All right, Alexander, let's talk about the German economy. Things are not looking good.

Germany is on a path to rearmament, to building the most powerful military in Europe,

and they're going to do all of this by going into debt. So what is the situation in Germany?

Well, there's been a fascinating article about all of this on the financial times. And basically, what it is describing is an unstoppable industrial decline. It's talking now about an increasing industrial meltdown across Germany,

a catastrophic loss of competitiveness about China, Chinese industrial groups, basically eating

German industry for lunch. I mean, the Germans no longer able to

compete at almost any level against the Chinese. There's been similar articles in the Daily

Telegraph, actually, a short time afterwards, talking about exactly the same thing, about Germany also

going down rapidly.

And if we go back to that Financial Times article, it is very scornful about this idea that

industrial revival can be based around rearmament.

It says that already an awful lot of the debt that Maths is creating is not going into

actual infrastructure or rearmament. it is going into plugging holes in the industrial

structure by providing subsidies to steel industry or subsidise to other industries to try to

sort of cushion their decline, which means basically their collapse,

and also to plug increasing holes in Germany's welfare budget, which is exploding,

even as the productive parts of the economy are shrinking.

So people are losing their jobs.

They go on to welfare, which in Germany has always been very generous.

That's causing the welfare budget to rise.

The German government has to find ways to finance that budget,

and they're doing that through this debt emission that Mertz has been talking about.

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