Article: Video

<div class="frame">
    <div class="frame__left">
        <div class="frame__back">
            <button class="frame-button" onclick="history.back(-1)">arrow_back</button>
        </div>
        <nav class="frame__left-nav">
            <a class="frame-nav" href="#">Updates</a>
            <a class="frame-nav" href="#">About us</a>
        </nav>
        <div class="frame__social">
            <a class="frame-button" href="https://www.facebook.com/BertelsmannFoundation/" target="_blank">
        <svg role="img" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M445 643h-90V419h-75v-87h75v-64c0-75 45-115 112-115 37 0 67 3 67 3v78h-46c-36 0-43 18-43 43v55h86l-11 87h-75v224z"/></svg>
      </a>
            <a class="frame-button" href="https://twitter.com/BertelsmannFdn" target="_blank">
        <svg role="img" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M679 239s-21 34-55 57c7 156-107 329-314 329-103 0-169-50-169-50s81 17 163-45c-83-5-103-77-103-77s23 6 50-2c-93-23-89-110-89-110s23 14 50 14c-84-65-34-148-34-148s76 107 228 116c-22-121 117-177 188-101 37-6 71-27 71-27s-12 41-49 61c30-2 63-17 63-17z"/></svg>
      </a>
            <a class="frame-button" href="https://www.youtube.com/channel/UCZZdgI5F7KjUCW0fCKUOAAg" target="_blank">
        <svg role="img" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M400 224c144 0 201 2 224 25 17 17 26 52.125 26 151s-9 134-26 151c-23 23-80 25-224 25s-201-2-224-25c-17-17-26-52.125-26-151s9-134 26-151c23-23 80-25 224-25zm-52 100v141l135-70z"/></svg>
      </a>
            <a class="frame-button" href="https://www.instagram.com/ber…annfoundation/?hl=en" target="_blank">
        <svg role="img" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M400 309c-51 0-92 41-92 90s41 90 92 90 93-41 93-90-42-90-93-90zm178 56h-40c27 97-50 178-138 178s-164-82-137-178h-42v194c0 10 8 18 18 18h321c10 0 18-8 18-18V365zm-73-144c-11 0-21 10-21 21v49c0 11 10 21 21 21h52c11 0 21-10 21-21v-49c0-11-10-21-21-21h-52zm-276-51h342c32 0 59 27 59 59v342c0 32-27 59-59 59H229c-32 0-59-27-59-59V229c0-32 27-59 59-59z"/></svg>
      </a>
            <a class="frame-button" href="https://vimeo.com/bfna" target="_blank">
        <svg role="img" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M 404.00,298.00 405.51,288.24 414.18,267.17 418.75,258.00 426.47,242.53 436.78,226.29 449.04,214.04 474.66,188.41 508.59,178.59 544.00,179.00 567.25,179.28 591.19,187.76 604.30,208.00 618.93,230.58 618.30,257.27 618.00,283.00 617.64,313.26 597.15,357.83 582.28,384.00 561.90,419.85 538.74,452.51 513.42,485.00 491.27,513.43 467.93,541.12 441.00,565.16 420.57,583.41 398.29,600.31 372.00,609.00 357.54,613.78 341.75,616.09 327.00,611.25 303.39,603.50 285.32,572.74 276.00,551.00 276.00,551.00 269.08,534.00 269.08,534.00 269.08,534.00 257.58,492.00 257.58,492.00 257.58,492.00 237.15,417.00 237.15,417.00 237.15,417.00 224.33,371.00 224.33,371.00 218.79,354.01 212.93,335.98 203.00,321.00 198.94,314.87 192.35,306.77 185.00,304.65 176.55,302.21 160.03,315.31 153.00,320.00 150.27,321.82 144.31,326.73 141.04,325.70 137.95,324.74 129.77,313.12 127.35,310.00 125.54,307.66 120.30,301.33 119.36,299.00 117.32,293.96 122.75,290.88 126.00,287.93 126.00,287.93 152.00,264.84 152.00,264.84 175.59,243.77 198.64,220.94 225.00,203.33 238.72,194.17 254.00,185.18 271.00,185.00 301.70,184.69 318.97,203.78 328.95,231.00 335.99,250.22 340.20,281.13 343.27,302.00 347.52,330.81 353.11,359.58 359.42,388.00 363.38,405.82 368.46,423.69 376.76,440.00 379.82,446.03 385.70,455.44 393.00,456.52 398.02,457.26 403.34,453.13 407.00,450.19 416.13,442.86 427.64,426.97 434.33,417.00 445.78,399.93 459.42,377.01 467.00,358.00 471.41,346.95 475.26,335.03 474.99,323.00 474.53,303.15 463.27,290.24 443.00,290.00 423.60,289.78 420.78,293.48 404.00,298.00 Z" /></svg>
      </a>
            <a class="frame-button" href="https://www.linkedin.com/company/bertelsmann-foundation-north-america-inc." target="_blank">
        <svg role="img" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M268 629h-97V319h97v310zm157 0h-97V319h93v42h1c13-24 44-50 91-50 98 0 116 64 116 148v170h-96V478c0-36-2-82-51-82-50 0-57 39-57 79v154zM220 164c31 0 55 25 55 56s-24 56-55 56-56-25-56-56 25-56 56-56z"/></svg>
      </a>
        </div>
    </div>

