In recent years, Germany has been phasing out coal and nuclear energy in a way that has been described in German media as "not well coordinated with the European Union." As a result, Germans are paying sky-high prices for energy that are completely unsustainable if the Germany economy is to stay afloat.
There are generally three main goals with effective energy policy: low prices, security of supply, and environmental protection with regard to carbon dioxide (CO2) emissions – the latter one is debatable, of course. Germany's energy policy fails in all three categories.
Combined with the economic fallout of the Wuhan coronavirus (COVID-19) "pandemic," Germany's aggressively green energy agenda is wrecking the nation's economy as various industries are forced to either pack up and leave or simply shut down.
Bayer, a massive German pharmaceutical giant, recently announced "massive job cuts" stemming from the economic problems that continue to plague the country. The company cited lacking business performance as the impetus.
Then there is Eisenwerk Hasenclever & Sohn, a 250-year-old German iron foundry that recently filed for insolvency. Eisenwerk Hasenclever & Sohn has long supplied well-known car manufacturers such as Audi, BMW, Daimler, Ford, and Porsche with parts, however it is no longer able to survive in the failing German economy.
"We can only speculate what happens next at this iron foundry. Will it be sold off in pieces and scattered abroad – leaving the region a rust belt?" asks Watts Up With That.
(Related: Earlier this year after Germany shut down its last three nuclear power plants, there was such a deficit of electricity throughout the county that Germany started buying nuclear power from nearby France.)
Another German company that is shedding many of its employees is machine builder Homag, which announced the layoff of 600 workers worldwide, including around 35 at its Schopfloch, Baden-Württemberg-based headquarters.
According to reports, declining demand for its products is the reason why Homag is shedding workers. The goal is to save around 25 million euros next year, and around 50 million euros annually in 2025 and beyond.
"Despite the demand for woodworking machines in many branches of industry, the company expects the coming year to be challenging due to unexpectedly weak order figures," reports explain.
While this story focuses on Germany, Europe's largest economy is a bellwether of sorts for the rest of the world. As of late, we have been reporting on many U.S.-based companies that are laying off workers as well, and for many of the same reasons.
The global, Western-led economy would seem to be in its final death throes. We have yet to completely fall over the cliff, but such a fate is quickly coming into view as inflation soars across all sectors and new wars brew on multiple fronts, including in Ukraine and the Middle East.
"There are no optimistic economic signals in sight. Energy prices, inflation and catastrophic economic policies are rapidly sinking the German economic battleship and prosperity," contends Watts Up With That.
One of the few companies that seems to be doing things right is Toyota, which resisted the electric vehicle (EV) hype and carefully treaded into even the hybrid market with caution. As a result, the car company reported record-breaking profit, in large part due to the sale of hybrids, which it now sells more of than any other automaker out there.
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