The Wall Street Journal

Germans See Affluence Ahead

Ravenel B. Curry III Distinguished Fellow in Strategy and Statesmanship
germany steel bridge manufacturing economy walter russel mead wall street journal
A bridge near the ThyssenKrupp steel factory in Duisburg, Germany, on October 6, 2022. (Lukas Schulze via Getty Images)


I traveled to Germany last week ready to see some hand wringing and hear tales of woe. Russia’s unsettling hints about escalation raise the specter of nuclear war in Europe. The loss of cheap Russian gas leaves millions of German households potentially exposed to heating and power shortages as winter nears. Spiraling energy prices have forced some energy-intensive businesses to slow production.

It’s more than war. Covid rates are spiking again. Global financial markets are melting down. The worst inflation since the establishment of the Federal Republic of Germany is eroding the savings of the thrifty middle class.

Read the full article in the Wall Street Journal.