h/t Breitbart; Remind me, didn’t something really bad happen last time Germany experienced high inflation and a cost of living crisis?
“Part of the population is no longer able to save”
The savings banks expect that soon 60 percent of households will have no money left over at the end of the month to put something on the high edge. The Greens are calling for an interest rate cap for overdraft facilities.
Dhe majority of Germans are increasingly reaching their financial limits due to high inflation. “We expect that because of the significant price increase, up to 60 percent of German households will have to use their entire disposable income – or more – monthly for pure living expenses,” said Sparkasse President Helmut Schleweis WELT AM SONNTAG.
“This part of the population is then simply no longer able to save.” With 40 million households nationwide, this would affect 24 million households. A year ago, according to the Sparkasse wealth barometer, only 15 percent were unable to put money away. The Sparkassen Group itself has 50 million customers.
However, many customers are still benefiting from the fact that they can redeem the additional savings that accumulated during the Corona period due to a lack of consumption options. “The peak value of the savings rate was around 16 percent in 2020, for 2022 we expect a return to the pre-crisis level of eleven percent,” says Martin.
…Read more (German): https://www.welt.de/finanzen/verbraucher/article240576763/Inflation-Mehrheit-der-Deutschen-kann-nichts-mehr-sparen.html
WUWT recently reported some German politicians appear to be preparing for war against their own citizens, if this crisis leads to unrest or insurrection.
President Trump tried to warn German politicians were making a grave error, with their green energy fantasies and dependence on Russian gas, but they just laughed at him. Now we have proof Trump was right. Ordinary German people are suffering, because Germany’s leaders are fools.
Germany is not the only European nation which is treating its citizens with contempt, Dutch farmers are still fighting an ongoing battle with their government, over nitrogen fertiliser restrictions.
I once asked British politician Nigel Farage why European politics is so messed up, why their leaders are so unresponsive to ordinary people. From memory Farage’s answer was the party list proportional representation system is to blame.
With party list PR, political candidates don’t have districts, the leader of each party presents an ordered list of candidates to the electoral office. The number of people on that list who get into parliament is determined by the total number of votes their party receives, starting from the top of the list.
PR looks great on the surface, because even voters for minority parties have a chance to receive some representation. The reality is very different. What PR actually does is concentrates all political power into the hands of a permanent leader class, composed of people whose names are at the top of the PR electoral list.
As long as politicians retain their grip on party leadership, they never have to worry about being personally voted out of office. Even worse, party leaders can arbitrarily destroy the careers of mavericks or anyone who votes against the party line by simply bumping them down the list, without the need for a formal dismissal or expulsion. It is this concentration of power into the hands of a permanent leader class which makes PR politicians insensitive to the needs of ordinary voters.