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Rumours About Deutschmark Being Reprinted  
User currently offlineYokoTsuno From Singapore, joined Feb 2011, 348 posts, RR: 0
Posted (3 years 2 months 3 weeks 1 day 14 hours ago) and read 2597 times:

This newspaper suggested yesterday that Germany is printing Marks again.

http://www.ndtv.com/article/world/de...-instead-of-euro-in-germany-115046

How true is this story and if it is wouldn't Germany be committing political suicide within the EU by doing so?

33 replies: All unread, showing first 25:
 
User currently offlineKlaus From Germany, joined Jul 2001, 21462 posts, RR: 53
Reply 1, posted (3 years 2 months 3 weeks 1 day 14 hours ago) and read 2594 times:

The probability of that is exactly zero.

Authentic photographs of the Yeti and of flying saucers are much, much more plausible.


User currently offlineBraniff747SP From United States of America, joined Oct 2008, 2984 posts, RR: 1
Reply 2, posted (3 years 2 months 3 weeks 1 day 14 hours ago) and read 2589 times:

I doubt this will happen. Really, really doubt it.


The 747 will always be the TRUE queen of the skies!
User currently offlineDerico From Argentina, joined Dec 1999, 4304 posts, RR: 11
Reply 3, posted (3 years 2 months 3 weeks 1 day 14 hours ago) and read 2585 times:

The problem is not if the probability is zero or not, it's the rumour itself. Sadly, most economic crises, while having genuine underlying reasons, are usually thrown over the edge by what turns out to be an erroneous or greatly exagerated rumour.


My internet was not shut down, the internet has shut me down
User currently offlinewilco737 From Greenland, joined Jun 2004, 9032 posts, RR: 75
Reply 4, posted (3 years 2 months 3 weeks 1 day 12 hours ago) and read 2480 times:
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Nah, that's not gonna happen... See how Merkel stands behind the EURO and defends it, no matter how much it costs...

wilco737
  



It it's not Boeing, I am not going.
User currently offlinegatorfan From United States of America, joined Oct 2009, 331 posts, RR: 1
Reply 5, posted (3 years 2 months 3 weeks 1 day 12 hours ago) and read 2467 times:

However improbable, prudence would dictate that if there was a concern of euro disintegration, contingency plans be formulated. That being said, starting the process by having sufficient paper currency in an age where more and more spending is done through debit/credit cards and electronic fund transfers doesn't make a lot of sense.

A much more scary rumor would be that the German central bank brought in a bunch of programers to start rewriting the code for the infrastructure that would be necessary to handle DM denominated transactions.


User currently offlinebtblue From United Kingdom, joined Mar 2004, 578 posts, RR: 4
Reply 6, posted (3 years 2 months 3 weeks 1 day 11 hours ago) and read 2449 times:

Wouln't surprise me in the slightest... if they're printing them, doesn't mean they are about to use them but, should they wish to, in the event of a crisis, they have them to hand, ready to distribute. It's called planning for a crisis and as we all know (and as I heard first hand from a friend, who happens to be a TV economics editor) the state of economy in the EU right now is well, pretty much like a row of dominoes... one more knock and they're all gonna fall down.

Quoting gatorfan (Reply 5):
A much more scary rumor would be that the German central bank brought in a bunch of programers to start rewriting the code for the infrastructure that would be necessary to handle DM denominated transactions.

Spot on - reckon that's already been done.



146/2/3 737/2/3/4/5/7/8/9 A320 1/2/18/19/21 DC9/40/50 DC10/30 A300/6 A330/2/3 A340/3/6 A380 757/2/3 747/4 767/3/4 787 77
User currently offlineKlaus From Germany, joined Jul 2001, 21462 posts, RR: 53
Reply 7, posted (3 years 2 months 3 weeks 1 day 11 hours ago) and read 2401 times:

Quoting Derico (Reply 3):
The problem is not if the probability is zero or not, it's the rumour itself. Sadly, most economic crises, while having genuine underlying reasons, are usually thrown over the edge by what turns out to be an erroneous or greatly exagerated rumour.

This rumour has clearly been created with these kinds of interests behind it, or at least hoping for a temporary decline to aid in currency speculation. Doesn't seem to have the intended effect, however: 1€ = 1.44$ at this point, near its long-time high.

In order for such obviously false rumours to become really damaging, the currency would need to be in its final death throes, however, and it's not even remotely at such a point. It is stressed, but far from moribund and even flourishing.

Quoting wilco737 (Reply 4):
Nah, that's not gonna happen... See how Merkel stands behind the EURO and defends it, no matter how much it costs...

