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so i want to talk about the european situation and they german bailout of the
uh... southern european economies like greece and now it also looks like italy
and certainly spain
this matters a lot because of my still told throw the whole
gobel recovery
derail it completely
and also because the germans are acting
really ridiculous now i know that the usual narrative we have about is that
the germans aren't dust riyaz hardworking
and they have a dynamic innovative export driven economy and they've been
floating irresponsible and corrupt than inefficient
southern european economies and there's some truth in that
the broader truth
to cater to course things that we need to keep in mind here
one is that the german strategy of austerity since the crisis that
it's only punish people
and made the situation worse it has interest in really the economy
the whole uros fill in jeopardy even as the particular german approach has been
implemented it's almost like
bloodletting if the superstition that economic policy makers and germany
and those that support them
simply can't let go of than it's causing a lot of human suffering without
producing the desired effect
more substantively
germany benefited
massively
speculation inflation's and boom and bust cycles of countries like
greece
and spain
germany german banks
the real estate boom in spain as an example
and all those countries when there was construction boom some things like that
that supported the german export industry
in a really significant weight german products german machines german
companies helped
uh... construct those booms ult died construct uh... those those uh... areas
than inflation
and those speculative economies in real estate and all the rest than isn't to
say that i have ususally
hooi sien italy and spain don't have serious inefficiencies in some cases
re-used corruption
but as these two always be the case in the wake of this crisis is the people
who
at the least to do with causing it who are paying
uh... the highest cost
and the german policy has reinforced that viciously
uh... without
dragging us uh... any further alito
serious economic stagnation in europe which still threatens the u_s_ economy
so uh...
hopefully with the new change in your opinion president of france and pressure
from the obama administration which the president's been exerting on and glamour
coleville viewership
but from our observer perspective it's important to see uh... a bigger truth
than just the idea that that germans are the only responsible ones they're
carrying the tavern a bunch of
irresponsible people 'cause actually in many cases they were
hosting the party at the restaurant