As we keep being told, relying upon financial services and services in general just isn´t the way to run an economy. You have to produce thigs of "real value". Things you can drop on your foot. We have to have a large and vibrant manufacturing sector otherwise we´ll simply not be able to grow our economy.
Commerzbank said output is likely to contract by 6pc to 7pc this year as the global recession wreaks havoc on German industrial exports. Foreign industrial orders have fallen by 37pc over the last year…….
Mr Kramer said Germany is suffering the brunt of the global slump because 40pc of GDP stems from exports. It is heavily reliant on machine tools and engineering that is levearaged to global industrial cycle. "There will be no upward movement next year that deserves to be called an upturn," he said.
The only other G10 country likely to face the same sort of destruction this year is Japan (-7pc), another industrial export power. The bank expects Italy to contract by 4.5pc this year, the US by 4pc, Britain by 3.9pc, and France by 3.5pc.
Ah, ho hum, so much for that theory then.
Back to the drawing board guys!