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I would dispute that Germany's coffers are full. Yes, we have had good years of economic growth, but those years of full tax income streams were matched by an equally unprecedented spending spree and coincided with the refugee crisis. You'll find that the German state has not created any bad...

For a lot of the western European economies the big hits will start coming once fall and winter hit. By that point all the direct emergency aid governments have pushed will have floundered off. Tons of small businesses will have collapsed, especially in high tax countries like Germany, Belgium...