Deutsche Bank, the bank around a hole, welcomed the catastrophic data on the German economy, calling it “industrial evolution” instead of deindustrialization, in a note on July 9. For the two authors, the record trade surplus is more important than its cause, i.e., a collapse of imports. Industrial output is collapsing, but the added-value of manufacturing activity is stable and this means that there is no de-industrialization but an “industrial evolution.” Industrial production is shifting from volumes to value.... Seeing is believing.