The EU is Germany and Germany is the EU, for no matter how many countries there are in the EU, it is ultimately a Germanic power with the complete support of France that drives the continent. The UK was also a major player and also the biggest wedge against Germanic ambitions for more economic, political, and military power, which has since been removed with Brexit. Now as the world economy is crashing because of the effects of COVID-19, the European Union by way of Business Insider reports massive losses coming to her economy.
The European Union projected on Wednesday a “recession of historic proportions” for the eurozone in 2020, even after extraordinary and unprecedented interventions from central bank.
The 27-member bloc is expected to contract by 7.4% this year, while the eurozone — made up of the 19 members that use the euro — will shrink by 7.7%, the European Commission said in its spring forecast.
“The EU economy will experience a recession of historic proportions this year,” the European Commission said.
Given how interconnected the big economies in Europe are, the speed and structure of recovery in each member state is expected to be co-related and dependent on the trajectory of the pandemic in each country.
“The EU and member states have already agreed on extraordinary measures to mitigate the impact. Our collective recovery will depend on continued strong and coordinated responses at EU and national level. We are stronger together,” Valdis Dombrovskis, executive vice president of economic affairs said in a statement.
More positively, the EU also estimated a growth of 6.1% for the EU and 6.3% for the eurozone in 2021, though European Commissioner Paolo Gentiloni believes this might not be enough to fully make up for the year’s loss.
Germany is set to experience its deepest recession since World War II, contracting by 6.5% in 2020 as disruptions in value chains hamper the country’s exports. (source)
Germany is in a LOT of trouble, and she knows. Indeed, she is the only nation worth paying attention to if one had only one nation to follow since Germany is the largest creditor of the Mediterranean nations as well as historically possesses military ambitions and acts on them.
The son of the former Nazi Governor of Poland Hans Frank warned that if Germany were to see heavy economic problems for five to ten years, National Socialism would inevitably return.
COVID-19 is not going away. The irony is that the US is in the best position to weather the crisis. Germany will be annihilated by the economic changes, and this is already beginning.
Be very careful and watch Germany, for as the people become poor and their anger at migrants, which is already very strong, will continue to grow and eventually transform from nationalism to militarism.
The twentieth century is preparing to repeat again. It is very unlikely that individuals can stop this, but one can prepare wisely for the future.