Germany, an economic fairytale

Germany is rich, but the usual explanations are wrong. Ludwig Erhard is said to have been the “father” of the economic miracle – in truth he was an incompetent economist, a profiteer in the Third Reich and a liar. The Bundesbank was supposedly the incorruptible “guardian of the D-Mark” – in fact it sent millions into unemployment and almost ruined German unity.

Conversely, real successes are not seen: Reunification was allegedly incredibly expensive. In fact, it did not cost a single cent. It is time to say goodbye to the legends. Otherwise we’ll miss our future.

Ulrike Herrmann is a banker, studied history and philosophy at the FU Berlin and is a business correspondent for the taz.