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Total Fiasco: Germans are the Poorest, Cypriots the Second Richest in The Eurozone
Wolf Richter www.testosteronepit.com www.amazon.com/author/wolfrichter
In March, six years after inception, the first ECB-organized Eurozone-wide household-wealth survey results were trickling out. But when the Bundesbank refused to publish the German data, insiders leaked the reason: too explosive for the current debt crisis and bailout environment because Italian households were far wealthier than German households. Shocking! And a red herring. The truth turned out to be far more shocking.
Now the ECB has finally published the all-country report—and it’s far worse than feared. Italian median household wealth was indeed over three times larger than Germany’s. But that wasn’t the problem. The problem was Cyprus.
Cypriot households (CY), as measured by both their median and average wealth, were the second richest in the Eurozone. Median household wealth—half the households had more, half less—of €266,900 was over five times Germany’s puny median of €51,400. Average household wealth reached a phenomenal €670,900 (that’s $872,000!), 3.4 times Germany’s €195,200, and just shy of Luxembourg’s €710,100. Rarefied levels of wealth achievable only by small countries with huge and murky banking centers, or lots of oil. Few countries in the world are in that elite club.
And Germans (DE), based on median household wealth, were the poorest in the Eurozone.
It wasn’t that Cypriot households earned a lot of money—they earned the same as German households! They just knew how to hang on to it. At least until their bubble blew up. What’s particularly galling for our hardworking Teutonic heroes is that since Reunification their real incomes have declined while that of their southern neighbors has soared, and their wealth was eaten up by taxes, high housing costs, and other expenses.
The comparisons are sobering. German household wealth amounted to less than half the Eurozone median of €109,000 and was even below that of former east-bloc countries, the poorest of which was Slovakia at €61,200. West Germans were better off, barely, at €68,000. East Germans were steeped in poverty at €21,000. Their comrades in Slovakia were three times richer. Even the maligned lazy corrupt Greeks were worth €101,900.
Or were in 2010, when the surveys were taken. It was the beginning of the surge of the German stock market, and the beginning of a rise in property values that had languished for years. By now, wealthier German households, those who own property and stocks, are significantly better off than they were in 2010, and they have since pulled up the average. Median household wealth, however—almost none of them own property or stocks—has certainly been left behind, again.
Alas, in Cyprus, the stock market, down 98% from its peak in 2007, has become inconsequential; real estate values, after a mind-boggling bubble, have been plunging for over two years; and billions in bank deposits have evaporated. So, some of the wealth was ephemeral, but Cypriot households are in all likelihood still, even today, wealthier than our Teutonic heroes.
Spanish household wealth has also been caught in a downward spiral of devastating unemployment and an exploding housing bubble—Spanish households lead the survey with a homeownership rate of 83%. In 2010, homeowners valued their homes at bubble prices still lingering in their minds. By now, much of the home equity Spaniards were clinging to in their minds has dissipated—with dramatic impact on household wealth.
That German households are now officially, and for all to see, the poorest in the Eurozone is causing front-page gloating. Yet, that these poor households are expected to carry the lion’s share of bailing out their far richer neighbors would only be a problem in Germany. Central bank sources told the FAZ that the Bundesbank and the ECB, to avoid stirring up a storm at an inconvenient time, kept this explosive wealth data secret until after the Cyprus bailout had been decided. But the data also explains the political motivation for the haircuts of account holders in Cypriot banks.
State-owned statisticians immediately scurried about Germany to explain away and rationalize the wealth difference. They dragged out homeownership rates—Germany at 44% was at the bottom—and the large publicly owned housing stock with its subsidized rents; it was public wealth, rather than private, but would end up in the same pot, or something. And they pointed at the average household size in Germany of 2.04, the lowest in the Eurozone, versus 2.76 in Cyprus, etc. etc.
But in the end, it was an ugly picture of wealth inequality in the Eurozone, where German households were the big losers. Chancellor Angela Merkel, however, remained unscathed and immensely popular though this wealth fiasco happened in part under her watch—testimony to her skills as the ultimate political animal.
In Spain, not a day goes by without a new political scandal. Just the last few days, King Juan Carlos’ daughter, La Infanta Cristina, was charged with aiding and abetting her husband in his myriad scams to embezzle money from the public purse. Now ties to a known drug trafficker hit the governing party. Read.... Spain’s Descent Into Banana Republicanism
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Sure dude, Hitler was the good guy... I get it now.
QED !
