and it doesn't look good for Germany and Europe. But I believe Germany could fair better than the USA because they have a better politicians leading their country and an overall better work ethic than does the USA. Below is from a Reuters article this morning. I believe the referenced "widespread uncertainty" is not knowing what will Obama and the Demoncraps do next to harm the economic conditions in the USA, and therefore the world.
"Germany's Bundesbank cut its growth outlook on Friday and now expects the euro zone's largest economy to barely grow in 2013, while it also pointed to risks of a recession as the euro zone debt crisis takes its toll.
The Bundesbank expects Germany's economy to grow just 0.4 percent next year, down from an earlier forecast in June of 1.6 percent.
The move comes a day after the European Central Bank cut its forecasts for next year, pointing to weaker growth prospects for the bloc's core countries such as Germany, France and the Netherlands.
Germany has been a key growth driver of the euro zone, now in its second recession since 2009, but the country's resilience to the crisis is wearing thin and the central bank's new projections reflect this.
"Given the difficult economic situation in some euro-area countries and widespread uncertainty, economic growth will be lower than previously assumed," the Bundesbank said."
Germany is saving about 300 billion euros/year on net basis after depreciation. There is very little unemployment. In Austria and Switzerland there is effectively no unemployment. The budget is balanced. Germany's wealth is being invested mostly domestically, and used to improve future growth prospects.
Other countries are riding the wave of the Chinese Dragon, the one created by the Chinese trying to save half their GDP and put as much of it as possible into dollar bonds, stocks, and gold. The USA is blowing through around half a trillion/year of its capital stock as it saves nothing and runs down its assets. Even with the tulip mania running full force under the influence of the Chinese Dragon chasing it and the Fed pumping it, it is still not enough to create any real capital in America... The UK is a huge capital deficit too, along with Greece, Portugal, Yemem, and various other spendthrift lands.