What is truth?

By David Mc Williams

Let’s talk about Germany. What does Germany want? Why is it important? How does what the Germans want affect us?

This week, we have an American flavour to the column because I am writing this from southern California, where I have just had the pleasure of listening to probably the most important player in the global bond market, Mohamed El-Erian, the chief executive of Pimco, the world’s largest bond fund.

When this guy speaks and shares his view of the world, we should listen, not only because he is one of the most influential people in the market but because, unlike many financial market superstars, he is thoughtful, analytical and sensitive.

Equally significant is the fact that he is also addressing a group of investors who will have an impact on how the world reacts to political news from Europe and, to a small extent, from us in the months ahead. (The details are at https://hedge-fund-conference.com/2012/invitation.aspx.) Before we think they are worried about Ireland, they are not. However, they are concerned about Germany and the euro and what happens next.

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As an Irishman living in Lubeck (northern Germany) and I would say your right on the Button. The ordinary Germans are wonderful people and I have made some great friends ,but there politicians are just the same as we have in the Dail gangsters, and out for themselves!

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