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Germans have more money than ever before

The Springer-Verlag ran the headline in the "Bild" of 22.06.2011 that the Germans had saved more money than at any other time. The financial assets of private households, reported the paper, "amounted at the end of 2010 to € 4.93 trillion – i.e. € 61,000 per capita and 5% more than in 2009."

This announcement requires examination in more detail. The total assets of the Germans of € 4.93 trillion, divided by the total population (approx. 80 million), does indeed come up with per capita financial assets of the stated order of size. But this does not refer to the savings or the per capita financial share of the individual German in the total assets, based on the aver-age citizen. This should have been accompanied by an explanation of how total German finan-cial assets are made up. This is provided below:

95% of the total financial assets of approx. € 4.93 trillion are held by 5% of the total popula-tion, or approx. 4 million people, who can be classified as rich or super-rich (who have assets of € 1 million). Of the total of € 4.93 trillion, around € 4.68 trillion are in the hands of this group. The difference between € 4.93 trillion and € 4.68 trillion is € 246.5 billion. 95% of the remaining population gives somewhat more than 77.6 million people. € 246.5 billion divided by 77.6 million gives an amount of € 3,176.5. This amount is the actual per capita share. This must be contrasted with the per capita share in the overall debt which every German citizen has to bear. After extrapolation according to the figures of the international assess-ment by the International Monetary Fund (IMF) for the Federal Republic of Germany of Janu-ary 2006, the national debt amounted to € 11.8 trillion (€ 2.1 trillion foreign debt – explicit – plus € 9 trillion in implicit debt, meaning the implied debts (financed by transfers) in the Ger-man social security systems. This total debt spread across the total population gives an aver-age per capita share in German total debt (explicit and implicit) of € 145,000. Plus (€ 3,175 Euro) and minus (€ 144,431 Euro) balanced together, for all those who do not belong to the "rich" 5%, do not give any positive assets, but € 141,256 of debt. As regards the minus, every citizen is therefore equal to every member of the German Bundestag, in-cluding all its predecessors. Every parliamentarian is proportionally in debt to the level of € 19 billion (with regard to the explicit debts of € 1.2 trillion, the implicit debts of almost € 9 trillion, and the contributions to rescue packages which will be paid now and in the future.
On top of this: Due to the wasteful handling of national assets and a very stringent debt policy, it can be assumed that the national debt (explicit and implicit) today stands at € 11 – 12 trillion – although no confirmatory study is available from the IMF. This means that 4 million people have an average of € 1 million, while 77.6 million people have debts of over € 150,000.

The mismanagement of Germany cannot be stated any more clearly. We have our politicians to thank for it, who have been particularly active in this field, whichever party they belonged to. No government has understood how to allow the normal citizen to participate in relation or proportionally to German assets. This demonstrates the prevalence of political/economic or economic/political lobbyism between politics and the economy, which is happily joined by the press, who do not investigate, but uncritically print what is required.