European Economics Thread

[gelgoog]

German car manufacturer Volkswagen is for the first time in its 87-year history planning to close production sites in its home market. At least 3 manufacturing plants will be closed, the remaining plants will be downsized, and whoever keeps their job (after tens of thousands of staff lose their jobs) must accept a 10% reduction in salary and an end to their bonuses. The economic implosion of Germany will drag down the rest of Europe..

Next time you hear about how Germany does not have the resources to finance the upgrade of their economy to move into the XXIst century, consider that studies show that Germany lost 600 billion EUR by deciding on the early shutdown of its nuclear power plants.

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They retired nuclear power plants which had not reached their original 40 year design life. And which could have been refurbished to operate up to 60 or 80 years. Like is being done in the US and other places.

And I believe that number is an underestimation. It does not consider the closure of East German nuclear power plants among other things.

As for Volkswagen, they kicked out the CEO who wanted to move the company into the EV era. They are reaping their just deserts.

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[pipaster]

71 thousand union electrical and metals workers from IG Metall went on strike the day before yesterday. No signs of resolution at this time, so the strokes will continue.

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[curiouscat]

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[Jamie28]

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Meanwhile Italy is hiring 10.000 nurses from India, before taking service they will be tested for proficiency in italian language.

No tests or exams on their skills because according to the health minister in India they have a good education.

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The europeans are full steam ahead in enshittificating their countries.

 

[gelgoog]

Meh. Having had experience dealing with Indian staff, the quality of their work is hit and miss, with miss being more the case than not.
You do get the occasional quality worker but those are few and far between.

 

[sunnymaxi]

Breaking news -

OMV SAYS RUSSIA TO SUSPEND GAS DELIVERIES TO AUSTRIA ON NOV. 16 ..

and look at the European gas prices.. damn

https://twitter.com/i/web/status/1857441051021385794

 

[tphuang]

it's always interesting to watch EU continue to threaten other countries while it's in the midst of de-industrialization.

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[siegecrossbow]

Breaking news -

OMV SAYS RUSSIA TO SUSPEND GAS DELIVERIES TO AUSTRIA ON NOV. 16 ..

and look at the European gas prices.. damn

https://twitter.com/i/web/status/1857441051021385794

That’s a lot of GDP.

 

[tygyg1111]

That’s a lot of GDP.

Especially per capita

 

[tphuang]

OMG, now steel production for DRI (which uses large amount of electricity) is not viable in Europe.

Who could've possibly guessed that DRI doesn't work why electricity prices are too high!

https://twitter.com/i/web/status/1858533782950740102

Another example here, EU's plastic industry can't compete with the higher energy prices. Who could've guessed. The massive petrochem industry expansion in China is causing price to drop.

https://twitter.com/i/web/status/1858403625770315848