Posted by reader Heika:
Hi Ulrich, I just finished reading a review of Michael Lewis's book "Boomerang," which discusses the current financial crisis country to country. The reviewer made this comment, which for me rang very true, admittedly based on my very short stay of two years in the country:
“There was no credit boom in Germany,” an official told Lewis. “Real estate prices were completely flat. There was no borrowing for consumption. Because this behavior is totally unacceptable in Germany.”
I don't know if you can address the prices of real estate to verify the unnamed official's accuracy, but what do you think about the claim that "borrowing for consumption" is totally "unacceptable." My personal experience is that Lewis got this right, and this is one very good reason the Germans continue to do well while all around them are in despair.
Loved your latest drawing. Heika
10 hours ago