German economic crisis: industrial output plunges to ‘disaster’ level -other economic data revised down

This news site and our sister publication Original Boggart Blog have spent three years arguing logically and reasonably against the emotionally overwrought ravings of people who supported ‘Remain’ in the 2016 EU referendum and cannot accept they lost. Brexit will be a catastrophe, they scream, people will starve, we wil have no medicines or toilet rolls, no food or water or beer or anything, toilets will explode and spew boiling sewage and blood into our homes, aircraft will fall out of the sky, clocks will run backwards and our nostrils will be assailed by wet dog smelss because no nation of a mere 60 million people can survive outside the EU.

And those of us stubborn enough to pick up the gauntlet have pointed out that Canada (30 millonish) Australia (20someting million, New Zealand (more sheep than people,) and the 85% of the world’s nations that are not EU members seem to do OK. And then we have backed up our assertions with evendence that since the referendum was won by Leave predictions of economic collapse for britain have failed to materialise, while for most EU nations, stagnation is turning into recession. The latest evidence for this is another news item showing the mighty German economy, on which the EU has always depended and will depend even more once the UK leaves, is running into trouble.

Yesterday (6 August 2019) it was announced that industrial production in Germany dropped by a greater degree than expected in June, showing a 1.5% month on month decrease, thus compounding fears that Europe’s biggest economy is facing an imminent recession.

Output fell 5.2 per cent year on year from June 2018, the German national statistics office revealed on. According to Reuters, analysts had estimated output would fall 0.4 per cent during the month compared with May. Production, excluding energy and construction, was down 1.8 per cent.

These figures from Destatis come only a day after the same source revealed that factory orders, driven by an increase in demand from countries outside the eurozone, were higher than expected. While those figures offered a glimmer of hope among a plethora of bad news for EU economies and particularly for Europe’s economic powerhouse, business analysts pointed out that new orders have dropped by an average of 0.7 per cent every month throughout this year.

June’s decline in output “kills off any hopes that the strong orders data published yesterday marked the beginning of a recovery”, said Andrew Kenningham, chief Europe economist at Capital Economics. “Business surveys uniformly point to a further contraction in July, so things look set to get worse rather than better.”

Other economic data published this week included revised down figures for services that showed the sector in Germany had grown at a slower rate in July than had been earlier thought, prompting fears that the eurozone’s biggest economy is heading into a recession.

German website Handelsblatt commented: “If both sides remain stubborn, this can jeopardise the stability of the financial markets.

Concerns that the industrial output drop exacerbates long – standing fears over German economy first appeared on The Financial Times website. That such concerns are being expressed by serious economics writers in a heavyweight publication like The Financial Times exposes the level of scaremongering based on fake news that hasd been used in the Brexit debate by those determined to overturn the result and deny the democratically expressed will of the people.

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Germany: Economy crisis a growth stalls – car production crashes
Germany’s federal Government today reduced its growth forecast for the EU’s largest economy today after for the second time in two months as plunging car production figures sent shockwaves through the Eurozone. The German economy, already technically in recession, has been propping up the economically stagnant EU for years. After Brexit of course …


Europe’s Bank Crisis Arrives In Germany: €29 Billion Bremen Landesbank On The Verge Of Failure

… yesterday we observed a surprising development involving Deutsche Bank, namely the bank’s decision to quietly liquidate some of its shipping loans. Reuters reported, “Deutsche Bank is looking to sell at least $1 billion of shipping loans [a market sector] whose lenders face closer scrutiny from the European Central Bank.


Europe Prepares To Join The Currency War

Things seemed to be going to plan for the European Unon’s single currecncy, The Euro, which was the biggest single step in the plan to merge the twenty eight member states into a single political entity. Ties to the German economic powerhouse the poorer nations of southern Europe could not manage their finances efficiently and soon became dependent on bailouts from the European Central Bank with were made with attached conditions suggested by Germany. It seemed that as long as the German economy prospered the ‘European project,’ (referred to, a tad unkindly perhaps, by this news site among others as Greater Germany,) would stay on track.


Germany admits hard Brexit will cause havoc in EU financial markets – ‘Common sense MUST prevail’

Germany, the EU’s most powerful economy, has urged Prime Minister Theresa May and the EU’s chief negotiator, the pompous French clown Michel Barnier to do all in their power to avoid a hard Brexit due to risks of French instransigence disrupting the financial sector. This would be catastrophic for the EU’s financial markets, though the leading German economists say the prospect is becoming “more likely every day”.

