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To: Elsewhere who wrote (2566)	6/28/2001 2:37:31 PM
From: M. Frank Greiffenstein	Read Replies (3) \| Respond to of 24758

Jochen, maybe progress is being made, but as Don points out, it is tinkering at the edges. We have been hearing the same story about Japan for the last 5-6 years, but the Japanese also tinkered at the edges, while continuuing to build up more debt for pork barrel projects, e.g., bullet trains that go nowhere. What does big demosntrations have to do with the power of unions? They sit on just about every German corporate board, they don't need to demonstrate! Where is the political will to bring about the necessary changes? The former East Germans are balking at any suggestion that they should do something for themselves, they still demand a trough in which to put their snouts. There is a new fad now, sentimental yearning for the rites and culture of the former GDR. The city of Berlin is a fiasco. Just even talking about eliminating rent subsudies there leads to increased votes for the Communist party. Doc Stone

To: Elsewhere who wrote (2566)	6/28/2001 4:33:48 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 24758

Jochen - Just compare monetary growth in Germany in the 90ies to the USA. Now who is pumping? For a country that much indulged in socialism the output isn't bad. 1997 numbers: GDP/capita Germany USD 28,280, USA 29,080. Energy consumption: "kg oil units" [1]/capita Germany 4267, USA 8051. Foreign trade: Germany export/import DEM 950/814 billion (ratio 1.17), USA USD 671/919 (0.73). I don't want to claim that everything is perfect here but better examples of socialism are Cuba or North Korea. Every problem in Germany is also present in the US, only to a lesser or delayed degree in most cases. There is no question that the FED has been pursuing a greatly inflationary policy, seldom, if ever, interrupted over the last decade, but disguised by the effect of low cost imports and foreign demand for dollar denominated assets. My concerns for Germany, and the US, for that matter, relate to the intermediate term future, say 10 to 50 years out. Regards, Don