Welche Finanzkrise?

Home to the European Central Bank, Germany's stock exchange, Deutsche Bank, and the more conservative Frankfurter Allgemeine Zeitung (newspaper), Frankfurt has become Germany's financial center. Thus, it's not surprising to read about the financial crisis on the front page of Frankfurt's influential newspaper.

The world financial crisis isn't hitting Germany as hard as some other countries. Germans don't do risky mortgages; in fact, 50% of the housing stock here are rentals. Whatever real estate bubbles other places experienced, Germany missed. Thus, nothing burst.

But BMW, Daimler, and Volkswagen are trying to lower wages and cut production. The German economy is officially in a recession. The government predicts that the unemployment rate will climb dramtically next year before Germany's economy corrects itself. Germany certainly is feeling the cost of globalization.

Frankfurt's newspaper wrote up a great piece about Munich and the "Finanzkrise" yesterday. But why pay attention to Munich now? Because, well, looking around Munich, you wouldn't guess anything was wrong with the world's economy. Despite being home to BMW, Siemens and other suffering multi-national firms, Munich is home base for Germany's super-rich.

Ritzy stores are still open across the fashionable downtown. The "Schickeria" sips on cappucinos in cool cafes. I'm in the process of looking for a job here, and I've got plenty of options. I could be a barista, work the supermarket checkout, or probably find an interesting, paid internship.