March 1, 2005
GERHARD SHREDDER, TAKING GERMANY BACK TO THE 30s:
German jobless rate at new record (BBC, 3/01/05)
More than 5.2 million Germans were out of work in February, new figures show.The figure of 5.216 million people, or 12.6% of the working-age population, is the highest jobless rate in Europe's biggest economy since the 1930s.
Good thing everyone's buying euros, cause you'll need wheelbarrows full of them to buy bread soon. Posted by Orrin Judd at March 1, 2005 5:30 PM
Pita bread, if they will sell you any.
Posted by: Luciferous at March 1, 2005 5:39 PMThe 1930s - hmmmm? Now that rings a bell. But the 1920s have to play out first.
Posted by: ratbert at March 1, 2005 6:20 PMThe new government buildings are fireproof, right?
Posted by: John at March 1, 2005 10:44 PMBackwards OJ. They got deflation. That's why the Euro is a $1.40. Fat lot of good that does them.
Posted by: Robert Schwartz at March 2, 2005 2:17 AMThe hyper-inflation of the Weimar years scares everyone to death. The problem is that the staggering levels of unemployment, in fact underreported, will be even worse. At some point the social safety net collapses and either you have vast human misery on the streets, or you are compelled to start printing money to pay for stuff.
What precisely has occured in the last 5 years or so to make anyone think Schroeder is anywhere near as competent as Stresemann or Ebert? Let alone Erhard.
Posted by: Bart at March 2, 2005 6:56 AM