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Daniela Gabor

@DanielaGabor

, 4 tweets, 2 min read Read on Twitter

Investors are paying Germany for the privilege of lending via bunds, businesses begging for investment, SPD haemorrhaging support in poles and Olaf Scholz, the SPD finance minister, still defends austerity. #PASOKification ft.com/content/749480…

Germany is (roughly still) at full employment, not because of workers' bargaining power or big state but because it's free-riding on Eurozone's macro-financial pathologies.

Kalecki understood well the politics of business behaviour at full employment - German business demands state intervention (digital infrastructure), lower taxes, and moans about 'subsidising consumption' (social spending)

maybe SPD should read Kalecki, who in 1943 asked himself what would a progressive do and answered - strengthen the welfare state, before nazis win elections promising the same.

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