Word: lesson
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This is a life lesson. That's right. [Laughter.] It's none of that sort of ... and don't cry about it either. [Laughter.] So he's been good. But we try to set him up for success...
That may be one lesson insurgencies worldwide can learn from the Tigers' downfall...
Germany has learned a second lesson; big spending packages don't work if the economic policies underlying them are miscued. In hindsight, eastern Germany's economic wellbeing was sabotaged at the very beginning of the reunification process by the political decision to exchange its currency for West German marks at the rate of one-to-one. Haimann, of the Halle Chamber of Commerce, thinks that was a crucial error. The true value of the old East German mark was just one-fourth or one-fifth of the West German currency, so when it was swapped in 1990 at parity...
...third lesson, and perhaps the most pertinent, is that spending so much money in such a short time is bound to be wasteful. "Every village wanted to have the same dog kennel," jokes Klaus F. Zimmermann, president of the Berlin-based German Institute for Economic Research (known by its German acronym, DIW). East Germany today has a number of promising industries and state-of-the-art roads and railways, but it also has superfluous airports, oversized water-treatment plants and a collection of heavily subsidized industrial white elephants, all built at the taxpayers' expense. "Floodlit sheep meadows," grumbles Reiner Holznagel...
...were hard hit by the shrinkage of the export market in the U.S. and Europe, because exports account for 64% of our GDP growth. So one lesson we learned is we should diversify our export markets - we need to look to emerging markets and oil-producing countries. Secondly, we should diversify our export industries - we depend so much on IT industries. Third, we have designated six industries as future flagship industries: green energy, tourism, biotechnology, refined agriculture, and the cultural and creative industries. We are keenly aware these industries in 5 to 10 years will be the major industries...