Hitler led the last stand of the Master Race against the Others.
The Master Race is now being overwhelmed by the Others as the Others migrate to regions typically held by the Master Race throughout History.
The Master Race will be obliterated within 200 years.
...Hitler led the last stand of the Master Race against the Others...
your statement is techically correct. But I believe it's true meaning runs counter to your interpretation.
Hitler was a mischling... part of that caste of self-hating underlings created by the Ashkenazi as a "Golem-like" mind-controlled phalanx of fools with which to enforce the talmudist takeover of the West...
there is only one "master-race" hegomonist program in reality...the sionist talmudic racialism of the Khazarian Continuum...whose project to mix their bloodlines with those of the Europoid peeples has resulted in the current degeneration of civility and culture to the point where a thousand Hitler's bloom...in a garden of vice and squalor
presided over by the dual-citiizen installed 'bathhouse president'...
We are the "Others"....and yes, the 'master-racialists' will be obliterated...a lot sooner than 200 years!
the Khazarian Continuum
Sorry... which Star Trek series were they from? It was so long ago...
Sorry...that revolution was not televised...the sponsors have achieved 'full market penetration'...
Alvin Tostig had a son today.
Hitler was just misunderstood and not such a bad guy after all. Jesus....
All these Jews in Europe just had it coming -even though most of the Jews were not bankers but ordinary office clerks, civil servants, teachers, doctors, house wives, etc.
Is that some form of humor?
Its a sarcastic reaction to what Mr. Sandmann wrote. It sounds like he says that Hitler was not that bad and just the victim of a Jewish -either Jewish communist or Jewish capitalist (what is it then???)- plot. For sure there are/were plenty of rich Jews but most who were sent to the gaschambers were just ordinary people. And no, Hitler was not a nice guy.
...the victim of a Jewish -either Jewish communist or Jewish capitalist (what is it then???)...either or????
yur almost home...keep diggin FIDO!
So communism and capitalism are the variables but the constant is 'Jewish'? It is that sort of talk that got millions of Jews killed.
Actually, that kind of talk is what got millions of Ukranians, Armenians, and Russians killed...not to mention a few Germanic types as well....
now we don't talk so loud...nor so proud...
see, it's not allowed.
The Hollowcaust...it's what Hollowwood pours and you slurp. Popcorn with that drink sir?
Them as well as a consequence of the anti-semetic talk of Herr Hitler. Uncle Joseph after WWII also killed off a lot of Jews.
So the Jews who got killed are now also responsible for the millions of Russians etc. that got killed? It was Stalin who killed the Ukranians btw before WWII -or was that also a Jewish thing?-. A lot Ukranians were on Hitler's side. Armenians were killed by the Turks in WWI.
Antisemitism does not have its root in Jews hoarding the world's money. It has its roots in christianity because the Jews killed JC according to them, forgetting that it was actually the Romans who killed him (or forgetting the fact that JC was born a Jew). Maarten Luther was an anti-semite and so was Calvin. You see, there is one thing that religions can't stand and that are the religions that came before them. Like a Freudian concept of the son wanting the kill the father, a religion wants to eliminate the ones that came before it.
The holocaust happened because zee Nazis were very thorough and kept a very accurate administration of whom they deported. And no, these deportees did not get a return ticket from the Reichsbahn.
Until you understand the difference between Ashkenazim and Sephardim, and the difference between Labour/Sabbatean Zionists and "Jews who want to live in Israel" (or, more accurately, Jews who have been herded into Israel), then you'll never understand the true agenda and politics behind the holocaust (which was essentially an Ashkenazi - ie. Aryan - exercise to eliminate the Sephardim - ie. Semites) or the current persecution of Sephardis in Israel itself by the Ashkenazis ... ie. Jew on Jew in BOTH cases.
Hitler is just the typical front story for adoration, or contempt, by the masses ... just like Obomber is the current front story in the US (unless you are one of those brain-dead morons who thinks things would have been markedly different under Hitlery, or McCain, or Romney).
Romney just is naive morman who love country too much. A week in White House, realize corruption, Romney is be killed by assassin bullet (a.k. "Secret Service" - WTF, why is "Free" country need "Secret" police (a.k. Stassi, SS, KGB)?). Romney is lucky man is not win election for own life.