Particularly since the costs of the stabilizing programs are still way, way, way lower than those of a catastrophic abandonment of the Euro and a return to the situation before it which was the reason why the Euro was created in the first place.


User currently offlineDeltaMD90 From United States of America, joined Apr 2008, 7908 posts, RR: 51
Reply 8, posted (3 years 2 months 3 weeks 1 day 6 hours ago) and read 2315 times:

Quoting Klaus (Reply 7):
This rumour has clearly been created with these kinds of interests behind it, or at least hoping for a temporary decline to aid in currency speculation. Doesn't seem to have the intended effect, however: 1€ = 1.44$ at this point, near its long-time high.

Yeah, probably because financial geniuses are smart enough to spot BS rumors, a skill the general population doesn't seem to have unfortunately



Ironically I have never flown a Delta MD-90 :)
User currently offlineracko From Germany, joined Nov 2001, 4857 posts, RR: 20
Reply 9, posted (3 years 2 months 3 weeks 1 day 6 hours ago) and read 2287 times:

Just simply disregard anything a British tabloid writes about Europe, the EU, or European nations. Same goes for other media outlets quoting British tabloids.

User currently offlinedeltaownsall From United States of America, joined Jul 2001, 1173 posts, RR: 1
Reply 10, posted (3 years 2 months 3 weeks 16 hours ago) and read 2136 times:

Quoting YokoTsuno (Thread starter):
This newspaper suggested yesterday that Germany is printing Marks again.

Intriguing thought, despite Germany's abandonment of the euro at this point being completely unthinkable. Besides, looks like this same story was posted over a year ago, when the single currency was actually in considerably murkier waters: http://www.express.co.uk/posts/view/176668/Germany-Marks-its-territory

Quoting Klaus (Reply 7):
however: 1€ = 1.44$ at this point, near its long-time high.

It's rallied nicely against the dollar over the past 10 months (   ) but didn't the euro touch 1.6 a few years back?


User currently offlineDavid L From United Kingdom, joined May 1999, 9524 posts, RR: 41
Reply 11, posted (3 years 2 months 3 weeks 16 hours ago) and read 2102 times:

Obviously a load of nonsense.

Quoting racko (Reply 9):
Just simply disregard anything a British tabloid writes about Europe, the EU, or European nations. Same goes for other media outlets quoting British tabloids.

Call it a hunch but I suspect NDTV (formerly New Delhi Television) is not British and, according to the linked article, the poll they cite was carried out by the Frankfurter Allgemeine.

 


User currently offlineBraybuddy From Ireland, joined Aug 2004, 5720 posts, RR: 31
Reply 12, posted (3 years 2 months 3 weeks 15 hours ago) and read 2094 times:

A return to the deutschmark would be enormously damaging to German exporters given that the currency would appreciate considerably, so I can't see this being a runner, particularly in the current economic climate.

User currently offlineDavid L From United Kingdom, joined May 1999, 9524 posts, RR: 41
Reply 13, posted (3 years 2 months 3 weeks 15 hours ago) and read 2085 times:

Let's face it, if there was anything to this rumour, it would be featured fairly prominently in business news all over the place, certainly in the EU countries, and not just in some tabloids.

User currently offlineDerico From Argentina, joined Dec 1999, 4304 posts, RR: 11
Reply 14, posted (3 years 2 months 3 weeks 13 hours ago) and read 2054 times:

Quoting Klaus (Reply 7):
In order for such obviously false rumours to become really damaging, the currency would need to be in its final death throes, however, and it's not even remotely at such a point. It is stressed, but far from moribund and even flourishing.

That is not entirely true. A totally sound bank may fail if it is repeatedly questioned in a false way with misinformation. Same with a currency or a company. It's not the quality of the hits sadly, but the quanity specially in a time of financial dislocations. Enough of them, even if they are ''lächerlich'', may be enough to plant the seeds of doubt. Seen it time and time again in history. The self-fufilling profecy.

Which is why I think that any news organization should provide direct quote or sourcing, or it is better not to know at all.



My internet was not shut down, the internet has shut me down
User currently offlineracko From Germany, joined Nov 2001, 4857 posts, RR: 20
Reply 15, posted (3 years 2 months 3 weeks 13 hours ago) and read 2047 times:

Quoting David L (Reply 11):
Call it a hunch but I suspect NDTV (formerly New Delhi Television) is not British and, according to the linked article, the poll they cite was carried out by the Frankfurter Allgemeine.

