Yesterday and today the markets are selling everything (including oil and gold) and hoarding cash. It can be interpreted as preparation for the bad times ahead. Where is a safe heaven? I think only Switzerland and Germany.
"We got through the crisis better than almost any other country," says Michael Glos, former German economy minister and a conservative lawmaker in Ms. Merkel's ruling coalition. "It isn't a miracle, it's because we stuck to manufacturing whereas other countries deindustrialized," he says.Buy Siemens and Bunds? Credit Suisse says that America's debt crisis will cause a 30% fall in world stock markets.