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.
“All
of a sudden, Volkswagen has become a bigger downside risk for the German
economy than the Greek debt crisis,” ING
chief economist Carsten Brzeski told Reuters.
“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.
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