Quote:
Originally Posted by Jimbuna
What does the German national debt currently stand at?
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Source is Deutsche Bundesbank March 2020:
Five years in a row German
explicit debts have been slightly cut back, and in 2019 went to 59.1 % of the GDP.
No data given on implicit debt, which is multiple factors as high. German politics and federa bankers treat implicit debts as if they do not exist and will never become valid, because everybody hopes it affects only the others just after one has ended one's own career.
That was before Corona. In the present, nobody seems to really know what the debts are due to the Corona-2020 party, but everbyody already says that debts will be at a historically record high and by far the highest since the federal republic was founded.
Also, Germany has finally agreed to the collectivization of Southern European debts and French debts. Guess who bears the lion's share.
For the ECB and Lagarde, Corona is a gift from heaven. It gave them the silvber bullet to enforce what they always wanted, and get the Germans out of their way. But New Money Theory is neither new, nor a theory. Its a new name for a very old lie. It has never worked, it will never work, because it cannot work. Its economic madness, often proved in history. Suicide. I rather see witches flying on broomsticks.
Private investors, savers, pensioneers - all have big reasons to worry for the ECB's policies coming next. It might help the rich and "system-relevant banks", but all others will get plundered more and more openly.