope with the coronavirus pandemic, the impact of the war in Ukraine and a climate fund having exhausted government coffers.
“There are no reserves in the 2022 federal budget,” Christian Lindner was quoted by news website t-online as saying on Saturday, Reuters reported.
He warned against granting further financial support before the autumn to citizens to offset the impact of rising inflation. “I advise letting the measures taken so far take effect,” he said.
As soon as anybody can figure out what “socio-ecological economy” means, that is. Might take some time.
Oh yeah, I forgot. There is no more time. The world is coming to an end and man-made CO2 will kill us all and all that. So actually, it’s easy to figure out. All socio-ecological economy means is to spend more and ever more of other people’s money (and their children’s and their grandchildren’s and their…).
Greens vow to turn Germany into ‘socio-ecological economy’ – Party approves election manifesto that calls for fast-tracking of switch to carbon neutrality within next 20 years.
I know. Let’s introduce an even higher and more unrealistic new level of carbon emission reduction we can’t reach!
Then everybody’s happy. Except those folks who still have to live in the real world.
German industry sceptical of EU’s new 2030 climate goals – The European Commission will present today (17 September) detailed proposals to reduce carbon emissions in the EU by 55% below 1990 levels by 2030. While German industry officially welcomes the new ambitions, it is also clearly sceptical.
The increase of the current target for 2030 by a further 15% would mean a roughly fivefold increase in the efforts of the 27 EU member states, BDI President Dieter Kempf emphasised at the beginning of his speech.
And according to BDI calculations, Germany alone would have to invest €2.3 trillion to achieve climate neutrality by 2050. “You can work out who of the other 26 countries can afford to do this. The level of ambition not only differs greatly within the EU, but also globally,” said Kempf.
You know, V. Like V are having the worst economic downturn since World War II.
But whether the German stimulus measures “have bucked the Corona crisis” or not remains to be seen.
It can’t be too much of a crisis anymore though. Not if all the brothels are being allowed to open again. Come what may.
Several states in northern Germany are set to lift or ease pandemic restrictions on prostitution, with North Rhine-Westphalia now allowing sex workers to resume their business. The decision comes in the wake of several court cases filed by sex workers, who argued the restrictions unfairly discriminated against them.
Spending other people’s money is so exciting. Joint debt is the bestest kind of debt there is. It’s free. Somebody else will pay it back. In this case, the Germans. Germans who haven’t even been born yet, but still.
Germany’s Scholz (SPD) sees ‘no way back’ from EU joint debt – German Finance Minister Olaf Scholz said Sunday (23 August) that the European Union’s recovery package financed by joint borrowing was a long-term measure rather than a short-term coronavirus crisis fix, contradicting Chancellor Angela Merkel.
“The Recovery Fund is a real step forward for Germany and for Europe, one we won’t go back on,” Scholz, who is also the centre-left Social Democratic Party (SPD) candidate to succeed Merkel in 2021 elections, told the Funke newspaper group.
Well, then let’s give the regulator more money and personnel.
To ensure that they keep on failing in the future? Government in action, folks. If it’s not too big to fail it’s too much of a failure to fail, I guess.
Germany to overhaul regulator after Wirecard scandal – Germany’s finance minister wants to beef up the nation’s financial regulator in the wake of the Wirecard scandal. The finance watchdog admitted its ineffectiveness in preventing the auditing disaster.
“If we come to the conclusion that BaFin needs more money, more jobs and more competency, I will make every effort to ensure that this happens.”
There must be a better word than “stimulus” for that.
Wherever medication is given in huge and sudden doses, there’s a risk of unpleasant side effects. In Germany, and Europe generally, one of these may be a lasting shift in governing philosophy from market-friendly policies to state interventionism. That needn’t end in central planning. But even going part of the way would mean buying relief today at the price of misery tomorrow…
First, governments tend to confuse a company’s size with strength. Second, they’re usually worse than private investors at spotting winners, and always worse at pulling money out of losers. Third, they turn the economy into a big lobbying competition for businesses, which eventually hurts taxpayers and consumers.
The schwarze Null or “black zero” (meaning a balanced budget) was yesterday. A supplementary budget for 2020 at about 40 percent the size of the original one will now be approved by the German cabinet to help fight the economic woe being caused by the corona pandemic.
Germany tears up fiscal rule book to counter coronavirus pandemic – Berlin to raise €150bn in new debt to bolster ailing economy.
And that means, as usual, taxing the little guy tying to get ahead while letting the big time speculators off the hook. All in the name of Social Justice. Or Social Democracy (SPD), if you prefer.
Germany Pushes Forward on European Financial Transactions Tax – Under a new blueprint for the tax, sent by Germany Finance Minister Olaf Scholz to the other governments on Monday and seen by The Wall Street Journal, anyone buying shares in large companies domiciled in those countries and with a market value of over €1 billion ($1.1 billion) will have to pay a minimum 0.2% tax over the transaction value…
Germany is under some time pressure to deliver an agreement since the government has already earmarked the expected proceeds to pay for higher state pensions for the poor starting in 2021. It expects revenues of about €1.5 billion a year from the tax.
Germans have more words for taxation than Eskimos have for snow.
Says the EU. We don’t always know what we’re spending it on but we sure know how to do it.
As “German industrial orders fell more than expected in August on weaker domestic demand, adding to signs that a manufacturing slump is pushing Europe’s largest economy into recession,” the EU Commission advises Germany to spend more.
And EU knows all about spending other people’s money. It spent nearly four billion euros last year alone on things it can’t even account for – and most of the things it can account for are wasteful enough.