Why the Euro is doomed – the German households net wealth is not EVEN HALF of that compared to Italians

So the German people/taxpayers who so far have paid most of the bailouts of the bankrupt euro states (Greece, Spain. Portugal, Ireland etc), and were the bankrupt states insists on Germany paying EVEN more to “save the euro” (together with Sweden, Finland etc), don’t even have HALF THE NET WEALTH of the peoples they are bailing out!

No wonder that the German Bundesbank is keeping this report secret. Because I don’t think the people in Germany is going to be “very happy” when they discover the truth.

They have keep their economy in reasonably good shape and paid their taxes. Now they have to pay for the ones who didn’t.

And there is a new Germany Anti-Euro Party with some very prominent figures behind it. Its founders are a collection of some of the country’s top economists and academics, business people, journalist etc.

And by then way, this would never ever happen in Sweden. Because here, these same people, are the ones that have relentlessly driven (together with our “dear” politicians), the integration with EU and moving most of the power to Brussels. What a contrast.

See a few of my many previous EU posts here:

The economic mess and structural problems in EU and US – Part 1

Citizens! Forgive us for not arresting those truly responsible for this crisis: bankers and politicians

This is why the Euro is doomed

EU a stupid empire on purpose

EU – an unaccountable mess created by an undemocratic treaty – Now also a crony Bankocracy)

               (If you click on the graphs they become bigger)

20130301_EU2

Here are some of these articles about the growing poverty in Germany and the cover up of these facts. You have to brush up on your German to read most of these.

(My bold and underline)

Household Finance and Consumption Network (HFCN)

http://www.ecb.int/home/html/researcher_hfcn.en.html

Notenbanker zögern Bericht über Ungleichheit hinaus

http://www.faz.net/aktuell/wirtschaft/wirtschaftspolitik/armut-und-reichtum/verteilung-von-vermoegen-notenbanker-zoegern-bericht-ueber-ungleichheit-hinaus-12105481.html

A “Politically Explosive” Secret: Italians Are Over Twice As Wealthy As Germans

http://www.testosteronepit.com/home/2013/3/8/a-politically-explosive-secret-italians-are-over-twice-as-we.html

In December 2006, the ECB established the HFSC network of survey specialists, statisticians, and economists from its own ranks, national central banks of the Eurozone, and statistical institutes. The acronym stood for Household Finance and Consumption Survey. It would collect “micro-level structural information” on household wealth. A massive bureaucratic undertaking. Surveys went out in 2010. Results are now ready. No one in Europe had ever done a survey on that scale before. And no one might ever do it again. Because, in the era of bailouts and wealth-transfers, the results are so explosive that the Bundesbank is keeping its report secret—and word has leaked out why.

The surveys were conducted on a national basis, with each central bank publishing its own report. They would then be combined and summarized by the ECB into a cohesive picture of how wealthy—or how poor—people in various parts of the Eurozone were. A number of countries already published their reports, including Italy and Austria.

What the Austrian National Bank found was not pretty (20-page PDF). The considerable wealth in Austria was very unevenly distributed. The wealthiest 5% owned nearly half of the country’s wealth. Their median wealth was €1.7 million in diversified assets. The lower 50% owned only 4% of the country’s wealth. Of them, 83% rented their homes. Their median wealth was a measly €11,000 consisting usually of a car and a savings account. That’s half of the people! And 10% had a net wealth of less than €1,000.

This unequal distribution of wealth created a huge gap between median income (half the people earned more, the other half less) of €76,000 and average income of €265,000 (pushed up by a small number of extremely wealthy households). And that’s why some countries don’t even publish average income values. Too much truth would hurt.

Germany’s data is likely to be similar—but the Bundesbank is treating its report like a secret. Because the results are, let’s say, awkward for two reasons. The highly unequal distribution of wealth is one of them. The German government already went through wild gyrations late last year, and now again, over its Poverty Report that exposed some inconvenient facts that were then edited out—something that was leaked immediately, and it caused a ruckus [read.... Censored: Poverty Report in Germany].

Italy is the other issue. But it may be too hot for the Bundesbank to touch. Italy’s report (142-page PDF) finds that median household net wealth has increased 56% since 1991. And from 2008 to 2010, it increased by about 5% annually, despite the crisis!

