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To: smolejv@gmx.net who wrote (173777)	6/19/2002 8:12:49 PM
From: PMG	Read Replies (1) \| Respond to of 436258

Yes, I talk about Germany. I cannot say at all that anybody I know is working less hard than in boom times at all ("using his hands" like you call it). What causes - and will IMO deepen - the recession is the strong tendency to "cash cautiousness". Right now, everyone tries to get immediate compensation even in cases you should just invest an let it grow a bit. This attitude is killing many good projects right now. A vicious circle if not broken. It's not a lack of productivity or hard work, it's fear and a lack of confidence what will - IMHO - drag us down. And the stock market below Sep 11 levels.