Germany and Europe's Economy

Wolfgang Schäuble discusses international economic issues.

Speaker:
Wolfgang Schäuble, Federal Minister of Finance, Germany

[relinquis]

Given Schauble's economic rationale, the only way for Eurozone as a whole to be successful economically is for the whole block to have a trade surplus with the rest of the world, i.e. they all become like Germany. This cannot happen with China's doing the same and Japan doing the same.
Who is going to run a deficit big enough to support 65% - 75% of the world economy to run a trade surplus? The USA is not big enough to do it on it's own. It's just not logical.
Therefore the Eurozone will remain stagnant until it decides an economically viable solution.
There are two economically viable solutions: A -  to split into two currency blocks, the Euro (with France and the periphery) & a new German block currency, or B - A United States of Europe with an elected federal government that can tax, borrow and set an Eurozone wide budget (i.e. fiscal transfers through federal investment, perhaps with growth related structural reforms in tandem, but not reforms on their own).

[mapel]

Germany has to give up a lot of their "competitiveness". Germany needs to inflate, to raise wages. Only with wage cuts in Southern Europe, the disaster will became unsolvable. Means more deflation, more over-indebtedness.

[fergal]

ok Zwei und Zwanzig vor ze irish and spanish too but only if they produce them this year.

[fergal]

Ze haircut vor greek debt vill be significant. Ve vill train 2 million hairdressers from Syria to cut ze greek hair. Zat vill solve ze refugee crisis and the hair problem in Greece. Ve will sell this hair to ze German cushion manufacturers.

[fergal]

All ze greek vemen vill have ze german babies and ve vill solve ze baby crisis in ze vater-land.
Vor this ve will give ze greek vemen "zwanzig" yes €20 each. but ze must attend ze reich-school in ze vater-land and learn ze german songs.

[Athenaikos]

Schauble is incoherent and fragmented in his speech patterns. He looks like a man on the bottle manifested by his red face. I have no clue what he is talking about. The man improvises as he goes.

[fergal]

ok greek vemen zwei und zwanzig, yes €22 euros per voman vor ze babies. Portugal vemen € drei und Zwanzig vor each voman yes €23 per voman; but ze irish and ze spanish only Zwanzig vor each vater-land baby produced.