The Toll Index after the summer of 2011 tells us two things:
- The German economy is remarkably resilient considering the state the rest of the world is in but at the same time
- It seems to be flirting with the recession line for several consecutive months now.
The signs from the rest of Europe are of course not a reason to be hopeful as the prevailing austerity dogma is halting economic activity. It seems that those who have been saying that the countries that are now forced on the austerity path are Germany’s customers whose deficits Germany has been writing in its surplus column may get a day in the “I told you so” spotlight.