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This is a high risk investment and you should not expect to be protected if something goes wrong. I'm John Bachelor. I welcome my colleague and friend Joseph Sternberg, member at the editorial board of the Wall Street Journal.

He writes political economics. He's also

well-traveled in Germany. He has language, and he's watching Germany as the engine of growth

in the EU, if it is to grow, as the engine that we most need talk about because it needs reforms.

That's a polite way of saying everything's got to change.

And the engine of the banking and manufacturing these last decades that now faces global troubles.

For example, 100,000 employees of Volkswagen to be laid off. The striking thing is that Germany's laying off anyone, but 100,000 is a blow in a politically

sensitive time in which there is a populist party that is saying, see, see, we told you, you can't trust

them. Joe, a very good evening to you. Germany has a different understanding of labor, as I learned

many years ago with a colleague at seminary.

They have such a thing as lifetime employment. What does that mean, Joe? Good evening to you.

Hey, John. Well, I mean, I think that Germany's problem all along has been that it's fundamentally a European economy. So, I mean, it's been historically a very successful, very productive European

economy, but it still

had a lot of that sensibility about social protection and employment protection for employees.

So, you know, for decades, you would have this phenomenon in lifetime employment, which

...