reply on: ECB Advocates for Coordinated Public Investments in Europe \ stacker news ~econ

pull down to refresh

42 sats \ 6 replies \ @Satosora 24 Apr \ parent \ on: ECB Advocates for Coordinated Public Investments in Europe econ

I always hear about one country supplementing another. Which shouldnt be their problem..

the whole illusion of the eurozone was based on applying Germany's credit rating to the bankrupt southern european states. this was supposed to lead to economic convergence, but this has turned out to be the opposite.

42 sats \ 4 replies \ @Satosora 24 Apr

Does germany have a lot of gold backing up their currency still? They went through 2 stages of hyperinflation? I just feel that germany gets the brunt of the action, always having to bail out the other not so wealthy places.

0 sats \ 3 replies \ @TomK OP 24 Apr

the German Bundesbank still holds around 3400 tons of gold. a fairly large amount

42 sats \ 2 replies \ @Satosora 24 Apr

Im not trying to sound ignorant, but I feel the countries that can speak german are the ones that can manage money well. The other countries need to get it together.

0 sats \ 1 reply \ @TomK OP 24 Apr

However, the history of modernity paints a somewhat different picture when you think of the hyperinflation in Germany and the economic crises in German-speaking countries in the first half of the 20th century. Since the introduction of the euro, however, Germany has been very good at cultivating a kind of neo-mercantilism, with a currency that tends to be undervalued and a low-wage sector that is protected by law, which has virtually outperformed all other Europeans

0 sats \ 0 replies \ @Satosora 24 Apr

I believe those crisis shaped how German-speaking countries treat their money. They are more frugal as a result. The other day, we had a spring cleaning garbage dump day. So many people are wasteful, dumping couches, tvs, everything. They are just consuming more and more.