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When exactly was Germany a net importer? Hasn't been the case since the fifties. (Current account is different story)
by IM on Thu Jun 2nd, 2011 at 07:26:01 PM EST
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For as long as the Marshall plan operated, Germany was building its economy with the help of the then exporter of last resort, the US. That was actually a shift in policy, the original intent was to destroy German industry forever. Then in 1971 when Nixon killed Bretton Woods, the US turned to absorbing Germany's trade surplus.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Jun 2nd, 2011 at 07:30:27 PM EST
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You want to claim that Germany had a trade deficit from 1947 to 1971?

That is peculiar view of west german economic history.

I won't to quiblle about years, but west germany moved into a trade surplus during the Korea war or so.

The other big exporter who got a start during the Korea war was Japan.

by IM on Thu Jun 2nd, 2011 at 07:43:18 PM EST
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Indeed. The original comment should have said "current accounts deficit" not "net importer." After all, as long as one is not analysing a default scenario, it's the current accounts that's the important variable.

My bad.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Jun 2nd, 2011 at 10:57:31 PM EST
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Until some years ago Germany either had current account deficit (much of the nineties) or a balanced current account or a small surplus.
by IM on Mon Jun 6th, 2011 at 06:25:01 AM EST
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