Holland: "An Economy On The Brink"

Tyler Durden's picture

Infamous for little boys plugging holes with their fingers and grown-ups plugging their mouth with their foot (D-Boom), it seems Holland, Berlin's most important ally in the goal of greater fiscal discipline in Europe, has fallen into an economic crisis itself. As Spiegel reports, the once exemplary economy is suffering from huge debts and a burst real estate bubble, which has stalled growth and endangered jobs.

The statistics make for some worrisome reading: no nation in the euro zone is as deeply in debt as the Netherlands, where banks have a total of about €650 billion in mortgage loans on their books; consumer debt amounts to about 250% of available income - by comparison, in 2011 even the Spaniards only reached a debt ratio of 125%; unemployment is on the rise; consumption is down; and growth has come to a standstill.

The trouble for Holland is that despite their proclamations of the need for Fiscal conservatism, even EUR46 billion in austerity measures are apparently not enough to keep the nation's deficit within the EU debt limit. The Dutch were long among Europe's most diligent savers, and in the crisis many are holding onto their money even more tightly, which is also toxic to the economy, as "one of the main problems is declining consumption."

The nationalization on SNS in February brought this reality home and as Spiegel reports, "there is no end to the crisis in sight."



Source: Spiegel

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Freddie's picture

Note to Holland - deport the Muslims.

Individualist Anarchist's picture

Note to Holland - open the borders

kridkrid's picture

note to Holland - credit money loaned into existence with interest attached will end badly.  Deal with that before you worry about immigration/deportation/ANYTHING ELSE.

Ahmeexnal's picture

Dump the euro. Send a thank you note to Swinehella Merdekel that reads "ROT OP KANKER ROTMOF". Reinstate gulden. Rocket to prosperity.

IamtheREALmario's picture

Note to the Dutch people. Attack and destroy Switzerland.

Ethics Gradient's picture

With a variation on the molotov cocktail?

The Dutch like a diesel-BOOM.

thisandthat's picture

Just don't add soap, or it might stick like napalm (there, said it!)...

Atlas_shrugging's picture

The Dutch are very tall. That makes them smart. They will figure it out.

thisandthat's picture

Yes, they can see further into the future than the rest of us - and since no one  understands what they say, they can warn each other ahead of harm. Damn them, I think I'll trip them up, next time I see one of them, just for the lulz...

Pegasus Muse's picture

Hope Dutch depositors have been paying attention to Cyprus.  Bankster/Government thievery of Depositor's Assets might become a pan-european epidemic.

FeralSerf's picture

It's more important, from a Dutch viewpoint, to find out whose fault it is rather than fix the problem.

Freddie's picture

I recall a Dutch girl when I was younger.  She was probably about 6 feet tall and gorgeous.  There are some fine women in Holland. 

Popo's picture

So you like women that are built like men?

mayhem_korner's picture



Are you askin' cuz your lookin' to hook up with Freddie?  Lookin' at his mug, not sure who the "winner" would be...

walküre's picture

You really don't know too much about Europe in general do you? Holland is lock, stock and barrel married to Germany with the Euro. The two economies are interdependent for decades and the DM and Gulden were both rock solid.

Should listen to the previous guy who made the case for the expansion of credit, money from nothing loaned into existence for interest. The money is not real, the debt is bogus and what Europe as much as North America needs is a real solution to a debt problem.

Wipe out the bankers for starters. Wipe out the debt and start from scratch with a prudent and sound financial system.

Pseudo Anonym's picture

so,....should i first borrow eu5MM, purchase a house and wait for

Wipe out the bankers for starters. Wipe out the debt and start from scratch

and once the debt is wiped out, i am left with a house?

walküre's picture

If you can get your hands on 5 mil, then go and do it. What happens to the house next is up to you.

slightlyskeptical's picture

They just need to print, though I don't think they can, to buy out the mortgage market and refinance on better terms. Money eventually all gets extinguished as the debt is repayed.

Ahmeexnal's picture

The money is not real, the debt is bogus

So it would be completely ethical for the Greek, Spaniards, Italians, Cypriots, Irish, Portuguese to renege on their bogus debt to the teutonic/franco/anglo banking mafia?  I'm sure die Fuhrerin and her vasals would not like that idea, as it would entail Weimar 2.0 on steroids onto the uber alles sheep, as the sucking sound shock of all those euros going back to das vaterland would knock them off their tiny feet.


walküre's picture

Absolutely. I'm waiting patiently. Default already. I don't give a shit about German banks or how the Germans get wiped out in the process. Their mistake for investing so much sweat equity and efforts into this shit show. It was never designed properly and cannot work. A single currency, a single central bank and no fiscal pact is a fucking joke. I care about the person more than I care about their "net worth". Even the richest dude puts his pants on one leg at a time. The guys at the top across Europe are too rich. It costs us at the bottom too much to service their wealth. Same as it ever was and it will end the same as it always does.

