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To: Bill Ulrich who wrote (902)	7/18/1997 12:31:00 AM
From: Gottfried	of 1894

MrB, I am impressed how you can whip up a critique so quickly. And make sense. But with my limited understanding of economics you could have made the opposite case, and I probably would have found that plausible, too.<g> I won't worry about deflation. I wouldn't count on a German boom soon. Their problem is the welfare state and associated costs, the inflexibility of unions, the unwillingness to make some sacrifices now to be more competitive later. In addition, the government hobbles business. Example: for decades the store closing hours have been debated. They can now stay open a little longer weekdays, but must close Sundays. This is mandated by law. Other example: the CEO of VW said he has about XY thousand employees that are not needed, but can't lay them off because of government and union pressure. Their social safety net is actually very humane, but too generous and prone to abuse, therefore costly. In general I am also pro-union - as long as the union is realistic in their world view. If there were no unions at all to put fear into management, then the individual worker here and elsewhere would not be able to stand up to them. Even enlightened companies without unions would not treat workers as well as they do if the threat of unionization did not exist. Well, so much for deflation. The price of gold is another thing. It is supposed to rise when investors are worried about inflation and because of all those people in Asia who love gold jewelry. So Asians must have given up on jewelry. And of course, this year was supposed to be one with sharply lower earnings and a bear market. The year isn't over yet. End of rambling.<eor> GM

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