Many Happy Returns Kaput: The End of the German Miracle, with Wolfgang Münchau
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Dec 4, 2024 
Wolfgang Münchau, co-founder of Eurointelligence and author of 'Kaput: The End of the German Miracle,' delves into the decline of Germany's once-mighty economy. He discusses the troubling impacts of deindustrialization and reliance on Russian energy, as well as the stagnation in the tech sector. The conversation explores Germany's outdated economic practices, including a peculiar fear of modern technology, and why many Germans shy away from stock market investments. Münchau's insights paint a candid portrait of an economy at a crossroads.
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German Economic Model
- The German economic model relied on industrial exports and, crucially, maintaining export surpluses.
- This led to large savings surpluses invested abroad, often poorly and without offsetting inherent risks.
Russian Gas Reliance
- Germany's overreliance on Russian gas was evident despite warnings, including Trump's advice to diversify.
- Germans prioritized cheap gas, dismissing concerns until the situation drastically changed.
Nuclear Phase-Out
- Germany's nuclear power phase-out, driven by historical anti-nuclear sentiment and the Green party, was accelerated after Fukushima.
- This decision, made despite the considerable energy contribution of nuclear power (14%), significantly increased reliance on gas.