    <div class="frame__top">

        <div class="frame__menu">
            <button class="frame-button frame__menu-trigger">menu</button>
        </div>

        <a href="/" class="frame__logo is-hidden"><svg version="1.1" id="bfna-logo" class="bfna-logo" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px"
   viewBox="0 0 695.1 266.6" style="enable-background:new 0 0 695.1 266.6;" xml:space="preserve">
  <path class="st0" d="M62.2,76.5c0-13.7-8.1-24.4-22-26.6c7-4.3,12.4-11.8,12.4-23.3C52.6,10.7,41.8,0,23.3,0H0v106.3h29.2
    C48.4,106.3,62.2,95.1,62.2,76.5z M7,6.4h13.5c5.6,0,12.5,0.3,17.7,4.5c3.5,2.9,7.2,8.1,7.2,16.6c0,7.3-2.7,12.7-7,16.2
    c-4.6,3.8-9.1,4.5-14.5,4.5H7V6.4z M7,99.9V54.5h16.6c11.8,0,17.1,1.7,19.9,3c8,3.7,11.3,10.2,11.3,19.8c0,4.9-1.1,11.2-6.9,16.3
    c-7.2,6.4-15.9,6.4-23.1,6.4H7z"/>
  <path class="st0" d="M110.1,108c16.1,0,24.7-10.3,28.5-17.6l-5.4-3.2c-4.1,8.6-12.1,14.8-22.6,14.8c-13.7,0-25.8-10.8-25.8-27.4
    l55.6-0.1c0-20.7-13.2-34.7-30.8-34.7c-15.9,0-31.5,11.6-31.5,34.2C78.1,93,89.9,108,110.1,108z M109.6,46
    c12.9,0,22.5,9.7,24.1,22.6l-48.4-0.1C87,55.9,96.4,45.9,109.6,46z"/>
  <path class="st0" d="M165.6,106.3V71.4c0-8.1,0.2-25.5,13.2-25.5c2.9,0,4.1,0.8,4.8,1.3l3.1-5.8c-2.1-1.1-4.5-1.6-6.8-1.6
    c-7,0-12,4.3-14.3,9.9v-8.4h-6.4l0,65H165.6z"/>
  <polygon class="st0" points="201.1,106.3 207.5,106.3 207.5,47.3 218.8,47.3 218.8,41.3 207.5,41.3 207.5,18 201.1,18 201.1,41.3 
    193.9,41.3 193.9,47.3 201.1,47.3  "/>
  <path class="st0" d="M259.4,108c16.1,0,24.7-10.3,28.5-17.6l-5.4-3.2c-4.1,8.6-12.1,14.8-22.6,14.8c-13.7,0-25.8-10.8-25.8-27.4
    l55.6-0.1c0-20.7-13.2-34.7-30.7-34.7c-15.9,0-31.5,11.6-31.5,34.2C227.4,93,239.2,108,259.4,108z M258.9,45.9
    c12.9,0,22.5,9.7,24.1,22.7l-48.4-0.1C236.3,55.9,245.7,45.9,258.9,45.9z"/>
  <rect x="308.5" class="st0" width="6.4" height="106.3"/>
  <path class="st0" d="M353.6,102c-7.2,0-14-4.5-16.2-13.1l-6.2,1.9c2.7,10.8,11.6,17.2,22.5,17.2c10,0,21.2-5.9,21.2-20.7
    c0-3.7-0.6-7.2-3.3-10.5c-4.1-5.3-10.2-7-16.7-9.6c-6.4-2.5-11.5-4.6-11.5-11c0-4.8,3.7-10.4,11-10.4c4.9-0.1,9.4,2.8,11.3,7.3
    l5.4-2.8c-3-7-9.4-10.5-17-10.5c-9.9,0-17.4,6.9-17.4,16.7c0,3.1,1,6,2.9,8.5c2.9,3.8,7.6,5.9,14.2,8.6c9.9,4,14.5,6.7,14.5,14
    C368.1,96.1,361.9,102,353.6,102z"/>
  <path class="st0" d="M397.3,68.7c0-12.9,5.3-22.8,16.6-22.8c14,0,14.3,14.5,14.3,18.6v41.8h6.4V67.1c0-4,0.2-21.2,17.4-21.2
    c3.6-0.2,7.1,1.2,9.7,3.7c3.5,3.7,3.8,9.1,3.8,13.4v43.3h6.4V63c0-5.3-0.3-12.4-5.6-17.7c-2.9-2.9-7.5-5.4-14.7-5.4
