Who would’ve thought emissions regulations could not only bring down an automobile manufacturer, but also a country and possibly the European Union. Germany could find itself in financial straits if the EPA shuts down one of its biggest employers.
Volkswagen Chief Executive Martin Winterkorn paid the price for the scandal over rigged emissions tests when he resigned on Wednesday and economists are now assessing its impact on a previously healthy economy.
“If Volkswagen’s sales were to plunge in North America in the coming months, this would not only have an impact on the company, but on the German economy as a whole,” he added.
Volkswagen sold nearly 600,000 cars in the United States last year, around 6 percent of its 9.5 million global sales.
The fanatics in the Obama administration have accomplished what a refugee crisis along with Greece and other spendthrifts countries couldn’t. This financial catastrophe could bring down the Europe Union. Germany is the economic powerhouse in the region. Lecherous countries need a productive workforce to feed off. It is quite astonishing that a regulatory agency could have that much power.