No. of Recommendations: 1
Europe cutting education, research, pensions.
And, hollowing out their industrial base, because people in other countries work cheaper. All, just like Shinyland.
I am looking forward, with great interest, to July 9th. Big dogs at VAG meet to decide what do to. Widest reported: close 4 or 7 assembly plants in Germany, and expand the RIF to 100,000, because Poles, Czechs, and Mexicans, work cheaper. More chatter: build their Chinese designed models in the EU, because Chinese engineers are cheaper than Germans. Or, throw away 80 years of brand equity that borders on a cult, and spin off the VW brand, because German built VWs have a lower GP than Czech built Skodas. What I don't see any talk about: building cars people want, because McKinsey always targets "production headcount reduction" to "solve" a company's problems, not introspection by management.
Steve
