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Thread: One Third of Germans Want the Deutsche Mark Back

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    One Third of Germans Want the Deutsche Mark Back

    REMEMBRANCE OF THINGS PAST
    One Third of Germans Want the Deutsche Mark Back


    The euro may be soaring in value against the dollar but more and more Germans would gladly ditch the currency. The main reason for this dissatisfaction is a misguided tendency to blame it for inflation. Another reason, of course, might be nostalgia for the deutsche mark.

    The euro is enjoying its days in the sun. It has gained steadily against the US dollar since early 2006, and steadily against the British pound since late 2007. More international investors have used it over the past few years as a holding currency and the American rapper Jay-Z gave it bling status last November by flashing euro bills in a music video.

    But more and more Germans are disgruntled with it, according to a new poll published by the Association of German Banks (Bdb) on Friday.

    The association says the number of those dissatisfied with the euro in Germany has risen: A full 34 percent of poll respondents now want a return to the German deutsche mark.

    The main reason given was a belief that the euro is to blame for inflation. Real prices did rise after it was introduced as a cash currency in 2001 -- leading to the nickname "teuro" in Germany, a play on the word for "expensive." But 53 percent of respondents blamed the euro for price hikes over the past year...


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    Senior Member SwordOfTheVistula's Avatar
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    It made things more convenient for tourists and those who conduct business across international boundaries, but it took control of Germany's monetary policy out of their hands and place it in the hands of the EU. Now, if a particular monetary policy is beneficial for Germany, the rest of the EU can veto this proposal and do the reverse because it is better for their own interests.
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    You Germans have the luxury to wish for the Mark back. The Euro is doing well while the Dollar is sinking like a stone.

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    I wouldn't all go around and herald that 1/3 of all Germans want the Mark back, because it means that 2/3 of them don't quite. Same goes for 1/4 of all Germans still considering Prussia and Silesia as German countries (made the news some time last year) - 3/4 obviously don't quite. I agree that it's relieving to hear that there is still support for the concepts, and that it could be built upon in order to eventually change around public opinion (the potential has to be there in the first place) ... but even that would need quite a bit of "aggressive" campaigning, i.e. becoming active in voicing the support for such initiatives and then hope that people can be converted to wanting that back which was once unrightfully, and against their will, taken from them.
    -In kalte Schatten versunken... /Germaniens Volk erstarrt / Gefroren von Lügen / In denen die Welt verharrt-
    -Die alte Seele trauernd und verlassen / Verblassend in einer erklärbaren Welt / Schwebend in einem Dunst der Wehmut / Ein Schrei der nur unmerklich gellt-
    -Auch ich verspüre Demut / Vor dem alten Geiste der Ahnen / Wird es mir vergönnt sein / Gen Walhalla aufzufahren?-

    (Heimdalls Wacht, In kalte Schatten versunken, stanzas 4-6)

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    A strong currency isn't necessarily good for Germany, as it hurts their exports. It's a rarity the past few years to see a new VW, Audi, or BMW on the roads here
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    Well.. I can certainly understand their feelings since we are in the same boat. But a return to the D-Mark (or the Guilder for that matter) is not a solution nor is it an option.

    There is nothing as devestating for an economy as uncertainty and inflation, a return to the D-Mark will be used by the businesses to raise prices and cause inflation just as much as Euro caused it, but then you will have the same damage twice, and because of that two times as viciously.

    No leave the mess as it is now- I actually am in favour of an expansion of the Eurozone (that IMHO should include the Scandinavian currencies, the Crown of the Czech Republic and Estonia, Pound Sterling and ideally the Swiss Franc- strong currencies and a few weaker which might bring our strong Euro to more reasonable values), but I want a devaluation when possible.
    In my honest opinion, we do need of a kind of Plaza Accord (like the US had in 1985 to bring the exploding to more reasonable values). Because- frankly- we are too strong.

    But then again. I am no economist, nor do I work for the ECB- I'll rather leave financial matters to them.

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    The Euro is a strong Currency. Still there is a big reason why Germans want it back. When the Euro came every Price was higher than before. Many Supermarkets started to sell Stuff that costed 99 Pfenning for 99 Cents (which is the double of 99 Pfennig!) directly after the Euro Time started.




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    Quote Originally Posted by Boche View Post
    When the Euro came every Price was higher than before.
    On economical analysis, incorrect. On common sense analysis, most certainly correct.

    For example, the price of hardware and other "luxury" utilities, such as cars, have gone down by over 40% since the Euro was adopted. On the other hand, many every day articles have gone up by up to 100% ... the only item of daily use which to my knowledge has decreased in price would be the cost of phoning and other telecommunicate services - but even then, you usually get a bill for them only once per month, in some cases once per quarter, so it isn't exactly as obvious.

    So yes, it may be balanced overall as to price changes, but seriously - whilst everyone needs to buy bread and milk everyday ... who really buys a computer or a phone contract everyday?! Exactly. So basically, in essence, life becomes much more expensive for most people ... the milking cow of course being the lower, working and middle classes who rarely have the benefits of enjoying the cheaper luxuries, but still need the same amount of daily provisions.

    Many Supermarkets started to sell Stuff that costed 99 Pfenning for 99 Cents (which is the double of 99 Pfennig!) directly after the Euro Time started.
    At least, Germany has it reasonably easy: At an exchange rate of 1.95583:1 the expected prices are almost 2:1 ... so it is much easier for people to tell when things have become much more expensive. In Austria, we were less fortunate: Our exchange rate was 13.7603:1 ... so of course, everything that cost 10 shillings before, like parking tickets, became €1. But it doesn't stop there: The gastronomy did it very subtly - if a 0.3l beer used to cost öS28 and a 0.5l beer cost öS44 before the change, they would make it something like €2,20 and €3,60 ... which many people thought was a correct exchange rate - whilst in fact, the correct equivalents would have been €2,03 and €3,20.

