According to the Federal Agency for Statistics, our Federal Debt Clock keeps running at high speed. Regardless of the debt limit and our – by European standards – so exemplary budget management.
Pretending our own debt is not enough, we added an additional burden by agreeing to the EURO emergency chute. Now we give guarantees for half of Europe, as well. And because the current chute is too small, we even want to extend it.
Mind you, this all happens regardless of the fact that nobody believes any longer that Greece will be able to pay back its debt. Not to mention that Italy and other countries are in a similar situation, because their national debt is even higher than ours (I wonder if there is a comparative and superlative form of “bankrupt”).
How is Germany ever supposed to pay back its national debt? You can be sure that we will never manage more than a status quo. Frankly spoken, I would really like to see a repayment plan for the more than two billion Euros we owe. It simply cannot be done, just like the debt limit will not make any difference.
How are we supposed to pay back all this money if, even now, we do not have money for quite normal and absolutely necessary investments into basic infra-structure measures in the sectors of traffic or energy, or in the educational sector. In addition, we have an ageing society and an immigration policy that is a hindrance for fresh impulses.
We, too, are bankrupt. The only small difference is that (so far) a better rating and better interest rates keep us alive.
Our debt will continue to grow geometrically and the guarantees and interest rates will increase the pressure. Our credit standing is already unstable and will get worse with every guarantee we give. Even if the extended emergency chute – due to countries like Slovakia – will not come, this is no real help.
Well, we have been living beyond our means for many years. We consume a lot and spend money for expensive things. We all have to economize. There is certainly enough potential. But it is more agreeable for us to be comfortable. We will not manage it without being forced, even though we have plenty of luxuries that could be reduced.
If we had allowed to go bankrupt what was bankrupt, we would already have arrived at this state of affairs. Just think of the Lehman Brothers. I still cannot understand what was so bad about letting Lehman go bankrupt. Except that some of the people I know lost some money. But they carried it with dignity. After all, they still have a lot of money left.
The only thing that might help to reduce our national debt is a world-wide inflation. However, it is a pity that this would, again, be detrimental primarily for the common man. But perhaps this is just as well. The more people have to do without stupid luxury in the future, the better off our planet will be.
Well, I know I sound cynical, but still what I say might be the truth.
RMD
(Translated by EG)
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