Eurozone deal reached without UK

[Oberon]

Aaah, the good old Weimer Republic:






To be fair though, the fact that Germany crashed before the Great Depression meant that things couldn't get much worse when '29 hit. In fact, IIRC Germany was one of the least effected of the Western Nations because the DM couldn't sink much lower. Of course that was little consolation for Germany, and of course we all know how it eventually turned out.
Can't say I support the whole 'Merkel = Hitler' propaganda, but there is certainly a risk of cunning people using the dire economic circumstances to politically profit and put forward an agenda that in Boom times would be laughed out of legislation.

Of course, since I have incurred Godwins law, my whole post is now irrelevant.

[Skybird]

Well, the little history lesosn above holds an uncomfortable parallel in the last paragraph.

Erst eine neue Währung beendete Ende 1923 die Groteske. Die Rentenmark war angeblich durch Grund und Boden gedeckt – eine Lüge, die aber niemand hinterfragte. Der Währungsschnitt war die größte Umverteilung von Vermögen in der deutschen Geschichte: Die Mittelschicht verlor ihr Erspartes, und Rentner wurden mittellos. Profitiert hatten dagegen alle, die auf Pump Häuser, Äcker oder Unternehmen gekauft hatten.

Translation:

Not before 1923, a new currency ended the grotesque. The "Rentenmark" was claimed to be be covered in material value of property in land and housing - a lie that just did not get questioned by anybody. The currency cut was the biggest redistributuon of wealth in German history. The middle class lost all its savings, and pensioneers became penniless. Profiting did all those who had bought houses, fields and companies on tic.

The last two sentence should make one think about today's actors' real motives.

[Jimbuna]

Originally Posted by Oberon

Aaah, the good old Weimer Republic:




To be fair though, the fact that Germany crashed before the Great Depression meant that things couldn't get much worse when '29 hit. In fact, IIRC Germany was one of the least effected of the Western Nations because the DM couldn't sink much lower. Of course that was little consolation for Germany, and of course we all know how it eventually turned out.
Can't say I support the whole 'Merkel = Hitler' propaganda, but there is certainly a risk of cunning people using the dire economic circumstances to politically profit and put forward an agenda that in Boom times would be laughed out of legislation.

Of course, since I have incurred Godwins law, my whole post is now irrelevant.

That barrel load would have just about been enough for a loaf of bread

[Oberon]

Originally Posted by jimbuna

That barrel load would have just about been enough for a loaf of bread

If you were lucky!

[Skybird]

The German essay I linked, starts with telling a Kafka-esque story of a family that sells it's house and property and travels to Hamburg to leave for America to escape the German inflation. Arriving at the harbour in Hamburg, the prices already again have exploded and the money they got for selling their land does not pay for the ship travel anymore.

But it also is not enough anymore to just return to their former home town again.

[STEED]

Read this book.

When Money Dies: The Nightmare of the Weimar Hyper-Inflation
Adam Fergusson

Good read.




http://www.amazon.co.uk/When-Money-D...4220405&sr=1-1

[Skybird]

See the irony: Euroland has asked London to send 30 billion to the ICF so that the ICF could give it to Euroland.



Panic in Eastern Euroland countries reported, banks and cash automats got stormed.

[Jimbuna]

There will only be one irony.....the UK getting a referendum.