German Industrial Production Slumps For Third Month Running

Is This Why The EU Did Not Want Us To Leave?

 

Germany’s industrial base is showing consistent signs of an economic crisis amid trade tensions between the U.S. and the European Union. Output from German factories unexpectedly declined for a third consecutive month according to statistic reported by Reuters and Bloomberg.

The figures, published last Friday, showed a 1.1 percent decrease for September, missing economists’ forecast of a 0.2 percent increase. Exports from Europe’s manufacturing powerhouse fell 0.9 percent and the trade surplus, a point of contention with President Donald Trump, narrowed further.

The news came at the end of a challenging week for the Eurozone economy, with other published statistics showing fears of a trade war between western and eastern blocs denting manufacturing confidence and Germany reporting another drop in factory orders.

Berlin’s Economic Ministry blamed the apparent weakness on temporary bottlenecks related to new emission-test procedures for cars. “In light of the slow order intake but a large backlog of work, the industrial upswing should continue as the squeeze loosens,” it said in a statement, adding construction business is booming.

In the Netherlands, manufacturing production fell 0.9 percent in July, while Spanish output fell for a third time in four months. But there was better news from France, where production beat expectations by rising 0.7 percent. Separately, German labor costs rose 0.2 percent in the second quarter compared to the previous three months.

MORE on EUROPE
Germany

Labour Tories and media luvvieocracy Pump Up The Hate, UKIP Steamroller On

ukip jewish candidates
JewKIP, UKIP Jewish candidates with Nigel Farage (source)

How insane are things going to get this week as the left, already incoherent with impotent rage because we the people refuse to be bullied by their screams of ‘racism’ or ‘homophobia’. And not just the left, because while Labour are likely to suffer in the former industrial heartlands of the midlands and north (so effectively deindustrialised by Tony Blair’s diastrous New Labour project after having been trashed by the depredations of the Thatcher era Conservatives) the Tories are taking a hammering in the south while everywhere the Lib Dems are gazing into the abyss.

Today, bereft of ideas, bankrupt of policies and with only screeching harridans and limp wristed eunuchs to offer in place of leaders, it seems left and right can only turn the hysteria knob up to eleven.

In both The Guardian and The Daily Telegraph we have senior writers launching irrational attacks on UKIP, trying (and failing) to twist the most innocuous casual remark into something offensive, while the Labour racist MP David Lammy once more makes outrageously racist remarks about white people and no meeja voice is raised in protest.

The problem the left have you see is they are too smug, too self regarding and too arrogant to accept that the non politicised masses are not taken in by their politically correct rhetoric. People see through the hypocrisy and double standards. And what thy see is pathetic middle class emotional cripples desperate for attention and yet so afraid of offending anyone their brains are paralyzed and all they can do is chant the latest hate meme, rather like the sheeple in the Two Minutes Hate scene from George Orwell’s 1984.

And the more they do that, the more the voters are driven away from the mainstream parties and their politically correct, pro European Integration, pro Mass Immigration consensus which is the opposite of what the people want. What a wonderful irony it will be when, through their conviction that they have a monololy on goodness and truth, they defeat themselves.

Here’s An Interesting Perspective On Whether UKIP Are Raciist – from an unexpected source:

“The Germans have taken over the EU without a shot being fired. We fought two world wars to stop that happening. We are now effectively answering to the Germans. Jews should not agree with that.

“Jews will suffer if immigration continues at this rate. We will get it in the neck the longer it goes on. People say Jews benefited from immigration but, at the maximum, there were only ever 400,000 Jews here. Now we’re talking about millions of people coming. The Jews did not alter the make-up of the whole country.

“There are a lot of Jews in the provinces who have a different world-view to people in London. I was born in Hull and I think Ukip is a demonstration against the metropolitan elite and the Westminster village. I feel disenfranchised.”

Extracted from The Jewish Chronicle.

Well clearly the mouthpiece of Britain’s Jewish Community feels its the mainstream of politics that are racists. :))

Please Don’t Burn Our Shithouse Down: Boggart Blog’s Tribute to Mrs. Thatcher

A song originating from the hardships on the late 19th and early 20th centuries that we used to sing in the playground at school, not understanding the significance at the time (well we got our free milk in the 1950s).

It seemed an appropriate way to remember the havoc caused in industrial areas by the economic and business policies of Margaret Thatcher’s government.

Boggart Blog presents our tribute to Maggie Thatcher, the iron lady.

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