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Barbara Charis's avatar

Who has enough time in their days to dwell on all the happenings in the world? I am fortunate to handle all the emails I receive daily. I get over 500; and spam eliminates even more. I read ten or more newsletters daily; leave comments; correspond with friends and others..Check the heading in the rest of the emails, before I delete them. Do my writing, when I find a little time. I awaken at 6 - 6;30. clean up after the dog in the kennel.....have some fruit... put dietary info into my journal...let the chickens out...clean the coop...handle emails until lunch...put dietary info into my journal...clean up the kitchen...handle more emails...fast walk for an hour... back to the laptop handling emails..several times during the day check for eggs. Then, a little bite for dinner - fill in my food journal...Work on my substack, until 8...I am busy every moment until I drop into bed at 8:30 - 9:00. I stopped watching TV 47 years ago and in any spare time try to look at all the books I keep ordering; which are stacked up in front of me.. This is my life.. I am grateful that I don't have to leave the house to go to work; there is enough work to do here.

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Rhys Jaggar's avatar

The whole point about the German banking system was that it was conceived to serve others, not to fleece them like in the UK and the USA.

It was much, much more common for finance provided to German companies to be a mixture of loans and equity and, with the equity, came a place on the Advisory Board of the Company. This caused long-term win-win partnerships to be created rather than the bank seeking to bleed the company dry to maximise its profits.

Germans also were very frugal conservative folks particularly from 1950 to 2000 and deposited their savings in simple savings institutions locally. This provided a continuous source of indiginous capital for investment, rather than seeking out greedy foreign corporate raiders.

Most companies tended to remain family owned and stayed private. The goal was not a quick IPO and a 'Big Time Charlie' celebration with lavish spending, it was rather to build a bulwark in the local community, to provide jobs for the local village/town and to provide a source of skilled apprenticeship training to German youth. Indeed, by German law, every single company had to have an approved training scheme for apprentices, which ensured that no employer was allowed to be a sponging lazy parasite, rather they were all expected to contribute to the overall skill levels of the economy.

My experience of the Germans 25 years ago is that they might not have been as good at blue skies thinking as the English, but they were very, very good at stepwise innovation, superior product conception, design and build and they certainly knew how to market their wares globally.

In England everything was about the quick buck, the flashy new concept, but you look at the 1970s British car industry and it was a byword for poor reliability, terrible after-sales service and constant strikes in the factories. It was only when the Japanese came in and got the British workers organised that Britain once again had high quality volume production of cars. we have always had the F1 niche and of course, Jaguar and Aston Martin prospered too, although both too are now in foreign ownership.

Of course, the problem the Germans now have is that the USA has banned them from buying affordable Russian gas. That was both an act of terrorism and a demonstration that the USA is unfit to participate in international trade.

The way to build a thriving SME ecosystem from the bottom up is to restore local finance houses, to task them with investing in local businesses and to ensure that the banks and the businesses' interests are broadly aligned. It is also to encourage local workers and pensioners to invest in those local banks as low-risk, steady-return investments.

If I were Prime Minister in the UK I would try to remove as much as possible of UK-based funds from the City of London and redistribute them to local retail banks/business banks tasked with supporting the regional economy from the bottom up. The City of London would scream and shout and they should be told very firmly that they do not represent the British People, they only represent themselves. 'Boring steady finance' is what is needed for the majority of sensible businesses - leave the minority to private equity, angel investors and international funders.

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