The IMF kept getting its forecasts wrong because it failed to recognize the endemic weaknesses in the world economy. Northwestern economist Robert Gordon has tirelessly documented that, despite signs of gee-whiz innovation, long-term productivity growth in advanced nations had been declining for decades.
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Moreover, after the disruption due to the global financial crisis between and and the prolonged eurozone crisis that followed, global economic and financial systems did not recover the resilience to maintain sustained growth. These endemic weaknesses have persisted. Consider the U. The tax cuts passed in December have injected huge stimulus, the growth spurt from which even the IMF recognizes will soon begin to wear off.
Most commentators, however, miss a more important reason why U. As a Deutsche Bank analysis highlights, U. With stocks overvalued by many conventional measures, insurance companies, which were overweight in equities, moved some of their investments into bonds. Hence, bond yields also remained low.
Now the repatriation of profits is virtually over, and the recent rise in bond yields and slump in stock prices could continue. Following the global financial crisis, Chinese authorities injected huge fiscal and credit stimulus starting in late Chinese growth and, hence, world growth fell. Much the same has happened recently. In , Chinese authorities again used fiscal and credit measures to rev up flagging domestic growth. Virtually all nations participated in the growth acceleration. But again, rising property Chinese prices and debt burdens raised financial vulnerability well above dangerous thresholds.
The Chinese authorities, as before, pulled back on the stimulus, and the domestic economy slowed. The IMF has substantially reduced its projection of world trade growth, but even that lower forecast at 4 percent in is overly optimistic. With the Chinese growth slowdown to 6. The tariffs on Chinese goods imposed by the Trump administration and tough talk on further increases heighten the prospect of further trade deceleration. Adding to the global headwinds are rising interest rates as the U. Federal Reserve boosts its policy rate and the European Central Bank winds down its bond purchases.
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Emerging markets are already dealing with the consequences of higher interest rates. In Argentina and Turkey, but also in India, depreciating currencies have increased the burden of repayment of dollar-denominated debts. The trivial revision for India, to 7. One of the marching songs of the British Union of Fascists , known as The Marching Song or Comrades, the Voices was set to the same tune, and its lyrics were to some extent modelled on the song, though appealing to British Fascism.
Instead of referring to martyrs to the party, it identifies Britain's war dead as those marching in spirit against the " red front and massed ranks of reaction ". Its opening stanza was: [ citation needed ]. Comrades, the voices of the dead battalions, Of those who fell, that Britain might be great, Join in our song, for they still march in spirit with us, And urge us on to gain the fascist state! In Spain, the Falange fascist movement sang to the same tune: [ citation needed ]. Por el honor, la Patria y la justicia, luchamos hoy en este amanecer.
Diremos al caer. For honor, Fatherland, and justice, we fight today in this dawn, And if death comes and caresses us, Spain be raised! We shall say in falling.
Note that this was a Traditional Falange march Movimiento Nacional , and not a march of the original Falange. We shall smite the Jews and the Marxists, We shall avenge our brothers killed by them, So that the National Socialist ideal Should one day be proud and victorious. In modern Greece, Golden Dawn , an extreme right-wing party , uses the "Horst Wessel Song" with Greek lyrics   in its gatherings or events, such as the occasional, public distribution of food "to Greeks only",  while its leader, Nikolaos Michaloliakos , often uses the song's key stanzas e.
The lyrics of their version are: . From the granite face of Olympus to the enslaved land of Cyprus. The head held high and our heart remains tough. The lyrics of their version are: [ citation needed ].
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The dawn is close, Banners on high, brothers! Death to the murderers of our dear liberty! The fascists sword is our enemy's damnation It will sweep away forever their bloody system. Comrades, our Motherland awaits us! Everyone under the banners, the Motherland is calling! Vonsyatsky, our leader who scorns treason and cowardice, With us, fascists, will lead the march! Blackshirts, get ready to the battle! Fascists, the Iron Front unites us And towards the enemy is an iron wall Fearlessly, as one, we all go.
Some versions simply changed the political character of the song: [ citation needed ]. The flag high! Red Front marches with iron-firm pace. Comrades, shot dead by the Steel Helmet Swastika March in spirit in our ranks. Others substituted completely new lyrics: [ citation needed ]. Bauer, steh auf! Erheb dich, Arbeitsmann Gewehre nehmt! Gewehre gut und scharf geladen! Tragt rote Fahnen hoch im Kampf voran! Load the guns well with live ammunition Carry high red flags onward into the fight!
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These versions were banned once the Nazis came to power and the Communist and Social Democratic parties suppressed, but during the years of the Third Reich the song was parodied in underground versions, poking fun at the corruption of the Nazi elite. There are similarities between different texts as underground authors developed them with variations. Below are several versions. The prices high, the shops tightly closed poverty marches and we march with it Frick, Joseph Goebbels, Schirach, Himmler and their comrades they go hungry as well, but only in spirit.
The prices high, the shops are tightly closed Poverty marches with a quiet, firm step. Only the little folk are hungry The bigwigs hunger only in spirit. Prices are high, Snouts are firmly closed Hunger marches, In a firm steady step. The street stinks, From the brown battalions, A cush job winks At the Stormtrooper.
Perhaps he's a fat cat , Who will get millions tomorrow, But that just means, Brown fetid dirt to us.
In the first year of Nazi rule, radical elements of the SA sang their own parody of the song, reflecting their disappointment that the socialist element of National Socialism had not been realised: . The prices high, the cartels are tightly closed Capital marches with a quiet step. The stockbrokers are now party comrades And capital is now protected by Herr Schmitt. Kurt Schmitt was Economics Minister between and Der Metzger ruft. Die Augen fest geschlossen Das Kalb marschiert mit ruhig festem Tritt. The butcher calls! The eyes tightly closed The calf marches with quiet, steady step.
Calves whose blood has already been spilt at the slaughterhouse They march in spirit within its ranks. Following the dismemberment and division of the Reich into occupation zones at the end of the World War II , with the eastern provinces annexed by Poland and the USSR and their millions of inhabitants driven from their homes into what remained of Germany, a version of 'Die Preise hoch' became popular in the Soviet zone, targeting Communist functionaries: . The most notable English-language parody  was written by Oliver Wallace to a similar melody and titled " Der Fuehrer's Face " for the Donald Duck cartoon of the same name.
It was the first hit record for Spike Jones. The opening lyrics give the flavor of the song:. When der Fuehrer says we is de master race We "Heil! Each "Heil! From Wikipedia, the free encyclopedia. Zum letzten Mal wird nun Appell geblasen! Zum letzten Mal wird Sturmalarm geblasen! The call is sounded for the last time! The last sound to charge is blown! Nazi Germany portal.
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Cited by Wulf , S. Die Musik was published in Switzerland. Articles departing from the Nazi doctrine that Horst Wessel had originated both the lyrics and the tune could not be published in Nazi Germany. Retrieved December 28,