-Caveat Lector- Arab News SAUDI ARABIA'S FIRST ENGLISH LANGUAGE DAILY
Editorial: German woes 10 January 2003 Published on 10 January 2003 A petard was an explosive device placed by attackers against a castle gate. The luckless individuals ordered to do this had to then light a fuse and try and run away. If they did not escape in time, they were blown up along with the gate. Hence the expression �being hoist on your own petard�. The Germans are currently experiencing just such a disaster. It was they who insisted that the Stability and Growth Pact rules, which underpin the European Single currency penalize anyone who missed strict monetary targets, including a deficit within three percent of economic output. This year the Germans face a 3.8 percent deficit. Brussels warns that unless they sort it out by May, they will be fined. Germany has been and no doubt will be again the economic powerhouse of the EU but, at the moment, its economy is a mess. Its social welfare benefits have long been every bit as high as its legendary productivity. When the economy was booming, such generosity was sustainable. Reunification changed this. Helmut Kohl�s decision to accept the worthless old East German currency at parity with the mighty deutsche mark was politically expedient in the short term, but economically disastrous in the long. Since reunification, almost $650 billion has been pumped into the depressed east of the country. However, with the exception of 2001, when the economy seemed to recover, the leaden economic weight of the east plus the German insistence on paying themselves too much to work, to retire, to be sick or to be unemployed has piled up the economic troubles. Chancellor Gerhard Schroeder seems to have few answers to the growing problems. Already highly taxed, with a prospect of yet higher taxes to come, the majority of Germans are angry. By no means, all the country�s troubles can be laid at the door of the Schroeder and Kohl governments. The global economic downturn has played its part. However, in past postwar recessions, German goods have continued to find ready world markets because of their quality rather than their price. And Germany prospered from its world trade, even though the perennially strong deutsche mark ought to have made goods which were already expensive for the high-paid Germans to produce too expensive for anyone else to buy. Unfortunately, those magic sums no longer add up. If Schroeder does actually keep the latest promise he has made � to haul back on government spending � his troubles are still unlikely to be at an end. With private industry sitting on its check books, the German state and federal governments are the only large source of contracts and investment money. Sharply reduce that economic activity, as analysts believe is necessary, cut back on welfare payments and the pain already being felt will be markedly increased. Germany was the key architect of the euro, which it wanted to be protected from the indiscipline of weaker euroland economies. How ironic, therefore, that it itself should be the first member state to fall foul of the tough rules upon which it insisted. More importantly, what does this spectacular failure by Germany mean for the international credibility of the euro? http://www.arabnews.com/Article.asp?ID=21843 Copyright � 2003 ArabNews All Rights Reserved. A<:>E<:>R ~~~~~~~~~~~~~~~~~~~~ Forwarded for your information. The text and intent of the article has to stand on its own merits. Therefore, unless I am a first-hand witness to any event described, I cannot attest to its validity. ~~~~~~~~~~~~~~~~~~~~ In accordance with Title 17 U.S.C. section 107, this material is distributed without charge or profit to those who have expressed a prior interest in receiving this type of information for non-profit research and educational purposes only. ~~~~~~~~~~~~~~~~~~~~ "Do not believe in anything simply because you have heard it. Do not believe simply because it has been handed down for many generations. Do not believe in anything simply because it is spoken and rumoured by many. Do not believe in anything simply because it is written in Holy Scriptures. Do not believe in anything merely on the authority of teachers, elders or wise men. Believe only after careful observation and analysis, when you find that it agrees with reason and is conducive to the good and benefit of one and all. Then accept it and live up to it." The Buddha on Belief, from the Kalama Sutra <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="http://peach.ease.lsoft.com/archives/ctrl.html";>Archives of [EMAIL PROTECTED]</A> http:[EMAIL PROTECTED]/ <A HREF="http:[EMAIL PROTECTED]/";>ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