But the wealth of German households stagnated during much of that time while they paid taxes out of their noses. And now they might learn that Italy’s median household wealth is €163,875—while Germany’s is closer to Austria’s, around €76,000. Less than half!

“Politically explosive,” sources at the Bundesbank whispered to the FAZ.

These reports show that in some countries, like Italy, where government finances have been in crisis, median household wealth is actually greater than in some financially healthy countries where governments have kept deficits and debts down.

Germany’s federal government only had a minuscule deficit in 2012. But high taxes and the citizens’ greater willingness to pay them—though cheating is a national sport—have over the years extracted a lot of wealth from the people and transferred it to the government. In Italy, people have been more adept at hanging on to their wealth. To the detriment of government finances. Other studies have shown similar trends, but never on such a scale with such detail, and in this “harmonized” and easily comparable manner.

It could stir up a firestorm in Germany. It’s not just jealousy. Strung-out German taxpayers would have to be bamboozled into bailing out the mountain of Italian government debt that the Italians, whose median wealth is twice that of Germans, refused to pay for. It won’t sit well. Not at all. It could become a political nightmare for Chancellor Angela Merkel, who faces an election in a few months and must keep any kind of tumult out of the scenery.

If the report ever sees the light of the day in unvarnished form—not a certainty given the debacle of the Poverty Report—Bundesbank statisticians will be trying to explain away the difference between countries like Italy and Germany. Household wealth is particularly high in countries with high homeownership rates, they will argue. In countries where renting is popular, like Germany, a considerable part of the housing stock is owned by the government and rented out in a subsidized manner. Thus the wealth is public, etc. etc. Because the bailout saga must go on. The messy reality that Germans can’t afford to bail out their richer neighbors must not be allowed to interfere with the grand and glorious saga of the euro.

Every country in the Eurozone has its own collection of big fat lies that politicians and eurocrats have served up in order to make the euro and the subsequent bailouts or austerity measures less unappetizing. Here are some from the German point of view….. Ten Big Fat Lies To Keep The Euro Dream Alive.”

The Italian report here (I BILANCI DELLE FAMIGLIE ITALIANE NELL’ANNO 2010):

http://www.bancaditalia.it/statistiche/indcamp/bilfait/boll_stat/suppl_06_12new.pdf

Part of the Austrian report here:

http://www.hfcs.at/de/img/fakten_zur_vermoegensverteilung_in_oesterreich_tcm14-251411.pdf

20130306_EU_0

The report “on Poverty and Wealth” (Lebenslagen in Deutschland) here:

http://www.bmas.de/SharedDocs/Downloads/DE/PDF-Publikationen-DinA4/a334-4-armuts-reichtumsbericht-2013.pdf?__blob=publicationFile

Immer mehr Münchner sind arm

http://www.sueddeutsche.de/muenchen/armutsbericht-immer-mehr-muenchner-sind-arm-1.1501067

Bundesregierung schönt Armutsbericht

http://www.sueddeutsche.de/politik/einkommensverteilung-in-deutschland-bundesregierung-schoent-armutsbericht-1.1535166

Censored: Poverty Report in Germany

http://www.testosteronepit.com/home/2012/11/28/censored-poverty-report-in-germany.html

“On September 17, the German Labor Ministry sent a draft report “on Poverty and Wealth” to the other ministries to be rubber-stamped. Only the final report, once sanctified by Chancellor Angela Merkel, would be made public. The draft was supposed to remain hidden. But it seeped to the surface almost immediately. And it was hot. Too hot.

The massive data (PDF, 535 pages) described the tough reality that many people faced in Germany—a reality that got tougher every year. For example, in 1998, the lower 50% of the population owned 4% of all private wealth, while the upper 10% owned 45%. By 2008, the lower 50% owned only 1%, but the upper 10% had increased its share to 53% (at the expense also of the in-between 40%). Other reports have painted similar pictures.

The poverty report by Germany’s statistical agency showed that the “poverty rate” in Germany has been creeping up: in 2008, it was 15.5%; in 2009 it was 15.6%, and in 2010 it was 15.8%. Particularly hard-hit were people under 65 who lived alone. Their poverty rate was 36.1%. For single-parent households, it was 37.1%. The city of Munich issued its own poverty report. By taking into account Munich’s high cost of living, it found that nearly a fifth of its residents lived in poverty.”

