The German bank reps quietly listened to Goldman's lengthy presentation on the wonders of leveraged debt, yet at the conclusion politely informed Smith with a smile that their bank does not invest in derivatives... period. Even though this Jew wrote the book as a sort of "confession" and penance for his sins, you could sense the lingering frustration and resentment in his anecdote. You also got the impression that the Germans viewed him as a sort of vaudeville amusement and only agreed to an audience to reinforce the Jew's inferiority.
Germans seem to believe from top-to-bottom that banks should serve industry, that credit should be extended only if production or efficiency gains are to be realized. In contrast with the Anglo-Jewish idea of speculation and usury as economic ends in and of themselves.
The German Mittelstand system and its underlying infrastructure and educational system will prove to be far more durable and resilient in the "global economy" than Anglo-American finance capitalism. As Smith's own boss manically confided to him in a moment of lucidity as the house of cards was crashing down, "Nobody needs us bankers... I'm going to tell my son to go into the sciences."