The Rumour about the DM is being spread by the "Daily Express", not by the FAZ.


User currently offlineoldeuropean From Germany, joined May 2005, 2091 posts, RR: 4
Reply 16, posted (3 years 2 months 2 weeks 6 days 20 hours ago) and read 1923 times:

Hmm ... I smell British anti Euro bullshit.   


They better would clear up their own economical mess. (Which is by far more desperate)  



Wer nichts weiss muss alles glauben
User currently offlinePanHAM From Germany, joined May 2005, 9376 posts, RR: 29
Reply 17, posted (3 years 2 months 2 weeks 6 days 19 hours ago) and read 1892 times:

The US$ stands at 1,4511 for one € right now and the Pound is weak against the € as well. Can't be too bad for the €. and the Deutschmark would certainly not be better for the German economy and the public. I have seen he ups and downs of the Deutschmark over 4 decades and compared to that the decade of the € was much better so far. There was a time in the 80s when the US$ rose against the DM so much that a grey market evolved where Germans bought Mercedes and BMW here for DM and exported the cars to the USA. They made good money but it was a bad deal for the US buyers since Mercedes USA did not honor the warranties and told them to ship the cars back to Germany for servicing.

Now, in a single market it makes eventually sense for small but strong economies like Denmark and Sweden to stay outside the €. The UK has missed the boat unfortunately. For the strongest economy and the largest exporter in that single market it would be conomical suicide (OK we did that already yesterday by quitting nuclear energy but that's another story). Traders do not lose on currency exchange anymore, payments within the SEPA single european payment area can transfer money for pennies. transactions cost both parties at least 24€ before. All this saves billions in expenses each year for consumers and businesses alike.

Turning the clock back would be most stupid unless we get to a point where staying in the € costs more than dropping out and finishing that currency for good.



E's passed on! That parrot is no more! He has ceased to be! E's expired and gone to meet 'is maker!
User currently offlineKlaus From Germany, joined Jul 2001, 21462 posts, RR: 53
Reply 18, posted (3 years 2 months 2 weeks 6 days 18 hours ago) and read 1863 times:

Quoting deltaownsall (Reply 10):
It's rallied nicely against the dollar over the past 10 months (   ) but didn't the euro touch 1.6 a few years back?

Yes, it's not at its absolute peak, but still quite high.

Quoting Derico (Reply 14):
That is not entirely true. A totally sound bank may fail if it is repeatedly questioned in a false way with misinformation. Same with a currency or a company. It's not the quality of the hits sadly, but the quanity specially in a time of financial dislocations. Enough of them, even if they are ''lächerlich'', may be enough to plant the seeds of doubt. Seen it time and time again in history. The self-fufilling profecy.

That's what speculators hope, but under halfway normal circumstances there are enough players in the market who actually know the substantial situation and can distinguish it from speculative rumours.

Quoting Derico (Reply 14):
Which is why I think that any news organization should provide direct quote or sourcing, or it is better not to know at all.

Rumours can be valid news under certain circumstances, but they should indeed by treated with extreme caution.


User currently offlineshamrock604 From Ireland, joined Sep 2007, 4175 posts, RR: 12
Reply 19, posted (3 years 2 months 2 weeks 6 days 18 hours ago) and read 1861 times:

I cant see Germany even countenancing such a move. The Euro benefits Germany more than many other EU economies, even if many Germans long for the return of the Mark.

That said, it would be foolish to ignore that we have issues within the Euro area that are not being fully understood by many of the Euro area population. An overly simplistic narative of "bailout" politics has emerged, which I believe is a danger to the Union. We need to understand exactly what happened over the last few years and acknowledge that the banking sector's recklessness has brought us to this day. Vilifying certain countries will not cut it - because it was banks everywhere who funded it.

We have reached a crunch point and we in Euroland are going to have to make some hard decisions soon about whether we grow much closer in terms of economic and financial policy, because the current approach of papering over the cracks will only work for so long.



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User currently offlineKlaus From Germany, joined Jul 2001, 21462 posts, RR: 53
Reply 20, posted (3 years 2 months 2 weeks 6 days 18 hours ago) and read 1853 times:

Quoting shamrock604 (Reply 19):
Vilifying certain countries will not cut it - because it was banks everywhere who funded it.

The banking system has contributed greatly to the crisis with the recklessness and criminal activities in the derivative markets.

Severely lacking banking regulation has been one of the reasons why this could happen (catastrophically so in several countries), and most governments are still too timid to make the necessary decisions.

