Elite NWO Agenda
Published on Jan 11, 2018
SUBSCRIBE for Latest Updates - https://www.youtube.com/user/elitenwoa... GERMAN DEBT CLOCK GOES INTO REVERSE - First Time Ever Since It Was Made 20 Years Ago Berlin’s campaign for fiscal discipline passed a small but symbolic milestone this week: for the first time in more than two decades, Germany’s closely watched “debt clock” is running backwards. The clock, which despite its name is more of a counter, was reprogrammed on January 1 to take account of new federal and state-level budget plans. It is now ticking down at a rate of €78 per second, the first time it has shown the nation’s overall public debt in decline. In 2009, following the financial crisis, it showed Germany’s debt increasing at a rate of more than €4,400 a second. The Schuldenuhr is maintained by the German federation of taxpayers (BdSt), and is on prominent display outside the group’s headquarters in Berlin. Until this week, its bright-red digits offered a cautionary reminder of Germany’s deteriorating fiscal position: since June 1995, when the clock was set up, per capita debt has risen from €12,830 to its current level of €23,827. More recently, however, it has totted up a steady improvement in the country’s public finances, with Angela Merkel’s government running a balanced budget every year since 2014. Germany’s booming economy means the next government is likely to enjoy a budget surplus of about €30bn over the next four years — prompting debate over whether the money should be spent on an increase in public investment or tax cuts. The reversal is reflected on the debt clock only now because its calculations are based on official budget legislation rather than on actual spending and borrowing decisions made by federal and regional finance ministers. Reiner Holznagel, BdSt president, said Germany was “on a good path” in terms of balanced budgets but insisted political leaders had to do more. “All these nice reports about surpluses and balanced budgets have made citizens believe that everything is fine on the debt front. That is not the case. We do not even fulfil the Maastricht criteria,” he said, in a reference to the EU-mandated goal to keep public debt below 60 per cent of economic output. With debt at 68.1% of gross domestic product, Germany is one of the few EU members that approach the 60% limit set in the of Maastricht, along with, Estonia, Luxembourg, Finland and the Netherlands. Meanwhile, France and Spain remain in the European Commission’s sights for annual budget deficits above 3.0% of GDP per year, meaning they are building up debt too fast under EU rules. In theory, both nations could face fines from Brussels if they fail to tighten the purse strings – although the Commission has never levied such a punishment, even on repeat budget sinners.