World Economy

Reforming? Save? We are the only ones, "thereby getting more customers, Gerrit Odink aligned. The pensioner waiting in front of Ichtuskerk in Prins Alexander, a church in a poor district of Rotterdam. Once a week there, he distributed food packets in the fellowship hall of Voedselbank (Food Bank) to the needy. Over one hundred boxes of bread, pasta, salad and biscuits Gerrit and his colleagues have now been given away. They just do not get more, while the demand is constantly growing. "Now we have a long waiting list of families who could" do the food, says Odink and assured: "We check das. we ask for, in the community, the debt advice."

Hunger in Holland? "Yes," sighs Gerrit and sits at a table in the center: He did a few years ago not even thought possible. But it would be more and more. "And if the government is now shortened again in social programs ..." The words of the retirees can hang in the air and looks around the room ostentatiously. "Talk to the" he says and takes a big man at the table. The man has fought a couple of years with the Dutch UN mission in Lebanon, is now home to no job and still has debt. Quite frankly he says: "Without the bank, I would not be satisfied."

Only in Rotterdam every week 3,000 families with the packages of food bank supplies. In the Netherlands there are obviously more wealthy people who can only be collected yet. A minority is the one that everyone says. Even the Dutch are among the wealthy Europeans, their public debt with sixty percent very low by European standards, and unemployment is low at six percent.

But the fear of relegation and the middle class has been packed. Only last weekend, the NRC Handelsblad published a survey, see black after four of five Dutch nationals in the future. "The mood is" bleak, writes the newspaper and then lists why the perceived quality of life decreases: rising costs of health care, lower benefits, declining house prices, fewer jobs, higher gasoline prices, reduced subsidies. And no relief in sight.

One reason is missing from the list, but just by the economists call increasing frequency: the private debt and its consequences. Ironically, the Dutch have become so deeply in debt as the citizens of any other European country, mainly in real estate loans. Like the Americans, the Dutch believe in ever-increasing prices. They bought homes, houses, villas.

For a long time they were given the necessary loans for very light, sometimes gave the bank even more money when the house was worth. As long as its value rose steadily, that was no problem. Moreover, the Dutch government subsidizes home ownership by the workers. Mortgage interest may be tax deductible. "So people run control optimization, rather than" pay off the loan, says Wim Suyker and supports that with his own behavior. Even in his own house he blot out his credit loan amount over the 30-year term does not, he will pay only the interest. To do otherwise is economic nonsense. From a purely private.

"Te koop," stands at a brick house in front of Ichtuskerk. For Sale. Long do these signs not only in the simpler areas, but also to the seaside promenade in the posh suburbs of Scheveningen and Wassenaar. You can hear it at all Agent: The bubble has burst.

And does this have consequences for the whole economy. Now people live in houses whose value falls. Who wants to sell or must sell, can pay off with the proceeds often no longer his home loan. Instead of getting richer, many Dutch feel so getting poorer. And that in turn pushes on the consumer mood and lifestyle. Divorce, job change, relocation: All this is complicated, if you get rid of his house at a loss.

At such a time would have a government actually do anything to stabilize the housing market. At the same time but it would have the bizarre and expensive promotion, if only because they reduce even save somewhere, as soon as possible. Both together is to square the Kreises.Dazu is then also the misery of the pension. Long were the Netherlands also for their retirement as a model for Europe, its citizens were able to secure for the same age but about three income: the state pension, private pension funds, einzahlten the employer and employee, and a very private insurance. This system was considered to be crisis-proof, but that was a fallacy. The financial crisis has created great losses in pension funds. Suddenly they could not guarantee the payment amount, and recognized the Dutch: The private provision is shaky.

"We Dutch like to say that trust comes on foot and disappeared at a gallop," says Maarten Schinkel. The journalist with the black horn-rimmed glasses and gray hair is untamed as a keen observer of moods. He is one of those you can not classify the same right or left and provoke very happy times. "The Dutch have just lost a lot of confidence. In the liberalization of markets. And "in politics, he says. It prevails even more confusion about what is right and what is still wrong economic policies.

So also many voters decided for protest parties. Schinkel believes, nevertheless, "lead on reforming no way. The retirement age will rise, if only because we are getting older. And decrease wages, or their costs, so that we on the world market to become competitive again, "But is he. Saving at any cost is not the solution, therefore helping the rigid Brussels three-percent rule, only a little: because it was critical but that the country is investing its money properly. Although the budget deficit will remain high for the time being.

Of course one can argue about such an analysis. It is precisely in the Netherlands shows even more clearly than in Greece, that it is not about "saving versus spending," but about who saves such as reforming and investing. Simple answers can be found as a damned difficult thing.

The package, which was adopted in the Dutch parliament last week, after much back and forth, but still tried to compromise but should then be cut in social spending, the retirement age and the value added tax are expected to rise. At the same time a crisis tax for the rich is planned. Whether all this is implemented, only to decide the election in September. The Social Democrats and Socialists will not take anything.

How will the story? "For the answer I need a cigarette," says Schinkel and considered. "Lige Grumme Dutch protest parties like to choose. People that are doing really badly want to offer better parties, the real solutions. Even if the are uncomfortable, "he says, adding:" If this rule is true, then we would get in the fall of a reform government that takes seriously the numbers. I would not bet on it. "