Germany is a tough one to get around. Argentina falls into a bad recession, you can get by believing that's not particularly unusual or interesting. If its neighbor Brazil becomes shaky, you can still chalk it up to EM volatility. Italy is Europe's perpetual basket case. China's a little more difficult, but still that country has its own unique problems.
Germany?
When Germany stumbles, that's the rest of the world doing it first. German contraction is itself a reaction to problems everywhere else. In other words, when you start to realize it isn't Argentina or