Socialism meets massive FAIL in Europe

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Europe in deepest recession since War as Germany suffers

German economic policy is "bankrupt", economists have said.

The declaration was made as it emerged that Europe's biggest economy has now suffered a worse "lost decade" than Japan and is deeper in recession than any other major economy.

On a day of dismal news for the European economy, official figures also showed that Italy, Austria, Spain and the Netherlands are facing their biggest combined slump in post-war history, sparking warnings about the potential for social unrest throughout Europe.

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Germany's economy shrank by 3.8pc in the first three months of the year - a record contraction that is almost double the fall of Britain's gross domestic product in the first quarter.

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In figures described by economists as "disastrous", Eurostat also reported that Italy shrank by 2.4pc, Austria and the Netherlands by 2.8pc, Spain by 1.8pc and France by 1.2pc. The statistics underline the fact that although Britain's financial system was badly hit in the early months of the crisis, the UK's economy has not fared as badly as its continental rivals, contracting by 1.9pc in the first quarter.

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Economists said that [Germany's] reluctance to move quickly to cut taxes and raise spending was largely to blame.

The export-reliant country has been hit hard as world trade nose-dived in the latter months of last year. Charles Dumas of Lombard Street Research said: "German economic policy is bankrupt, and the Mediterranean countries stuck in EMU are also condemned to ongoing economic collapse.

"Already we have real GDP levels that are up only about 3pc from 2000 in Germany and Italy – ie growth has been only a little over ¼pc a year – making this a lost decade for much of continental Europe on a worse scale than Japan in the 1990s."

http://www.telegraph.co.uk/finance/economi...ny-suffers.html

Edited May 16, 2009 by Randomizer

[mRx 16]

BS. It's that rotten Capitalism that destroys economies, not Socialism.

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BS. It's that rotten Capitalism that destroys economies, not Socialism.

Hey, if I get my gubmint-paid spa vacation what do I care

[I AM NOT THAT GUY 5,715]

BS. It's that rotten Capitalism that destroys economies, not Socialism.

Nobody has ever really tried the Marx and Engels model. Maybe it's time. The Soviets and the Maoists went from a Feudal economy direct to Socialism, and that didn't work. Europe tried to move from command economies to free markets, at the same time they were adopting the reforms of Socialism, but not the structure. Of the former Eastern Bloc, East Germany made the best attempt, and that collapsed with reunification. Suprisingly, it was the labor movement that moved Eastern Europe away from Soviet Communism, beginning with Solidarity in Poland. Yugoslavia was sucessful until devolution in the 1970's pulled it apart. Nationalism can rear it's ugly head anytime.

Who knows? Maybe when the US economy collaspes completely, it might be tried here. I doubt it, since the fickle electorate is already looking for a whipping horse among the Democrats. Poor Nancy and Harry.