    c-8.6,0-15.6,4-19.3,11.8c-1.3-3.3-5.4-11.8-18.2-11.8c-7-0.3-13.5,3.4-16.9,9.6v-8.1H391v65h6.3V68.7z"/>
  <path class="st0" d="M522.5,108.1c10.2,0.2,19.7-4.9,25.3-13.4v11.6h6.4v-65h-6.4v11.4c-6.2-8.8-15.1-12.8-25.3-12.8
    c-19,0-31.7,13.9-31.7,33.9C490.8,95.2,505.4,108.1,522.5,108.1z M522.8,45.9c11.2,0,25.3,8.1,25.3,27.4c0,15-8.9,28.7-25.2,28.7
    c-16.4,0-25.5-14-25.5-28.7C497.5,55.6,509.9,45.9,522.8,45.9z"/>
  <path class="st0" d="M583.5,72.5c0-6.4,0.6-12.4,3.5-17.5c2.4-4.3,7-9.1,15.9-9.1c7.8,0,11.3,4,12.8,6.4c2.4,3.7,2.5,8.6,2.5,13.1
    v41h6.4v-41c0-5.7-0.3-11.8-3.2-16.4c-1.4-2.2-6.4-9.1-18-9.1c-11,0-16.9,6.2-19.9,11.6V41.3h-6.4v65h6.4V72.5z"/>
  <path class="st0" d="M653.9,72.5c0-6.4,0.6-12.4,3.5-17.5c2.4-4.3,7-9.1,15.9-9.1c7.8,0,11.3,4,12.8,6.4c2.4,3.7,2.5,8.6,2.5,13.1
    v41h6.4v-41c0-5.7-0.3-11.8-3.2-16.4c-1.4-2.2-6.4-9.1-18-9.1c-11,0-16.9,6.2-19.9,11.6V41.3h-6.4l0,65h6.4V72.5z"/>
  <path class="st0" d="M329.9,162.6h-9.5v64.2h9.5c19.3,0,32.5-13.1,32.5-32.1C362.5,176.1,349.1,162.6,329.9,162.6z"/>
  <polygon class="st0" points="389.3,202.9 416.9,202.9 403.2,168.3  "/>
  <path class="st0" d="M543.6,161.6c-18.8,0-32.8,14.6-32.8,33.3c0,18.7,14,33.2,32.8,33.2s32.8-14.6,32.8-33.2h0
    C576.5,176.2,562.5,161.6,543.6,161.6z"/>
  <path class="st0" d="M106.8,161.6C88,161.6,74,176.2,74,194.9c0,18.7,14,33.2,32.8,33.2c18.8,0,32.8-14.6,32.8-33.2h0.1
    C139.6,176.2,125.6,161.6,106.8,161.6z"/>
  <path class="st0" d="M0,122.5v144.1h695.1V122.5H0z M61.3,162.6H36.5v26.5h24.1v4.4H36.5v37.8h-4.8v-73h29.6V162.6z M144.6,194.9
    c0,21-16.5,37.5-37.9,37.5c-21.3,0-37.9-16.5-37.9-37.5c0-20.9,17-37.9,37.9-37.9S144.6,174,144.6,194.9L144.6,194.9z M210.1,203.9
    c0,8-0.4,13.2-4.2,18.7c-5.5,8-14.1,9.8-20.7,9.8s-15.2-1.9-20.7-9.8c-3.7-5.5-4.2-10.7-4.2-18.7v-45.6h4.7v45.6
    c0,6.9,0.3,11.4,3.1,15.8c4.3,6.9,12.3,8.4,17,8.4c4.7,0,12.7-1.5,17-8.4c2.7-4.4,3.1-8.9,3.1-15.8v-45.7h4.8V203.9z M295.8,233.1
    L234.6,169v62.3l-4.9,0v-73.8l61.3,64.2v-63.4h4.8V233.1z M357,221.1c-9.2,9.2-20.5,10.2-26.9,10.2l-14.5,0v-73H330
    c6.5,0,17.7,1,26.9,10.2c7.8,7.8,10.5,18.4,10.5,26.4S364.8,213.3,357,221.1z M428.4,231.3l-9.7-24h-31.1l-9.7,24h-5.3l30.8-75.2
    l30.3,75.2H428.4z M473.8,162.6h-18.9v68.6H450v-68.6h-18.9v-4.4h42.7V162.6z M490,231.2h-4.8v-73h4.8V231.2z M581.5,194.9
    c0,21-16.5,37.5-37.9,37.5s-37.9-16.5-37.9-37.5c0-20.9,17-37.9,37.9-37.9S581.5,174,581.5,194.9L581.5,194.9z M663.3,233.1
    L602,169v62.3l-4.8,0v-73.8l61.3,64.2v-63.4h4.8V233.1z"/>
</svg>
</a>