Germany‘s New Anti-Euro Party

http://www.spiegel.de/international/germany/new-party-in-germany-goes-after-euro-skeptic-voters-a-887744.html

“A new party is forming this spring, intent on abandoning European efforts to prop up the common currency. And its founders are a collection of some of the country’s top economists and academics.”

Named Alternative für Deutschland (Alternative for Germany), the group has a clear goal: ”the dissolution of the euro in favor of national currencies or smaller currency unions.” The party also demands an end to aid payments and the dismantling of the European Stability Mechanism bailout fund.

”Democracy is eroding,” reads a statement on its website (German only). ”The will of the people regarding (decisions relating to the euro) is never queried and is not represented in parliament. The government is depriving voters of a voice through disinformation, is pressuring constitutional organs, like parliament and the Constitutional Court, and is making far-reaching decisions in committees that have no democratic legitimacy.”

Prominent Supporters

Alternative for Germany appears to be different, though it has yet to produce a party manifesto. Its impressive list of prominent supporters includes a large number of conservative and economically liberal university professors. The most notable name on the list is Hans-Olaf Henkel, the former president of the Federation of German Industries, but it also includes such economists as Joachim Starbatty and Wilhelm Hankel, who were part of the group that challenged Greek bailout aid at Germany’s Constitutional Court.

Main initiator Bernd Lucke, a professor of macro-economics from Hamburg, was a member of Chancellor Angela Merkel’s Christian Democrats for 33 years before leaving the party in 2011 as a result of euro bailout efforts. ”The current, so-called rescue policies are exclusively focused on short-term interests, primarily those of the banks,” Lucke told the Frankfurter Allgemeine Zeitung this week.”

Here is a list of some the supporters:

http://www.alternativefuer.de/

“Die Alternative für Deutschland wird unterstützt von

Dr. Konrad Adam, Journalist (FAZ, Die Welt) und Publizist.

Walther Adler, Oberregierungsrat, Statistisches Bundesamt, Diez.

Prof. Dr. Hans–Günter Appel, Beiratsvorsitzender Nationale Anti–EEG–Bewegung.

Prof. Dr. Ronald Asch, Geschichtswissenschaften, Freiburg.

Dr. Bruno Bandulet, Journalist und Verleger, Bad Kissingen.

Prof. Dr. Charles Blankart, Volkswirtschaftslehre, Berlin.

Prof. Dr. Ulrich Blum, Präsident des Instituts für Wirtschaftsforschung Halle a. D.

Prof. Dr. Ursula Braun–Moser, Mitglied des Europäischen Parlaments (CDU) 1984–1994.

Peter Christ, vormals Leiter der Wirtschaftsredaktion ”Die Zeit” und Chefredakteur von Stuttgarter Zeitung, Manager Magazin, Sächsische Zeitung u. a., Luzern.

Prof. Dr. Ludwig Cromme, Mathematik, Cottbus.

Wolfgang von Eichborn, Richter, vormals Referent der SPD–Bundestagsfraktion, Ebersberg.

Dieter Farwick, Brigadegeneral a. D. und Publizist, Sigmaringen–Laiz.

Prof. Dr.–Ing. Thomas Albert Fechter, Maschinenbau, Wiesbaden.

Prof. Dr. Herbert Frohnhofen, Systematische Theologie, Mainz.

Dr. Alexander Gauland, Staatssekretär a. D., Potsdam.

Ass. Jur. Albrecht Glaser, Stadtkämmerer der Stadt Frankfurt/Main a. D., Bürgermeister a. D., Niedenstein.

Prof. Dr. Andrea Gubitz, Volkswirtschaftslehre, Frankfurt.

Prof. Dr. Gernot Gutmann, Volkswirtschaftslehre, Rektor Universität zu Köln a. D.

Prof. Dr. Wilhelm Hankel, Präsident der Hessischen Landesbank a. D., Königswinter.

Michael Heendorf, Kriminalbeamter a. D., Magdeburg.

Prof. Dr. Ing. E.h. Hans–Olaf Henkel, Praesident der IBM Europa, des Bundesverbandes der Deutschen Industrie (BDI) und der Leibniz–Gemeinschaft a.D.

Prof. Dr. Carsten Herrmann–Pillath, Volkswirtschaftslehre, Frankfurt.

Prof. Dr. Stefan Homburg, Volkswirtschaftslehre, Hannover.

