On October 31, 2020, BER Will Open

But don’t tell anyone, OK? It’s too embarrassing.

Airport

Berlin’s new international airport can open next month after an embarrassing nine-year delay despite the coronavirus pandemic taking a big bite out of air travel, its chief manager said Tuesday…

BER was set to open in 2011 but the date was repeatedly pushed back over a series of issues, including fire safety and corruption.

In the meantime, the cost of the facility exploded to 6.5 billon euros ($7.6 billion) from a 1.7-billion-euro budget initially.

“There won’t be a big party, just an opening.”

Germans Still Dropping Like Flies

At a staggering rate of roughly two (2) deaths per day, Germans are desperately searching for new ways to decrease the Corona death toll.

Deaths

Their COVID-tracing app not being accepted by the public as they were told to accept it, COVID-prepared hospitals pracically empty, German children attending school regularly again without any Corona irregularities and quadrillions of zillions of stimulus euros planned to be burned both this year and the next, the German public is concerned the government just isn’t doing enough.

There always is the Querkopf (oddball) or two, of course. For example, the chief executive of German health-care group Fresenius has warned that the country may have been overly focused on the pandemic, ignoring other areas of business and society that have suffered.

“Even though a lot has been done in the right way, my criticism is that we have focused too exclusively on the coronavirus and we have ignored all the collateral damage that has been going on and continues to go on.”

Always Look On The Bright Side Of The Worst Recession In Post-War History

A $256.15 quadrillion zillion stimulus package of their own money taken from them by their government and given back to them as a gift (to be paid back to the government by their grandchildren and great-grandchildren and so on should they ever have any) has lifted German spirits.

Berlin

Sort of. But just keep smiling through the Coronavirus stimulus party anyway, Germany.

German consumer morale improved less than expected heading into October, a survey showed on Wednesday, putting a damper on hopes that household spending in Europe’s largest economy will be strong enough to drive a quick recovery from the COVID-19 shock.

The GfK institute said its consumer sentiment index, based on a survey of around 2,000 Germans, edged up to -1.6 heading into October from an upwardly revised -1.7 in the previous month.

Can’t Reach The Current Planned Level Of Carbon Emission Reduction?

I know. Let’s introduce an even higher and more unrealistic new level of carbon emission reduction we can’t reach!

Uschi

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.

 

More Debt Is The New Normal

In Germany too.

Schulden

The govenment might not directly admit it but the days when they at least strove to reach a balanced budget (black zero) are over.

Germany’s spending to counter the coronavirus crisis and modernize its economy means the country shouldn’t return to a balanced budget anytime soon, according to a senior Finance Ministry official…

Chancellor Angela Merkel’s government abandoned its balanced-budget policy this year and is set to borrow about 218 billion euros ($258 billion). A deficit of more than 80 billion euros is set for next year to fight the fallout from the pandemic, people familiar with the matter have said…

Germany’s constitutional debt brake obliges the government to keep debt under control. In good times, the rule allows for a structural deficit of 0.35% of gross domestic product. In times of recession, new borrowing can go up in proportion with the economic decline.

“A balanced budget isn’t obligatory.”

No Way Back

No way out. No doubt about it.

Out

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.

Germany Would Be So Much Poorer Without Berlin

Not. Not according to this latest study.

Berlin

Normally, the per capita economic output (GDP) in capital cities in Europe is higher than in the rest of the given country. There is one big exception, however. Germany would be wealthier without Berlin.

Poor but sexy” is out. Now Berlin is just poor. Actually, it’s been that way for ages but nobody seems inclined to do anything about it. See the current red-redder-green city government.

Jeder Deutsche wäre ohne Berlin knapp 80 Euro reicher. Every German would be about 80 euros richer without it.

The Regulator Failed?

Well, then let’s give the regulator more money and personnel.

Wirecard

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.”

Just Say No

No, not no to drugs. Just say no to energy. Electricity was yesterday.

Energy

No nuclear energy, no coal energy. Not much sun either for solar energy. There’s lots of wind in Germany, though. Hot air mostly but still.

Germany is first major economy to phase out coal and nuclear – German lawmakers have finalized the country’s long-awaited phase-out of coal as an energy source, backing a plan that environmental groups say isn’t ambitious enough and free marketeers criticize as a waste of taxpayers’ money.

Bills approved by both houses of parliament Friday envision shutting down the last coal-fired power plant by 2038 and spending some 40 billion euros ($45 billion) to help affected regions cope with the transition.

The plan is part of Germany’s ‘energy transition’ – an effort to wean Europe’s biggest economy off planet-warming fossil fuels and generate all of the country’s considerable energy needs from renewable sources. Achieving that goal is made harder than in comparable countries such as France and Britain because of Germany’s existing commitment to also phase out nuclear power by the end of 2022.

What’s An Increase Of 42% Among Friends?

Somebody just slammed Germany in the face with a brick. I mean a Brexit.

EU

Germany to contribute 42% more to EU budget: report – The European Commission would like to see €13 billion more per year from Europe’s largest economy. EU leaders, including Angela Merkel, are meeting Friday to discuss the bloc’s future budget.

Germany currently contributes an average of €31 billion a year to the EU budget. The proposal for the new budget would raise that contribution to €44 billion — an increase of 42%.