The German Economy and the Crisis in Europe

The German Economy and the Crisis in Europe

German Left Party Vice-President Wagenknecht on wage repression in Germany and the European Stability Mechanism -   September 26, 2012
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The German Economy and the Crisis in EuropeIn the international news reporting, the German economy is often portayed as the stable cenre of the Eurozone, and as a competitive export economy. To find out what this competitiveness means for German working people, the real news spoke with Sahra Wagenknecht, economic policy speaker and vice-chair of the German Left party, and Carsten Becker, general staff council chair at the Charite hospital in Berlin.

On the surface the German economy appears to be doing pretty well in comparison to other European countries. Do you agree with that statement?

Carsten explains how worsening working conditions have widely proliferated as the social contract between workers and employers is being hollowed out

Interview with Sahra Wagenknecht Wagenknecht points to the Agenda 2010 reforms, carried out by the SPD and Greens, Berlin streets and its effect on wages and worsening working conditions.

Carsten schatz illustrates the extent of the worsening of working conditions by the extent of outsourcing services into new firms in his hospital and cutting of state investments

Wagenknecht explains in what sense the German European policy of cutting state expenditures rational, as the german export economy needs export markets.

Carsten Schatz answers why the contradictions of the German economic policy will lead lead to a complete breakdown of the German social contract sooner or later.

Voice over introduction of the topic of the ESM

Sahra Wagenknecht describes the ESM as a permanent form of the bank bailouts, and stresses the distribution mechanism. Makes the point that a great part of the financial industry does not perform essential functions for the real economy and have to be closed down.

Sarah Wagenknecht points to the different reasons for Germans to support a Greek exit from the Euro. She argues that a separation of the Eurozone would lead to extreme currency speculation, import problems for Greece as well as a much to expensive German mark.

Sign off, Extro


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