1 in 7 German workers works for the auto (and related) industry

[sasguru]

...which leads me to think that Germany is even more doomed than we think.

1. The luxury car business is yesterday's game. Unlike the Japanese, the Germans have not been looking for alternatives to the internal combustion engine. They have ridden the boom by producing ever more powerful and flash cars which brought in easy income rather than investing in hydrogen/electric etc.
2. The crash in car sales is dramatic and going to get worse - 30%-50% in some countries.

The equivalent "industry" in the UK is that 1 in 10 employees work for the NHS. But demand for the NHS is only likely to rise in a recession.

I think the Germans will have a worse recession than us, cushioned to some extent by their better benefit system.

[BrilloPad]

Does this we can't join the Euro and have them bail us out?

[sasguru]

Does this we can't join the Euro and have them bail us out?

No. Contrary to most people on this board, I expect the Euro to suffer immensely, if it survives at all.

[BrilloPad]

No. Contrary to most people on this board, I expect the Euro to suffer immensely, if it survives at all.

I think Germany will get fed up with bailing out Spain etc.

It is unusual to have monetary union before political union.

[AtW]

No. Contrary to most people on this board, I expect the Euro to suffer immensely, if it survives at all.

Why are you so bothered when you will be out of your cushy City job by end of 2009?

guru reminds me typical Soviets who did not care if their country was in deep tulip so long as some other country far away also had real or imaginary troubles.

[BrilloPad]

Why are you so bothered when you will be out of your cushy City job by end of 2009?

guru reminds me typical Soviets who did not care if their country was in deep tulip so long as some other country far away also had real or imaginary troubles.

Most in the city will not lose their job. I expect the intelligent to survive.

Which means I am fooked!

[AlfredJPruffock]

Yes it looks like the internal political pressure to dump the Euro for Germsny could unhinge the Euro - that said the Italians dont want it either - Merckel must know its a vote winner to revert back to the ReichMark - sorry Dmark - but then again ... of course knowing the incompetence of Broons Goons they will probably join the Euro the week before the Germans dump it !!!

[BlasterBates]

Just want to point out that Audi is actually selling more cars, and is actually expanding production. So as useless car makers such as Rover and Jaguar go to the wall, so better ones will survive.

Its funny, the UK is basically going down in flames but still comentators, like to pop their head out the blazing cockpit and point the finger at the faint plume of smoke from the German tail plane.

[AtW]

Most in the city will not lose their job. I expect the intelligent to survive.

Can't mind the URL but the recent forecast that I read was talking about 30% reduction until end of 2009, that's not far off my own view of around 50% until 2010 or so.

I'd be far happier of London made same or more money from tourists than from the City that barely invests in UK economy anyway - I don't see VCs like in USA putting good money into tech companies, instead of that this country has got Dragons Den

[AtW]

Its funny, the UK is basically going down in flames but still comentators, like to pop their head out the blazing cockpit and point the finger at the faint plume of smoke from the German tail plane.

What else they got to do as they did not get parachute beliving that their plane will never fall down? That's why I don't like flying airplanes - going to use trains next time, via France and Germany incidentally