Dr. Wolfgang Hönig, Generalbevollmächtigter a. D. der Commerzbank AG, Frankfurt.

Dr. Johannes Hüdepohl, Sprecher Bündnis Bürgerwille, Ahrweiler.

Markus Keller, Aktiva Consult GmbH, Frankfurt.

Gerhard Koning, Bankvorstand a. D., Kelkheim.

Wolfgang Kräher, Dipl.–Ing. Werkstofftechnik, Bad Dürkheim.

Caroline Kreusler, Klipp+Klar Unternehmenskommunikation, Hamburg.

Prof. Dr. Jörn Kruse, Volkswirtschaftslehre, Hamburg.

Dr. Klaus–Peter Last, freiberuflicher Softwarespezialist, 1991–1998 Landesschatzmeister von Bündnis90/Die Grünen Mecklenburg–Vorpommern.

Prof. Dr. Bernd Lucke, Hochschullehrer, Universität Hamburg.

Prof. Dr. Helga Luckenbach, Volkswirtschaftslehre, Gießen.

Dagmar Metzger, wordstatt GmbH, München.

Prof. Dr. Dirk Meyer, Volkswirtschaftslehre, Hamburg.

Stefan Milkereit, Steuerberater, Biebertal.

Klaus Müller, Horländer GmbH, Speyer.

Dr. Frauke Petry, Geschäftsführerin purinvent GmbH, Leipzig.

Prof. Manfred Philipp, Chemie, The CityUniversity of New York.

Prof. Dr. Hayo Reimers, Wirtschaftswissenschaften, Gießen.

Martin Renner, Cosmed Marketing und Kommunikation GmbH, Wuppertal.

Prof. Dr. Christian Rennert, Betriebswirtschaftslehre, Köln.

Prof. Dr. Gisbert Richard, Direktor der Universitäts–Augenklinik, Hamburg.

Dr. Thomas Rietzschel, Autor und Journalist, Roßbach.

Dr. Oliver Safarowsky, Chemiker und Betriebswirt, Köln.

Prof. Dr. Karl Albrecht Schachtschneider, Öffentliches Recht, Hamburg.

Bodo Schmidt, Kölnische Haus– und Grundstücksverwaltung, Köln.

Prof. Dr. Peter Schneider, Erziehungswissenschaft, Paderborn.

Hansjörg Schrade, ecofit, Stv. Vorsitzender Aktionsbündnis Direkte Demokratie, Reutlingen.

Prof. Dr. Wolfgang Schöhl, Wirtschaftsjournalismus, Darmstadt.

Wolf–Joachim Schünemann, ASS Versicherungsmakler GmbH.

Prof. Dr. Wolfgang Seeger, Neurochirurgie, Freiburg.

Dr. Bernhard Seitz, Aktionsbündnis Direkte Demokratie, Stuttgart.

Dr. Dieter Spethmann, Vorstandsvorsitzender Thyssen AG a. D.

Prof. Dr. Michael Stahl, Geschichtswissenschaften, Darmstadt/Berlin.

Prof. Dr. Joachim Starbatty, Volkswirtschaftslehre, Tübingen.

Dr. Norbert Stenzel, Geschäftsführer Wetterauer Lieferbeton, Bad Nauheim.

Prof. Dr. Roland Vaubel, Volkswirtschaftslehre, Mannheim.

Dr. Katharina Vocke–Schöhl, Geschäftsführerin und Dozentin, Darmstadt.

Prof. Dr. Heiner Willenberg, Didaktik der deutschen Sprache und Literatur, Hamburg”

Some points from the programme (again, you have to brush up on your German):

http://www.alternativefuer.de/programm.html

“Unser Standpunkt

In ernster Sorge vor politischen und wirtschaftlichen Fehlentwicklungen in Deutschland und in der Europäischen Union haben wir die Partei ”Alternative für Deutschland” gegründet. Die europäische Schulden- und Währungskrise hat viele Menschen davon überzeugt, dass die Altparteien zu einer nachhaltigen, transparenten, bürgernahen, rechtsstaatlichen und demokratischen Politik nicht imstande oder nicht willens sind. Wir formulieren Alternativen zu einer angeblich alternativlosen Politik. Dabei bejahen wir uneingeschränkt die freiheitlich-demokratische Grundordnung der Bundesrepublik Deutschland und die im Grundgesetz und in den Römischen Verträgen angelegte friedliche Einigung Europas.“

 Währungspolitik

 •Wir fordern eine geordnete Auflösung des Euro-Währungsgebietes. Deutschland braucht den Euro nicht. Anderen Ländern schadet der Euro.