        <nav class="frame__top-nav">
            <a class="frame-nav frame-nav--digital-world" href="#">Digital World</a>
            <a class="frame-nav frame-nav--future-leadership" href="#">Future Leadership</a>
            <a class="frame-nav frame-nav--democracy" href="#">Democracy</a>
            <a class="frame-nav frame-nav--politics-society" href="#">Politics & Society</a>
        </nav>

        <div class="frame__search" aria-hidden>
            <form action="" class="frame-search">
                <button class="frame-search__button frame-button frame-search__trigger">search</button>
                <input class="frame-search__field" type="text" placeholder="Search...">
                <input class="frame-search__submit" type="submit" value="Search">
            </form>
        </div>
    </div>
</div>

<div class="off-canvas">
    <button class="off-canvas__close"><i class="material-icons">close</i></button>

    <section class="off-canvas__col">
        <nav class="off-canvas__nav off-canvas--updates">
            <h2 class="off-canvas__heading">Updates</h2>
            <a href="#" class="off-canvas__item">Articles</a><br>
            <a href="#" class="off-canvas__item">Infographics</a><br>
            <a href="#" class="off-canvas__item">Videos</a><br>
        </nav>

        <nav class="off-canvas__nav off-canvas--about">
            <h2 class="off-canvas__heading">The Foundation</h2>
            <a href="#" class="off-canvas__item">About the Foundation</a><br>
            <a href="#" class="off-canvas__item">Board of Directors | Team</a><br>
            <a href="#" class="off-canvas__item">Bertelsmann Stiftung</a><br>
            <a href="#" class="off-canvas__item">Contact</a><br>
        </nav>
    </section>

    <section class="off-canvas__col off-canvas--right-col">
        <nav class="off-canvas__nav off-canvas--topics">
            <h2 class="off-canvas__heading">Topics</h2>
            <a href="#" class="off-canvas__item">Democracy</a><br>
            <a href="#" class="off-canvas__item">Digital World</a><br>
            <a href="#" class="off-canvas__item">Politics & Society</a><br>
        </nav>

        <nav class="off-canvas__nav off-canvas--archive">
            <a href="#" class="off-canvas__item">Archived Projects</a><br>
        </nav>
    </section>
</div>
<div class="wrapper wrapper--no-hero wrapper--padded">
    <section class="prose">
        <hgroup class="prose__headers">
            <div class="breadcrumbs">

                <a class="breadcrumbs__page-link" href="/">Home</a>
                <svg class="breadcrumbs__divider" role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24">
            <path d="M8.59 16.59L13.17 12 8.59 7.41 10 6l6 6-6 6-1.41-1.41z"/>
        </svg>

                <a class="breadcrumbs__page-link" href="/democracy/">Democracy</a>
                <svg class="breadcrumbs__divider" role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24">
            <path d="M8.59 16.59L13.17 12 8.59 7.41 10 6l6 6-6 6-1.41-1.41z"/>
        </svg>

                <span class="breadcrumbs__current-page">Cyber Democracy</span>
            </div>
            <h3 class="prose__brow">Digital World</h3>
            <h1 class="prose__main-heading">Germany and the US: A Tale of AAAs</h1>
            <h2 class="prose__secondary-heading">A Tale of Two AAAs in a translatlantic world</h1>
                <div class="prose__byline-open">Originally published in <strong>Handelsblatt</strong>, Jul 13, 2015, by <strong>Vincent Truglia</strong></div>
        </hgroup>

        <div class="prose__video">
            <iframe src="https://www.youtube.com/embed/1JwO-bCkNks" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
        </div>

