h / t Breitbart; Reminds me, did something really bad happen the last time Germany went through a crisis of high inflation and cost of living?
“Part of the population is no longer able to save”
Status: August 21, 2022
Via Laurin Meyer , Karsten SeibelSavings banks hope that soon 60% of households will have no money left at the end of the month to buy something at a premium. The Greens are calling for an interest rate cap on overdraft facilities.
The majority of Germans are increasingly reaching their financial limits due to high inflation. Sparkasse Chairman Helmut Schleweis WELT AM SONNTAG said: “We expect that due to significant price increases, up to 60% of German households will have to use their full disposable income – or more – monthly for pure cost of living,” said Sparkasse President Helmut Schleweis WELT AM SONNTAG.
“This part of the population then simply can no longer afford to save.” With 40 million households nationwide, this would affect 24 million households. A year ago, according to the Sparkasse wealth measure, only 15% could not spend money. The Sparkassen Group itself has 50 million customers.
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However, many customers still benefit from the fact that they can redeem the additional savings accumulated during Corona due to the lack of consumption options. “The peak value of the savings rate is around 16% in 2020, and in 2022 we expect a return to pre-crisis levels of 11%,” said Martin.
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Further reading (in German): https://www.welt.de/finanzen/verbraucher/article240576763/Inflation-Mehrheit-der-Deutschen-kann-nichts-mehr-sparen.html
WUWT recently reported some German politicians seem to be preparing for war against their own citizensif this crisis leads to unrest or uprising.
President Trump tried to warn German politicians of making a grave mistake, with their fantasies of green energy and reliance on Russian gas, but they just laughed at him.. Now we have proof Trump was right. The ordinary German people are suffering, because the leaders of Germany are idiots.
Germany is not the only European country to treat its citizens with disdain. Dutch farmers are still fighting an ongoing battle with their governmentexceed nitrogen fertilizer restrictions.
I once asked the British politician Nigel Farage Why are European politics so confused, why are their leaders so insensitive to ordinary people. From memory, Farage’s answer was proportional representation party list the system is to blame.
With party list PR, political candidates without districts, the leader of each party presents an ordered list of candidates to the election office. The number of people on that list getting into parliament is determined by the total number of votes their party receives, counted from the top of the list.
On the surface, PR looks great, because even voters for minority parties have a chance to get some representation. The reality is very different. What PR really does is concentrate all political power in the hands of a permanent elite, including the big names at the top of the PR’s electoral roll.
As long as the politicians retain the leadership of the party, they will never have to worry about the individual being voted out of office. Worse yet, party leaders can arbitrarily destroy the careers of meritocracy or anyone who votes against the party line by crossing them off the list without formally firing or expulsion. It is the concentration of power in the hands of a permanent elite that makes PR politicians insensitive to the needs of ordinary voters.
Both Germany and Netherlands operate forms of government based primarily on proportional representation.
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