What caused the Greek export surge?

Published on RWER Blog, by Merjin Knibbe, Oct. 20, 2012.

The regular reader of this blog has for quite some time been aware of the spectacular surge in Greek export. At this moment, people start to pose the question ‘what caused this surge?’. Low wages? Of all (average) EU wages Greek wages declined the most by a long shot (also on this blog). Or was it caused in a ‘modern’ way (well, modern – let’s say the post 1830 way), by investments in technology and production and organization and markets and people – a strategy favoured on this blog by commentors as well as bloggers? The verdict is out and could not be clearer – at least if the data are dependable. Ronald Janssen investigated the composition of Greek exports. And the surge is led by ‘Mineral fuels, lubricants and related materials’, about the most capital intensive sector you can think of. What we need, in the Eurozone, is not savings and cuts – but investment. Savers are afraid of the future. Investors create it … (full text and chart).  

Links:

Building cooperative Vestia struck back at the banks, but is now accused by ABN/AMRO of perpetrating fraudulent behavior, on RWER Blog, Oct. 20, 2012;

New World Order Education: Useful Engines in the One World Schoolhouse, on Global Research.ca, by Prof James F. Tracy, Oct. 19, 2012.

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