"Uncle Joseph after WWII also killed off a lot of Jews"
Uncle Joe is evil, no doubt, but did most killing before and during WWII:
1 - Purge kill thousands of faithful party member (cannot is shake hand with devil and say is just kidding)
2 - Kill millions of Ukrainian and Balkan resistors to Collectivism
3 - Defend Stalingrad, Leningrad, Moscow with meat grinder mentality to kill many Russians
After war is over, Stalin mostly continue reign by fear, only to exact vengeance on select people like Ukrainian, but relatively less murderer.
But, Jews in SSR very compliant and anti-semitism is not so bad in Soviet Russia. Jew is friend to communism after bad deal in Czarism. Jew is always struggle with bi-carnal mind, because same is love capitalism and is love communism.
Personal Note - Boris' grandfather is hate Jews. Jew in Ukraine is comply with Communist Agenda. But Boris is not have hatred for Jew or any man.
Wise move ... since the primary purpose of the pogroms of Russia and Poland was to "encourage" the Jews to move to Israel, long before Israel itself became a reality (thanks to Montefiore, Rothschild and other Khazarian Kapos).
Stalin was a Jesuit-trained front man who, in the end, thought he was in a strong enough position to disregard their further orders. So, the day after he executed his Jesuit handler, he was poisoned (their favourite method of despatch before they discovered the more modern and less obvious cancer virus).
Boris need know Ukranian peeple never down to Bolshevik Khazarian Satanist Scum...or Landlord neither.
Under Black Flag of Mahknovist guerrilla bands Ukraine peeple fight to death for freedom to be neither bolshie nor bandit capitalist.
Bloody good fun. But sadness too much.
Ukraine is once great empire (circa AD 1400), but is collapse to Mongol Hordes. Always is subservient to other nation. In 1800s, Ukraine is fight with Poland, Hungary, Romania. In 1921, Boris Uncle is conscript of Rumania army, in 1928, join Galicians and fight Soviets, in 1933 is surrender to Ukrainian Soviets, in 1942 is fall to Germany, in 1945 is once again fall to Russian. In 1991, Ukraine is claim independence, but is subject of bandit gang. Finally, in 2004, is Orange Revolution (Pomarancheva revolyutsiya), but Russia is poison Yushenko and incriminate Tymoshenko. Now Germany is harvest organ from Ukrainian citizenry (read Der Spiegel article). Much much to be sad.
Yes! Maybe Hitler is just poor misunderstood hero with intention to do magnificent good... not is!
Evil rides piggy back on good intentions.
He also loved his dog very much, did not smoke and was good with children as long as they were not Jewish, Commies, Gypsies, Russian or other inferior race children.
he was a vegetarian as well. So much bullshit about the official school taught story of any war that took place in the 20th century. The winner writes the history. Thanks to the internet we are experiencing an epic information exchange level, not even comparable to the innovation of radio.
Call it World-wide Techno-Peristroika. Haven't you heard, it's a global village now. Everyone has a printing press.
Get ready to confess your sins. All of them. Every last detail. What goes around comes around.
Say it with dignity.
His name is Vladimir Iosevic Sixpack.
Political elite claim problem is "most people is not know what good for them" but real problem is "most people don't is know what is bad for them" and that thing is government (and misplace faith in financial system).
.....but real problem is "most people don't is know what is bad for them"
Boris - excellent statement! What is true often lies in just a twist or flip of a commonly-believed concept.
Here's one I like: "There are no foreign lands, it is the traveler only who is foreign." --- Robert Louis Stevenson
What doesn't kill you makes you stronger...unless it's slow-killing you in the first place to make you weaker
[Edit: This comment was directed above to the concept of government or perhaps even the individual's behavior. And now noticing down-thread, just below, is Neitzsche and Mein Kampf mashed together...Nice context, Yeesh. To be clear...Government kills, big government kills inordinately with Hitler's Germany being one of the biggest governments, ever...]
Corporate elite ran Germany hand in hand with Hitler. Ronald Reagan made the big shift in this direction with the Self Employment Tax. They don't want us to think and act as individuals. They want us to be another cog in their machine. It's no surprise that Germany is a big manufacturing machine.
Just where do thay think the next big idea will come from? Corporate R and D I suppose. That is the first thing to go when there are budgetary cutbacks.
And yet.
The Germans are poor, but citizens of a prosperous nation.
The Cypriots are rich, and bagholders in a busted hedge fund.
If statism is a cult, then zee Germans are at least doing it right.
Individual is enemy of state. State is mind of collective. State cannot command individual spirit. Stop think for self!
Shame I can't upvote you. You're on a roll today....