Stock market leader delivers heated address, targeting immigrants
Theodor Weimer, the chief executive of the German Stock Exchange, is in a bad mood about the economic policies put forth by the current traffic light government. He explains how overseas investors are starting to get upset and how Germany's migration policies make him angry as well.
Weimer has expressed his displeasure towards Economic Minister Robert Habeck in numerous meetings. Right now, Germany's image abroad is at an all-time low. The reason? Foreign investors are only putting money into the country because the overall cost is low. Summing it up, he expressed, "We have become a dumping ground." In economic terms, Germany is heading in a dangerous direction and is on the verge of becoming a developing nation.
Weimer had been generous with his praise of Habeck's capabilities initially. Green politicians were good listeners, and they seemed to get the job done - until the more dogmatic voices started to take over.
His advice was dismissed by many, foreign investors in particular, as it was met with a fatalistic attitude. They're thinking, "If you continue like this, we'll be avoiding you even more." Leadership in Germany is missing economically, with Asia starting to see the country as an "old economy". Without properly addressing this need, it would be perceived as "the Japan of Europe."
Weimer doesn't explain every aspect of his tirade. He recalls describing conversations with international investors as having a "fatalistic tone". When they're asked, these investors say they're beginning to avoid Germany altogether due to the perceived lack of political leadership. At the economic council of Bavaria, he revealed that he'd had 18 conversations with Habeck and was once full of enthusiasm.
He observed that some of Habeck's more conservative peers were starting to surface but continued to dwell on his frustrations. "We have destroyed the automotive industry," Weimer said, and when he talked to the leaders of famous German car companies, it "hurt me in my soul." This is because the industry has been driven into a "false corner" due to CO2 requirements.
As for his thoughts on Germany's migration policy, Weimer is equally critical. His views are simple: "Our orientation toward good Samaritanism is not shared by anyone." The solution to the shortage of skilled workers isn't charity—it's admitting immigrants who "work, speak your language, and generate social added value" and not providing subsidies to those who focus on their own self-interest.
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Weimer believes that the current economic policies are causing concern among investors, leading to a decrease in confidence in Germany's future growth on the German Stock Exchange. He criticizes the German government for relying too heavily on low costs to attract foreign investment, labeling the country as a "dumping ground."
The economic policy initiatives put forth by the German government have not been well-received by investors, particularly in the context of Germany's unfavorable migration policies. These policies, coupled with a lack of strong economic leadership, have led to concerns about Germany's potential evolution into a developing nation.
