Is German industry destroying French, Italian and Spanish industries?

"What we have is German industry destroying French, Italian and Spanish industries, and so on. Germans are charming people; their problem is that they are too efficient. You have Germany as a continental hanger-on and dominant power. It is like the story of the novel “Metamorphosis” by Kafka, in which a man goes to sleep and wakes up transformed into a giant bug. To me, this is a metaphor for what is happening to Europe. We went to sleep a community of free and equal nations and woke up as … a hierarchy of nations with the Germans on top. Europe no longer is the continent of democracy. "

Emmanuel Todd: The paradox of America’s fading empire

“Europe used to be a place with a preference for social and trade protection; now it is turning into a zone of raging free trade wars and maximum deflation.”

I am not so sure we are really that efficient. Germany seems to haver a better run economically than other European countries at the moment but I am not really sure why. What really worries me are those mountains of public debt in most EU countries, this cannot end well.

1 Like

Yes, if you have a look on the national debts you’ll get dizzy (several trillions in many countries, among them German, and they are growing faster and faster: http://www.staatsschuldenuhr.de/ )

1 Like

I wonder whom[who] they each owe the money to. To their own people or what?
If national debts are supported by government bonds, they owe money to those who purchased the bonds. I wonder who purchased the bonds and where they live.