bookbanner
CHRISTOPHER TAYLOR'S BOOKS

Wednesday, July 18, 2012

DIE GUTE ALTE D-MARK

"Leave your last pfennig in Gaiberg!"

When the European Union introduced the Euro, the United Kingdom was the only nation to refuse to change their currency to the new, wildly overvalued one. But they weren't the only country to be nervous about the validity of this new currency.

Germans love their deutschemark, and they've been hanging on to the thing since it ceased to be legal currency back in 2002.
But 13.2 billion marks—worth €6.75 billion ($8.3 billion)—remain tucked in mattresses, old prayer books, coat pockets or otherwise in circulation, according to the Bundesbank, more lucre than the euro bloc's 16 other ex-currencies combined.

Unlike neighbors such as Italy and France, which let their liras and francs officially expire over the past year, Germany never set a deadline for exchanging its old money for euros. So, if they decide to accept marks, retailers and other businesses can still exchange them at German central bank branches.
Even the German government was hedging its bets, leaving the old currency valid as a backup plan. Many people expect Germany to junk the Euro within a year and go back to its old currency as the EU collapses into a black hole of PC nonsense and economic impossibility.

What's interesting to me is that Germans, horrified by the evils that national pride led them to under Hitler, rejected flag waving and other open forms of patriotism but clung to their currency as a form of acceptable national pride. And the Mark is actually worth almost 2 Euro in the current exchange rate. Retailers are glad to take the money, and Germans are glad to spend it.

What they aren't so glad about is endless bailouts of nations who won't learn to function on less spending, then screaming hate at the Germans for being so successful.

0 Comments:

Post a Comment

Links to this post:

Create a Link

<< Home