Posted on January 19, 2016 by Martin Armstrong
Without warning, Germany has sent back the latest group of refugees to Austria. The Austrians are at a loss for what to do. A spokesman for the province of Upper Austria said, “From Germany it would be only fair that they would say that the welcome culture is finished.” The problem is that Merkel cannot publicly state that she was wrong.
There is NO HOPE of finding jobs for all these refugees in Germany. Its exports to Russia have collapsed by about 50% thanks to the sanctions. Then Russia’s economy shrank in 2015 as a combination of sanctions and the collapse in commodities that created a very dangerous cocktail. The official German unemployment rate is under 5%. If we now include unemployable refugees, this number will soar.
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