Moral & Economic Capital in Germany. Resolve to keep the far right out of power.

Economic stagnation is weakening Germany’s political center—and testing its resolve to keep the far right out of power.

The Federal Republic had a second foundation, laid a year before its constitution. In June 1948 the Deutsche Mark replaced the worthless Reichsmark, and goods that had been hoarded reappeared in shop windows almost overnight. 

The decades of growth that followed gave the parties guarding the firewall something to show for themselves. 

Voters did not have to choose between the center and prosperity, because the center delivered prosperity.

“Not all Germans believe in God,”, “but they all believe in the Bundesbank.” Uppge sin älskade D-Mark och ersätta den med en Spagettivaluta.

https://englundmacro.blogspot.com/2026/10/not-all-germans-believe-in-god-but-they.html

Robin Brooks, a Brookings economist who spent years at the IMF and Goldman Sachs, argues that Germany’s growth model was breaking before the recent shocks arrived.

 - Germany has three big problems: a broken growth model, the Euro and the AfD Robin J Brooks Sep 21, 2026

David Loheyde · The Rustbelt Reader 28 October 2026

https://therustbeltreader.substack.com/p/moral-and-economic-capital-in-germany