burkhard p. varnholt, deputy cio, credit suisse group. let me ask you what you make of this declining economic situation in germany, and important engine for european growth and global growth. you forholt: thank having me, good morning. germany is the detroit to the world, the biggest car manufacturer that produces a third of the world's premium cars. it's a guest market has gone hibernation. the chinese car market is the world's largest. in chinage age of cars is 4.5 years, and there are many . it turns out the average age of cars on german roads is 7.5 years compared to 11.5 in the u.s. it is not complicated to make sense of this. chinese consumers need time to digest, and this is a problem in germany, who makes most of the cars that they like. on top of the car manufacturers, there are 800 supply companies who are equally affected by this. adding insult to injury, the global infrastructure investment boom that operations were initiating out of the u.s. turns out to have been a sugar high caused by an unsustainable stimulus in the u.s.