Germany's export-led economic growth exacts a heavy cost on Europe and the US — Commentary
Europe and the U.S. seem incapable of putting an end to Germany's excessive trade surpluses that are stifling economic growth in trans-Atlantic community – and beyond.
Secretary of State Mike Pompeo's shouting match with Germans last Saturday at the Munich Security Conference shows that the U.S. has a serious European crisis on its hands. Germany's Chancellor Angela Merkel gestures as she addresses media representatives after a European Union summit.Germany accounts for nearly one-third of the euro area economy, and its bilateral goodsThe German trade, therefore, has a substantial impact on those two highly open economic systems making up two-thirds of the world's industrialized economies.
Sadly, instead of acting as a constructive member of the international community, Germany is running its own economy into the ground by allowing demand and output to stagnate for most of last year – and just barely managing to eke out aDuring that time, Germany continued to live off its trade partners, while lecturing all comers on economic policy, virulently denouncing the support provided by the euro area's easy credit conditions and relentlessly attacking Washington's allegedly...
Some chutzpah indeed from a beggar-thy-neighbor country with a virtually dead economy, a nearly 2% of GDP budget surplus and by far the world's largestGermany's systematic failure to do that has drawn a devastating market verdict.
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