West Germany: Too Short, Too Dear & Too Few

Walter Hesselbach, president of a bank controlled by West German trade unions, said it rather circuitously: "We cannot get around acknowledging the fact that a capital market no longer exists in Germany." Baron Gotthard von Falkenhausen, president of the Federal Association of German Private Banking, put the problem more bluntly: "We do not have a capital market any more."

What such statements added up to was the fact that West Germany, for so many postwar years considered to be the economic miracle of Europe, is now suffering a critical money shortage. Items:

> Siemens, the huge electrical firm that stands second only...

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