Saturday, June 8, 2024

CEO Of Deutsche Börse, "Mr. DAX" On Green Party Policies: “We’re facing a sheer catastrophe”

He's about as connected as you can get in that interlocking web of industrial, banking and insurance/finance that makes up the tippy-top of German business.

From Asia Times, June 8:

Mr DAX takes on Germany’s Green pest economic policy
Conservative sees coalition member Green party and its foreign and energy policies as destroying Germany  

Theodor Weimer, CEO of the Deutsche Börse and often referred to as Mr DAX, delivered a blistering critique of German Economic Minister Robert Habeck’s policies. Speaking at a discussion hosted by the Economic Advisory Council of Bavaria, Weimer, a significant figure in both German and international finance, did not hold back in his assessment.

“We’re facing a sheer catastrophe,” Weimer declared, reflecting on his 18th meeting with Vice-Chancellor and Economic Minister Robert Habeck, who is co-leader of the Greens.

Initially, Weimer noted a semblance of optimism, observing that Habeck had shown good listening skills and made some correct decisions. However, that optimism evaporated. “The fundamentalists are increasingly coming through,” Weimer said, indicating a shift in policy focus that he finds deeply troubling.

Plummeting global perception of Germany
Weimer’s address wasn’t just a tirade but an expression of genuine concern. He shared insights from his extensive interactions with international investors, painting a grim picture of Germany’s standing in the global economic community. “Our reputation has never been worse,” Weimer emphasized.

Investors, particularly long-term ones such as insurance companies and pension funds, are bewildered by Germany’s current trajectory. “They shake their heads and ask, ‘Where have the German virtues gone? We don’t know how to read you anymore.’”....