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ISSUES....
Inside, confidential and off the recordFollow up
The more we consider the results of the federal elections this weekend in Germany, the more positive we are about the outcome, for this was a truly embarrassing election for Germany’s Left and it was, we hope, a watershed shift in sentiment for German’s centre-right and free market oriented political parties. Where the Social Democrats had run ruin over the German economy in recent years until such time as Mr. Merkel and the Christian Democrats could at least stem the leftward slide by taking the Social Democrats into a grand coalition that could effect no new legislation but could at least stem poor leftist legislation from coming to the floor, we see better times ahead now that the centreright is ascendant. A coalition between the CDU and the Free Democrats is the very best of worlds economically, from our perspective, and our hopes for
Germany specifically and thus for Europe generally, are higher and rising.
We can only hope that Ms. Merkel… who actually began her political career as one dedicated to smaller government and lower taxes…can return to her economic roots now that she can govern from the centre-right. Further, we hope that she is able to bring Mr. Westerwelle and others in the Free Democrats into the government, while tossing those from the SPD out and banishing them. Time only shall tell, but Germany, it appears to us, voted to turn to freer markets rather than controlled markets with this weekend’s election. One could see the tectonic plates shifting; now, if only they can be allowed to shift permanently?
- Dennis Gartman/ The Gartman Letter / 09/29 09 /
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Petroleumworld News 10/01/09
ISSUES.... Inside, confidential and off the record
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