•Wir fordern die Wiedereinführung nationaler Währungen oder die Schaffung kleinerer und stabilerer Währungsverbünde. Die Wiedereinführung der DM darf kein Tabu sein.

•Wir fordern eine Änderung der Europäischen Verträge, um jedem Staat ein Ausscheiden aus dem Euro zu ermöglichen. Jedes Volk muss demokratisch über seine Währung entscheiden dürfen.

•Wir fordern, dass Deutschland dieses Austrittsrecht aus dem Euro erzwingt, indem es weitere Hilfskredite des ESM mit seinem Veto blockiert.

•Wir fordern, dass die Kosten der sogenannten Rettungspolitik nicht vom Steuerzahler getragen werden. Banken, Hedge-Fonds und private Großanleger sind die Nutznießer dieser Politik. Sie müssen zuerst dafür geradestehen.

•Wir fordern, dass hoffnungslos überschuldete Staaten wie Griechenland durch einen Schuldenschnitt entschuldet werden. Banken müssen ihre Verluste selbst tragen oder zu Lasten ihrer privaten Großgläubiger stabilisiert werden.

•Wir fordern ein sofortiges Verbot des Ankaufs von Schrottpapieren durch die Europäische Zentralbank. Inflation darf nicht die Ersparnisse der Bürger aufzehren

Europapolitik

•Wir fordern ein Europa souveräner Staaten mit einem gemeinsamen Binnenmarkt. Wir wollen in Freundschaft und guter Nachbarschaft zusammenleben.

•Wir fordern, das Budgetrecht den nationalen Parlamenten zu belassen. Eine Transferunion oder gar einen zentralisierten Europastaat lehnen wir entschieden ab.

•Wir fordern, Gesetzgebungskompetenzen zurück zu den nationalen Parlamenten zu verlagern. Über Glühbirnen und Gurkenkrümmungen kann der Bundestag alleine entscheiden.

•Wir fordern eine Reform der EU, um die Brüsseler Bürokratie abzubauen und Transparenz und Bürgernähe zu fördern.

•Wir fordern, die Bezüge der Brüsseler Beamten auf Normalmaß zurückzuführen. Es ist schändlich, dass Tausende Brüsseler Beamte mehr verdienen als die Bundeskanzlerin.

•Das europäische Parlament hat bei der Kontrolle Brüssels versagt. Wir unterstützen nachdrücklich die Positionen David Camerons, die EU durch mehr Wettbewerb und Eigenverantwortung zu verschlanken.

Staatsfinanzen und Steuern

•Wir fordern, die Schuldenbremse zu achten und die Schuldenberge abzubauen. Auch Deutschland hat viel mehr Schulden als zulässig.

•Wir fordern, dass die Haftungsrisiken aus der Euro-Rettungspolitik endlich in der Finanzplanung berücksichtigt werden. Derzeit wird den Bürgern bewusst Sand in die Augen gestreut.

•Wir fordern eine drastische Vereinfachung des Steuerrechts. Der Bürger muss verstehen können, warum er in welcher Höhe besteuert wird. Die Cleveren sollen nicht besser behandelt werden als die Ehrlichen.

•Wir fordern ein Steuersystem, in dem Reiche absolut und prozentual stärker belastet werden als Arme. (Progressive Einkommensbesteuerung).

•Wir fordern, dass die Politik sich dem Einfluss von Lobby-Gruppen entzieht und einen bürgernahen Vorschlag – bspw. den Kirchhof’schen Steuerreformvorschlag – umsetzt

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3 svar to “Why the Euro is doomed – the German households net wealth is not EVEN HALF of that compared to Italians”

  1. Margie Says:

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  2. After Cyprus there can be NO Trust Anymore | UD/RK Samhälls Debatt Says:

    [...] Why the Euro is doomed – the German households net wealth in not EVEN HALF of that compared to It… [...]

  3. The present world economic and political order – A madhouse where the Arsonists are Running the Fire Brigade‏ | UD/RK Samhälls Debatt Says:

    […] Why the Euro is doomed – the German households net wealth in not EVEN HALF of that compared to It… […]

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