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Munchau starts his piece thus:

When I first came to live in London about 25 years ago, Germany was widely considered a more advanced economy than the UK. In the mid-1990s these perceptions began to reverse. During the course of the next decade, I would expect to see yet another reversal - in favour of Germany.

No, I am not going to leap to a defence of the Rhineland model. I remain sceptical about Germany's long-term economic performance. The country relies too heavily on manufacturing exports. It lacks a modern service economy and is committed to an antiquated financial sector.

So, anyone able to enlighten me what "a modern service economy" is?

As for "an antiquated financial sector" I'm somewhat suspicious of that too...

by Metatone (metatone [a|t] gmail (dot) com) on Tue Oct 30th, 2007 at 07:38:09 PM EST
a modern service economy

Estate Agents, hairdressers, financial advisers, betting shops, mobile phone shops.....

an antiquated financial sector

Banks where the manager actually knows you; Banks without a queue of people outside frantic to withdraw their money; shares held for longer than two weeks....

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Tue Oct 30th, 2007 at 07:51:22 PM EST
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where your client doesn't speak English

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Wed Oct 31st, 2007 at 05:07:51 AM EST
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According to the article, the german financial service is antiquated because it doesn't allow for the housing bubble that's tearing apart the UK. The author's insane. The FT is a madhouse.
And the "Rhineland model" is really bad, because anything that produces record trade surplus can't possibly be right. We've been told that the USUK model is the best, they're solidly in the red, therefore being in the red is the right thing to do.
FUCKTARD.

A 'centrist' is someone who's neither on the left, nor on the left.
by nicta (nico@altiva․fr) on Wed Oct 31st, 2007 at 06:54:00 AM EST
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