Is Germany Really Facing a Demographic Shock?

Another alarmist article on Germany’s falling birth rate:

http://www.telegraph.co.uk/finance/economics/11644660/Germany-dominance-over-as-demographic-crunch-worsens.html

I wonder if concerns about demographic shocks are overblown. My personal perspective on the issue is summarized in this post:

http://vivekjayakumar.blogspot.com/2014/01/are-economists-naive-about-positive.html

Related:

A 2010 post on the topic:

http://vivekjayakumar.blogspot.com/2010/08/germany-and-japan-canaries-in-aging.html