Friday, 12 December 2008
The financial sector hasn't been hit as badly as their US and UK counterparts (no frenzied property market, no dodgy loans to insolvent homebuyers and similar), but a whole bunch of second tier institutes got their fingers burned with investments over the pond (or ditch)
Of course, everyone's affected by the ensuing credit crunch which causes the Germany Finance Minister (who runs a pretty tight ship) to go red in the face and start hyperventilating whenever he thinks about the inpact of the Anglosaxon silliness on the economy over here.
Of course, if you're the world's biggest exporter (bet you didn't know THAT - well, Kate would because she reads the Economist..) and the rest of the world goes into recession, you're dragged down too, because if no-one's buying your stuff, there's no point in making it and you don't need the people who make the stuff, who then don't have any money to buy the stuff that OTHER people make.
And so on