That said, presumably easy money also helped a lot in maintaining political complacency about national budget deficits almost everywhere, if to very different extents.

But I agree, vilification helps nobody. Urgent changes need to be made, and there are not many countries which wouldn't need a re-adjustment at the very least. (Germany needs further consolidation efforts as well.)


User currently offlineshamrock604 From Ireland, joined Sep 2007, 4175 posts, RR: 12
Reply 21, posted (3 years 2 months 2 weeks 6 days 16 hours ago) and read 1833 times:

Quoting Klaus (Reply 20):

It's painful as hell to make that adjustment.

Let me give you an example. Ireland used to have large budget surpluses. After the crisis, we had a 19 billion euro deficeit. We have now already made a 25 billion budget adjustment, so in theory, we should be back in surplus, right?

Sadly not - we're still in deficeit - and all going to prevent the banks from collapse.

Like it or not, we are a union now and banking knows no borders. We need to move beyond thinking of issues solely in national terms. All banks were culpable.



Flown EI,FR,RE,EIR,VE,SI,TLA,BA,BE,BD,VX,MON,AF,YS,WX,KL,SK,LH,OK,OS,LX,IB,LTU,HLX,4U,SU,CO,DL,UA,AC,PR,MH,SQ,QF, EY, EK
User currently offlineKlaus From Germany, joined Jul 2001, 21462 posts, RR: 53
Reply 22, posted (3 years 2 months 2 weeks 6 days 10 hours ago) and read 1768 times:

Quoting shamrock604 (Reply 21):
It's painful as hell to make that adjustment.

No doubt – it's a massive challenge for Ireland.

Quoting shamrock604 (Reply 21):
Like it or not, we are a union now and banking knows no borders. We need to move beyond thinking of issues solely in national terms. All banks were culpable.

I wouldn't go quite that far. Many banks (particularly those without an investment arm) have operated properly throughout. But very many have acted like pigs at a (presumably!) free buffet.


User currently offlineshamrock604 From Ireland, joined Sep 2007, 4175 posts, RR: 12
Reply 23, posted (3 years 2 months 2 weeks 6 days 8 hours ago) and read 1723 times:

Quoting Klaus (Reply 22):

Im sorry Klaus, I worded that poorly. I meant that banks right across Europe were culpable, not that each and every one acted badly.

Yes, it's a big change, but we would be finished it now and back to normal if it were not for the damn bank debt.



Flown EI,FR,RE,EIR,VE,SI,TLA,BA,BE,BD,VX,MON,AF,YS,WX,KL,SK,LH,OK,OS,LX,IB,LTU,HLX,4U,SU,CO,DL,UA,AC,PR,MH,SQ,QF, EY, EK
User currently offlineKlaus From Germany, joined Jul 2001, 21462 posts, RR: 53
Reply 24, posted (3 years 2 months 2 weeks 5 days 15 hours ago) and read 1671 times:

Quoting shamrock604 (Reply 23):
Im sorry Klaus, I worded that poorly. I meant that banks right across Europe were culpable, not that each and every one acted badly.

No problem – looks like we're on the same page on that.

Quoting shamrock604 (Reply 23):
Yes, it's a big change, but we would be finished it now and back to normal if it were not for the damn bank debt.

I'm sure that Ireland will make it out of the slump again, among other things with european support.


25 shamrock604 : We are in a better position than most - for one, our exports are booming, the labour force is very flexible, costs are coming down - so a lot of good
26 Post contains images Klaus : I'd be careful in that situation as well; But I'd expect that people will begin spending again when the economy is felt to be on the rise again (or a
27 Baroque : Fair points but one word of caution, while the Anglo American economic model might be dead, its death notices were not widely circulated and AFAIK, n
28 PanHAM : .....or, as Mark Twain once said, "News about my death are greatly exaggerated". The A A business model is not restricted to unlimited, unrestricted a
29 Post contains images Klaus : ...and also similarly lusting for blood again...! Actually, the german model has always been a market economy coupled with a functioning social syste
30 PanHAM : gee, I didn't know that. If you believe that the old Ehrhard model still works you are dreaming. The basis of the German success is the energy of hun
31 Post contains images shamrock604 : Hehe... This is true. Thankfully, my country is not so bad at that either. I heard a very interesting comparison between Ireland and Greece last week
32 MD11Engineer : The popular idea of the Anglo-American model seems to have been how to make a lot of money fast without actually having to work for it. Just let the
33 PanHAM : I understood well what you meant. The problem of Ireland was that the state created a play ground for banks from all over the world to do things ther
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