Monday, Sep 22, 2008
less rubbish salt and fat laden food in those cheap shops..lol
reuters: Market woes hit German economy
As the world's largest exporter of goods, Germany is exposed to its trading partners' woes and faces a sharp slowdown in export growth. The economy is probably already in recession and shows little sign of picking up soon.
"Whatever happens to our trading partners will happen to Germany, with just a little lag," said Bank of America economist Holger Schmieding.
Posted by mark @ 02:55 PM (273 views) Add Comment
2 Comments
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1. last_days_of_disco said...
The Germans rock, their problems are nothing compared to us. Look at their savings rate! No property bubble.
Lots of manufacturing capability. People that give a stuff when their banks monkey around. A sense of common identity
that binds them together. Oh man, oh man. Hope they let us stay in the EU.
They are angry with us for being such a bunch of basket cases and really what can we say?
2. drewster said...
last_days,
I agree. I remember the last UK recession, British plumbers and builders were going over to Germany to find work - just as the Poles have been doing here.
Not so sure whether they have any greater "common identity" than we do though. Scotland has had a common identity (hating the English) for the last 300 years, it doesn't seem to have made much difference.
Top marks go to Bank of America economist Holger Schmieding for the No-Sh!t Sherlock statement of the day:
"Whatever happens to our trading partners will happen to Germany"
It's refreshing to hear someone state the obvious, unlike politicians bleating about "sound fundamentals".