We have to remember that the Germans had undergone an 'Inglorious Fifteen' years, and right up to about 2009 their economy was considered 'The Sick Man of Europe'. At one point in 2007-08 I think we were just a few percentage points away from finally matching their per-capita GDP, which we hadn't done since the 60's. Just because their economic model weathered the recession a bit better than ours did means little. They have come NOWHERE near making good the ground they lost in those 15 years since then.
Just having a reputation for fast growth throughout the 50's/60's/70's is now dim history. They have even less basis for strong future growth than we do. Eastern Germany, with it's still-ingrained communist lethargy, is still as heavy as load on their economy as it was in the mid-90's.
There will be no great Renaissance of the German economy. It will just fumble along, in a race of the European turtles over the next few years. And "Race" is a kind word. Think of a flock of sheep without a shepherd.
Just having a reputation for fast growth throughout the 50's/60's/70's is now dim history. They have even less basis for strong future growth than we do. Eastern Germany, with it's still-ingrained communist lethargy, is still as heavy as load on their economy as it was in the mid-90's.
There will be no great Renaissance of the German economy. It will just fumble along, in a race of the European turtles over the next few years. And "Race" is a kind word. Think of a flock of sheep without a shepherd.
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