Why we aren’t all doooooooooooooomed
A commenter at CiF, against all odds, cites some relevant statistics:
Financial services which – some people fondly believe – is “all we do nowadays” made up only about 5% of the economy at their height, (rather less now, methinks), whilst industry accounts – according to that CIA thing everybody else seems to be quoting from – for 23.4% of GDP.
In Germany, by contrast, industry makes up a massively larger 31.1% of GDP. (With France a measly 20.6%, the US an even more measly 19.8%, and mighty Japan, at 26.5% only 2% bigger.)
The Bill Emmott piece on which he’s commenting isn’t at all bad, either. Although the total, ruinous collapse of the dollar next year is going to be the major story…