Posted Jan 10, 2017 by Martin Armstrong
Angela Merkel and her party remain clueless about the economic history of Germany which has been made apparent through her insistence upon austerity that is tearing the EU apart at the seams. This is like blaming Trump for Hillary’s loss. Merkel’s belief that the quantity of money is the cause of inflation has been proven dead wrong after the central bank’s quantitative easing since 2008 has had no impact on inflation for the past 8 years. At what point does one admit error? Never?
German Vice Chancellor Sigmar Gabriel told Der Spiegel magazine that the breakup of the EU is no longer unthinkable because of Merkel’s desperate clinging to austerity. He asked Merkel ,”[W]hat would be more costly for Germany: for France to be allowed to have half a percentage point more deficit, or for Marine Le Pen to become president?” He is still waiting for Merkel to answer that question.
Her economic policies of austerity have sent Europe into an economic depression, and opening arms to refugees has sent Europe into a terrorist crisis. One has to ask, just how long can Europe endure this person who is dictating policy to the rest of Europe?