It appears that the world is awash with Schadenfreude as analysts and pundits are experiencing great satisfaction and joy in the misery of others. Today the European automakers released sales data for March and the numbers were much weaker than the markets had expected. Registrations fell 10 percent and German auto sales dropped 17 percent. It appears that European auto sales in the passenger market are expected to hit 1993 levels. Ford and Peugeot also saw double-digit falls in sales. The euro rally against the YEN is dramatically biting into German car sales and the proof is in the fact that Japanese auto production has increased, and Toyota, Honda and Nissan stock prices have performed very well during the last six months.