German economy

-- Industrial production in Germany, Europe’s largest economy, increased more than three times the pace economists forecast in August, led by demand for investment goods such as machinery.--
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Comment: Further signs of a decoupling of the world economy from the US. There are indeed few reasons not to expect that the world economy will continue its expansion. Along with the BRICs there is Germany in the boat and Japan will benefit as well. Sooner or later the German locomotive will also pull out large parts of the rest of Europe. The global economy has grown immensely over the past decade and the relative importance of the US market has fallen accordingly. In my view, indeed, it is mainly the USA where the capital structure is most distorted due to false monetary policies and the fact that the US is still the producer of the global reserve currency.