26th November 2010
"EU rescue costs start to threaten Germany itself. The escalating debt crisis on the eurozone periphery is starting to contaminate the creditworthiness of Germany and the core states of monetary union."
waltermellon comments: "I live in Germany now, after most of my life in America. What is different here is that people never developed the ethic of living off personal debt. Credit cards are still a rarity, and those who have them rarely use them. People save for luxuries (and necessities) large and small. It is quite possible to live well in a city without a car, urban mass transit is excellent everywhere I've been. The country got through the worst of the big financial crisis without the massive redundancies of the US, by going to short hours. This prevented a domestic crash, at a very low cost. There's also the ethic that making things is still an honourable pursuit. The temple of Chinese crap, Wal-Mart, was tossed out on its ear after a valiant attempt to implant trashy consumerism here. Yes, the economic ethic is different here, and is based on self-reliance and industry, while attempting to maintain some sort of (very basic) social welfare system. No need to invoke the "we taught them a lesson in 1918, they've hardly bothered us since then" nonsense.