        <div class="prose__body">
            <p>Germany’s economic strength stems from its extraordinary international competitiveness. It is an export-driven economy, while US growth is dependent on domestic demand. Despite slower global growth, Germany’s current account surplus is larger
                than China’s. The sum of exports and imports of goods and services as a percentage of GDP currently amounts to nearly 90 percent which points to an extremely open economy. The fact that this number is 20 percentage points higher than prior
                to the financial crisis indicates that the German economy has become even more dependent on international trade in recent years. For the purposes of sovereign risk assessment, this shows the enormous flexibility and competiveness of the
                German export sector.</p>
        </div>

</div>
</div>
<footer class="footer">
    <div class="wrapper wrapper--padded">
        <div class="footer__content footer--top">
            <p class="footer__tagline">Transatlantic Perspectives on Global Challenges</p>
            <div class="footer__social">
                <a class="footer__button" href="#" target="_blank">
          <svg role="img" fill="white" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M445 643h-90V419h-75v-87h75v-64c0-75 45-115 112-115 37 0 67 3 67 3v78h-46c-36 0-43 18-43 43v55h86l-11 87h-75v224z"/></svg>
        </a>
                <a class="footer__button" href="#" target="_blank">
          <svg role="img" fill="white" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M679 239s-21 34-55 57c7 156-107 329-314 329-103 0-169-50-169-50s81 17 163-45c-83-5-103-77-103-77s23 6 50-2c-93-23-89-110-89-110s23 14 50 14c-84-65-34-148-34-148s76 107 228 116c-22-121 117-177 188-101 37-6 71-27 71-27s-12 41-49 61c30-2 63-17 63-17z"/></svg>
        </a>
                <a class="footer__button" href="#" target="_blank">
          <svg role="img" fill="white" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M400 224c144 0 201 2 224 25 17 17 26 52.125 26 151s-9 134-26 151c-23 23-80 25-224 25s-201-2-224-25c-17-17-26-52.125-26-151s9-134 26-151c23-23 80-25 224-25zm-52 100v141l135-70z"/></svg>
        </a>
                <a class="footer__button" href="#" target="_blank">
          <svg role="img" fill="white" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M400 309c-51 0-92 41-92 90s41 90 92 90 93-41 93-90-42-90-93-90zm178 56h-40c27 97-50 178-138 178s-164-82-137-178h-42v194c0 10 8 18 18 18h321c10 0 18-8 18-18V365zm-73-144c-11 0-21 10-21 21v49c0 11 10 21 21 21h52c11 0 21-10 21-21v-49c0-11-10-21-21-21h-52zm-276-51h342c32 0 59 27 59 59v342c0 32-27 59-59 59H229c-32 0-59-27-59-59V229c0-32 27-59 59-59z"/></svg>
        </a>
            </div>
        </div>

        <div class="footer__content">

            <div class="footer__section">
                <h3 class="footer__heading">Topics</h3>
                <ul class="footer__links">

                    <li><a class="footer__link" href="/democracy">Democracy</a></li>

                    <li><a class="footer__link" href="/future-leadership">Future Leadership</a></li>

                    <li><a class="footer__link" href="/digital-world">Digital World</a></li>

                    <li><a class="footer__link" href="/politics-society">Politics &amp; Society</a></li>

                </ul>
            </div>

            <div class="footer__section">
                <h3 class="footer__heading">The Foundation</h3>
                <ul class="footer__links">

                    <li><a class="footer__link" href="/about">About</a></li>

                    <li><a class="footer__link" href="/board-of-directors">Board of Directors</a></li>

                    <li><a class="footer__link" href="/team">Team</a></li>

                    <li><a class="footer__link" href="/bertelsmann-stiftung">Bertelsmann Stiftung</a></li>

                </ul>
            </div>

            <div class="footer__section">
                <h3 class="footer__heading">Updates</h3>
                <ul class="footer__links">

                    <li><a class="footer__link" href="/articles">Publications</a></li>

                    <li><a class="footer__link" href="/infographics">Infographics</a></li>

                    <li><a class="footer__link" href="/videos">Videos</a></li>

                </ul>
            </div>

            <div class="footer__section">
                <h3 class="footer__heading">Contact</h3>
                <p class="footer__address">Bertelsmann Foundation<br>1108 16th Street, NW Floor 1, Washington, DC, USA 20036 +1.202.384.1980</p>
            </div>
        </div>
    </div>
    <div class="footer__ribbon">
        <div class="wrapper">
            <p class="footer__copyright">© 2020 Copyright Bertelsmann Foundation.</p>
            <p class="footer__by-line"><a href="https://ccmdesign.ca" target="_blank">by ccm.design</a></p>
        </div>
    </div>
</footer>