Putin Forced Us To Become Energy Dependent On Him

It wasn’t our fault, Mom. The other kids were jumping off the bridge too. That’s why we’ve got this recession now, see?

Germany blames Putin for pushing economy towards recession – Vice-chancellor Robert Habeck signals ‘substantial downturn’ in the coming quarters.

Habeck (Greens) blamed the gloomy forecast on Vladimir Putin’s attempts to use energy as a tool to destabilize Europe. Habeck said forecasts would have been worse if Berlin had not taken action to soften the blow.

“The numbers are bad.”

German Of The Day: Steuereinnahmen

That means tax revenues.

How’s it go again? The bigger they are, the harder their tax revenues fall? Jeepers. I wonder why tax revenues would be falling in Germany these days. It’s not like businesses are only just beginning to go bankrupt thanks to Germany’s dependency on Russian gas, Green utopian make-believe, skyrocketing energy costs and the resulting crazy inflation. It must be something else.

German tax revenues fall in August for first time this year – Federal and state government tax revenues fell in Europe’s biggest economy during August for the first time this year, the finance ministry said on Thursday.

German Of The Day: Schwaches Glied

That means weak link. I could also mean limp member, but let’s not go there.

Weak. You know. Like the German economy?

From Europe’s powerhouse to its weak link: Germany’s economy stutters – Economic model that depends on exports has been hit by a series of external shocks.

Germany is experiencing a squall of shocks that are darkening its economic outlook. Along with soaring inflation, persistent supply chain problems and weaker global demand are weighing heavily on its industrial sector.

“What’s most worrying is just how broad-based the weakness in the economy is,” said Clemens Fuest, head of the Ifo Institute, a think-tank. In previous downturns, services suffered but industry recovered, and vice versa. “But now we’re seeing weakness across the board.”

German Of The Day: “Schwelle zur Rezession”

That means cusp of recession, as in being on it.

Germany on cusp of recession, says ifo, after business sentiment falls – German business morale fell more than expected in July as high energy prices and impending gas shortages push Europe’s largest economy to the cusp of recession, a survey showed on Monday.

The Ifo institute said its business climax index was 88.6, its lowest level in more than two years. June had also seen an unexpected drop to a downwardly revised reading of 92.2.

It’s Time To Drop Your Masks, Germans

And show us your real faces.

Faces plagued by real problems, for a change. Problems like finding new sources of energy that will keep your homes heated and your economy running (and breaking free from your dependency on Russian energy = 50%), skyrocketing inflation, dire economic forecasts and that little war thing going on in Ukraine just a few miles down the road, for instance. COVID-19? What’s COVID-19?

Starting Friday, a number of rules and restrictions went away in much of Germany. That means no more masks in most shops, and no more proof of vaccination or day-of test in restaurants. Though some public transportation systems, individual businesses and institutions will keep mask requirements in place, the move to drop the majority of mandates tracks with many of Germany’s neighbors.

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.

Wouldn’t A 3-Day Work Week Save Even More Jobs?

Personally, I think it’s time to start talking about the 2-day work week. But that’s just me. I’m a visionary or something.

Work

Germany’s biggest union calls for 4-day week to save thousands of jobs – Germany’s automotive and industrial sectors were already undergoing huge structural changes before the pandemic struck. The IG Metall union thinks a shorter working week could now help prevent mass layoffs.

In the upcoming union talks, Hoffman said IG Metall would call for a wage increase for workers, despite the recession.

German Of The Day: Tiefer Fall

That means a steep fall. Very steep in this case. Really, really, really steep already.

Fall

You would have to back in history some ninety years to find a comparable peacetime decline in German economic activity.

But why would anybody want to do that?

Germany’s Economic Slump Shows Scale of Europe’s Challenge – The 10.1% drop in output in the region’s largest economy is a harbinger of worse figures elsewhere. Spain, France and Italy will probably report even deeper contractions on Friday, reflecting a recession that prompted an unprecedented policy response from governments.

Man wird in der Geschichte bis zur Weltwirtschaftskrise vor rund neunzig Jahren zurückgehen müssen, um in Friedenszeiten einen vergleichbaren Sturz der wirtschaftlichen Tätigkeit in Deutschland zu entdecken.

It’s Magic!

It’s as if none of this Corona crap ever happened at all!

Magic

Maybe that’s because none of this Corona crap ever did happen. Not like it was supposed to happen, I mean. Not that anybody ever really knew how it was supposed to happen but everybody knows now that it simply didn’t happen that way. Folks sure got riled up though, didn’t they?

Germany poised for big economic recovery – The German economy is expected to shrink by more than 6% this year. But a new study found the country could be in for a big economic recovery next year.

In a best-case scenario, the economy could recover in about five months, the institute said. This would result in a more mild economic slump of just 3.9% in 2020.

But in a worst-case scenario, the recovery could also take as long as 16 months. The economy could then shrink by 9.3% this year, with growth of 9.5% forecast for 2021.

“In that case, the recovery would stretch into 2022.”

German Of The Day: Rückgang

That means decline.

Spielball

You know. Like the Decline and Fall of the Merkel Empire?

Biggest German industry slump in a decade revives recession fears – German industrial output suffered its biggest fall in December since the recession-hit year of 2009, a shock drop highlighting the weakness in manufacturing that risks dragging Europe’s largest economy into contraction again.

Deutsche Industrieproduktion bricht ein – “Spielball der Weltkonjunktur.”