In the months leading up to the country's election season this fall, Germany's debt level reached a new all-time high of €2.45 trillion at the end of 2023, according to the German Statistical Office. This is €77 billion more than Germany's debt level in 2022.
As of now, every Germany citizen holds a per capita debt of approximately €28,900. Most of the increase comes from Germany's continued funding of the Volodymyr Zelensky regime in Ukraine; rising energy costs caused by the "green" transition; and welfare spending on foreign invaders.
In the second quarter of 2024, Germany's gross domestic product (GDP) dropped by 0.1 percent. Gross national product (GNP) also dropped by the same amount during the same time period, according to the Federal Statistical Office.
Based on all available metrics, Germany is currently "stuck" in a crisis, according to Klaus Wohlrabe, head of economics surveys at Germany's prestigious Ifo Institute.
"There is little improvement to be expected for the third quarter of 2024, either," he said in a statement. "This is indicated by the results of the Ifo business climate index from July."
Germany is run by idiots according to the AfD party’s top female politician. pic.twitter.com/aBufptEG2S
— Remix News & Views (@RMXnews) August 29, 2023
(Related: Germany's economic bloodbath has been unfolding for a while now as the country transitions away from abundant and inexpensive earth-based fuels in favor of land-intensive "renewable" energy technologies like noisy windmills and ugly solar farms.)
German industry collapsing: order backlogs shrinking as new orders dry up
Commerzbank chief economist Jörg Krämer said much the same in an appearance on the Taggeschau program, issuing the following dire outlook for Germany moving forward:
"The unexpected decline in gross domestic product in the second quarter by 0.1 percent shows once again that there can be no talk of a significant upturn in Germany."
The Ifo institute added that German industry is imploding as the number of new product orders declines.
"Overall, the order backlog continues to shrink, and industry is lacking new orders," the institute said.
"The assessment of the current situation fell in July to its lowest level since September 2020, and business expectations for the coming months have deteriorated significantly."
In early 2023, Scholz promised the German people that their country would see higher growth in the coming months. What happened instead was something entirely different.
"Due to the high level of investment in climate protection, Germany will be able to achieve growth rates for some time, as was last seen in the 1950s and 1960s," Scholz said at the time.
Increased spending and expanding debt, though, are tearing away at Germany's economy, as did the €50 billion in "coronavirus aid" the country flushed down the toilet during the Wuhan coronavirus (covid-19) "pandemic."
The Alternative for Germany (AfD) party had proposed a number of budget cuts in response to a court ruling the Germany's coronavirus spending was unconstitutional. Such cuts included stopping all weapons transfers to Ukraine; deporting illegal migrants; and reforming Germany's energy transition.
None of that happened, and now all three pillars of the Germany economy have collapsed. Germany no longer:
1) Purchases cheap and abundant energy from Russia
2) Has cheap energy suppliers in Central and Eastern Europe
3) Has a growing export market to China
Without these three pillars strongly in place, there is nothing upholding Germany's economy anymore. This could present political consequences this fall as the German people revolt against their corrupt leaders.
Nothing green ever lasts because it's expensive, inefficient, and destructive to the normal economy. Learn more at GreenTyranny.news.
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