    And the British will be even worse off. Despite the fact that the Euro is at about 1.22-1.25 per £, most people on either side are still of the belief that it is still about 1.50 ... whilst the prices in £ are already equal to those in € anyway, often even higher. So I doubt they'd do a 1:1 conversion ... it'd be more like an 1:1.5 exchange rate for most prices that'd be installed.

    ---->> and now, seriously, can you imagine paying €2,30 for a 2l bottle of Coca Cola or €1,77 per litre for petrol - well that could be facing Britain if they convert to the Euro.
    -In kalte Schatten versunken... /Germaniens Volk erstarrt / Gefroren von Lügen / In denen die Welt verharrt-
    -Die alte Seele trauernd und verlassen / Verblassend in einer erklärbaren Welt / Schwebend in einem Dunst der Wehmut / Ein Schrei der nur unmerklich gellt-
    -Auch ich verspüre Demut / Vor dem alten Geiste der Ahnen / Wird es mir vergönnt sein / Gen Walhalla aufzufahren?-

    (Heimdalls Wacht, In kalte Schatten versunken, stanzas 4-6)

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    Another article on the subject:

    The push to end the Euro may come more from the southern European countries. The Germanic countries (Germany, Austria, Luxemburg, Netherlands) want to prevent inflation, but the latin countries, especially Spain, want an inflationary policy and currency devaluation to boost their economies. A lot of the Spanish economy was based on foreigners buying and building houses there, now that the global real estate market has hit a downturn they need to devalue their currency in order to help them attract foreign capital. Tourism is also a huge part of both the Spanish and Italian economies, and a devalued currency would thus be a big boost to them.

    http://www.forbes.com/forbes/2008/0421/034.html

    Tensions between inflation-obsessed Germany and growth-hungry Latin countries will spell its end.

    It is only a matter of time, probably less than three years, until the euro experiment meets its end. The financial crisis in the U.S. is hastening the process, as investors flee the dollar, pushing the euro to a price of $1.59. But it will not stay high for long. Countries like Spain and Italy will withdraw and return to their old currencies. Once that happens, get ready for the return of the deutsche mark and the French franc.

    What will undo the euro: the mounting tension between the inflation-obsessed German bloc (including Austria, Luxembourg and the Netherlands) and the Latin bloc of France, Italy and Spain. The Germans, saddled with memories of the hyperinflation that brought the Nazi Party into power, remain singularly focused on fiscal and monetary discipline. Despite core inflation in the euro zone of only 2.4% and a slowing global economy, the Germans insist that the European Central Bank maintain a tight monetary policy. In direct opposition to Germany, the Latin bloc, joined by Ireland, wants the ECB to lower interest rates.

    Spain's worsening real estate slump dramatically illustrates the problem faced by the Latin bloc. For years Spanish home building and buying outstripped that of Germany, Italy and France combined. Now that the boom has turned to bust, the Spanish central bank cannot lower interest rates. Nor can the treasury devalue the currency. Bound to the euro, Spain can only complain to the ECB, while watching its economy circle the drain.

    European heads of state and the European business press are making their discontent public in stark language. "We cannot continue to cope with the autism of some bankers who do not understand that the priority is not fighting inflation, which is nonexistent, but fighting for more growth," declared French President Nicolas Sarkozy last year. In October, in response to German Finance Minister Peer Steinbrueck's comment that he "loves a strong euro," leading Italian business newspaper Il Sole ran a headline labeling the remark "a declaration of war." "Italy has lost the ability to grow," the Italian finance minister, himself one of the founding members of the ECB, admitted recently.

    The euro has long had detractors, who question the viability of political and monetary union in Europe. Haunted by World War II, the generation of leaders that included Helmut Kohl and François Mitterrand was willing to give up sovereign powers and national interests to create a common currency. But with no shared language, customs, culture or political system, the euro zone has never existed except as a construct in the minds of bureaucrats and politicians.

    Now, as the divisions increase, insiders are beginning to take a dim view of the prospects for continued monetary union. "We believe the euro will not survive in the long run in the absence of some kind of political support," the president of BusinessEurope, a pan-European business association, stated in early March.

    Along with the steep selloff that will precede the disintegration of the high-flying euro, other markets will be shaken. Look for much higher interest rates for prospective euro deserters like Spain and Italy as spreads for benchmark German bonds widen.

    What should investors do? Gradually start to hoard dollars and short the euro. Another strategy is to sell investments in Italy and Spain and buy German fixed-income assets.

    The political situation in Europe is likely to accelerate the euro's demise. Now that the Spanish elections are over, politicians there no longer feel the need to remain silent about mounting economic woes. If, as Italian polls predict, Silvio Berlusconi becomes that country's prime minister, the man who criticized the euro as "a disaster" would join a common front ready to take action by the time Sarkozy's France assumes the European Union presidency this summer.

    The tight-money Germans will not push to preserve the euro. A poll released at the end of 2007 by Dresdner Bank (other-otc: DRSDY.PK - news - people ) showed that 62% of Germans support reinstating the deutsche mark as the country's currency. It appears that their wish will come true.
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    Same here in the Netherlands the first few years you could hear people non stop about getting the Guilder back.
    Then for a moment noone talked about it now they do it because of the fear of inflation, wich gets supported by American banks and Economics that keep saying we will get the same problem.

    And me myself i would like to get the Guilder back but its to late for it if European countries would go back to the old currencies we would get for sure the same problem as America, i miss the Guilders with Michiel de Ruyter on it:
    If christ is the answer then what is the question?

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