The Germans are clear about what they do - cars and machine tools; the Japanese are clear about what they do - electronics; the Chinese are clear about what they do - they're the workshop of the world.

One of the key problems is that the Germans know what they do because everywhere they go there's a 'made in Germany' label on it - they can feel proud of Volkswagens and Audis and Mercedes.

Someday we'll look back on this moment and plow into a parked car.

Britain, however, has ended up specializing in the ones you don't see as much of: defense aerospace, making drive shafts for cars, pills and drugs, designing chips that go into 94 percent of the world's mobile phones.

When a population saves a lot, the funds are invested outside the country as well as inside. If the Japanese invest in the United States, it pushes their exchange rate down and makes their manufacturing more competitive.

It is clear that Germans do not want Mrs. Merkel as their chancellor.