The national borders are maintained by the political whores to keep us confined within our space. Keep us working where we're at and produce assets and lifestyle for them. The time is long passed for a good round of ass kicking and head chopping in Athens, Rome, Madrid, Lisbon, Paris, Le Hague, Brussels and Berlin. We want to be free, plain and simple.

Ahmeexnal's picture

I recommend you watch Bela Tarr's "Turin Horse" for a better understanding of what the endgame will be/has been.

bank guy in Brussels's picture

For those not familiar with European film, here is that scene from 'Turin Horse' ...

A man walks in to buy a bottle of liquor ... says he did not go into town, because the town has been in destroyed

And then goes into a five minute quiet rant ... about how the bad guys win in the world, they own everything ...

And how what you would imagine or hope is the 'opposition' ... in fact gives up and fades away, when they realise that they have no hope, no chance ... because, the man claims, there is no god [this is a pessimistic pro-Nietsche movie]

Cinematically well done, but depressing ... and many of us would disagree, believing that there is a God and heaven, and justice that will come one day ...

But worth a look ... the same kind of gloomy European film tradition as Bergman's great 'The Seventh Seal'

The 'Turin Horse' scene here on YT with English subtitles, and its theme of the

« disappearance of the excellent, the great, the noble ... »


Freddie's picture

I have not seen Turin Horse.  Seventh Seal is depressing but Max von Sydow's character is positive and shows there is some good left in mankind. 

Bastiat's picture

"A single currency, a single central bank and no fiscal pact is a fucking joke."

It's a fucking joking joke with those things when you have debt backed fractionally reserved fiat system compounding itself to death.

Debugas's picture

it is because the whole idea was to open up the markets for germany and lock everybody else in hard euro currency so they can not defend agains more efficient german goods.

Noone ever talked about common social security or welfare system across europe. Hell even in germany itself eastern germans are treated as second class and get lower joblessness payouts etc

dick cheneys ghost's picture

@walkure...........''The guys at the top across Europe are too rich. It costs us at the bottom too much to service their wealth.''


Best line ever

Ghordius's picture

So a worldwide gold standard would mean a world-government? /S

CheapBastard's picture

I don't know about you guys but I remember Hollad famous for its thriving Red Light District. I did read that area is having a 'soft patch' presently until the economy firms up, shall we say?

Dutch Knight's picture

hookers are all over the world, we have them on display, so what?

Mototard at Large's picture

I still have some guilders in my coffee can from when I lived there in 2000.  they are right next to the 40 DM I still have as well.  Will they be good again soon?

thisandthat's picture

Nonsense, there always will be some sucker around to stick with the tab - it's the whole point of it - just make sure you hold on long enough for one to show up, or you're screwed...

Buck Johnson's picture

Your dead on, dead on.  And the funny thing is that I knew that the Netherlands and Holland was in trouble but  they where hiding it.  Remember when Spain and Italy was hiding it?  Soon, very soon the Netherlands will need a bailout.

Stoploss's picture

"consumer debt amounts to about 250% of available income"


There's your bogeyman.

How do you deflate that without creating hyperinflation???

LOL!!  You can't!!  LOL!!

Keep printing..

Matt's picture

"How do you deflate that without creating hyperinflation???"

lots of defaults.

zilverexmachina's picture

Note to netherlands:  stop bailing out PIIGS

Jack Burton's picture

Note to Muslims. Open your borders, instead of only taking in guest workers as slaves and shipping them out the instant their slave value declines!

Note to Holland. CLose the borders until the rest of the world opens theirs just like you did and offer the same economic and social benefits to imigrants as you do!

Reverse racism is rampant and insidious. Everyman claims the right to live in Europe and claim the benefits, while their home countries remain anti white strongholds and racist to their very core. Actions speak louder than words, we are aking up to who the world's biggest racists are who hide behind victim status.

Zeilschip's picture

Seriously no one even mentions the 700+ billion in Dutch pension money? Seriously?

fxrxexexdxoxmx's picture

Muslims like little boys. They have no desire for womren unless they can beat them up and hide the brusies under burkas.

ghandi's picture

I guess you speak from experience.


Take your hate and eat it with matzo.

FeralSerf's picture

Jews masquerading as Muslims did 9/11.  Bush and Cheney helped.

Red Lenin's picture

And Christians did Hiroshima and Auschwitz.

CheapBastard's picture

And Japanese Buddhists did Nanking.



frenchie's picture

sry jews again did...

stop reading bullshit on amazon, might help