A spectre is haunting Germany - the spectre of Globalisation. Numerous emerging markets seem to be conspiring to wipe out the social market economy coined by Germany together with its dumping wages, slack environmental laws and investment friendly tax system. Accordingly, the German employment trend paints a rather gruesome picture - with many jobs in the manufacturing industry being threatened by impending relocation to low cost countries. Is this picture correct? Is there anything we can do about it?