Source Pravda.Ru

Euro kills the Deutschmark

As the Euro replaces the national currencies on 1st January, the national currencies, symbols of national unity, will be replaced. The Deutschmark is perhaps the most powerful example of a currency constituting national unity of all the 12 nations forming Euroland because the history of German Unity is very much a mirror-image of the European Union.

Based on the gold which was stolen from Paris in the Franco-Prussian war, the new Mark was introduced as Germany’s first national currency in 1875, replacing a mixture of currencies such as guilders and talers used in the different States. This was the realisation of a policy which had begun in 1834, when the German Customs Union was formed. In the constitution of this union, it was declared at the time that a single German market was being created, which needed to have a single German currency.

The Mark saw its lowest point in the aftermath of the First World War. The lack of confidence caused by the military defeat and the reparations demanded by the Versailles Treaty bore a heavy price on the German economy, which collapsed. Hyper-inflation, which reached 1,300%, resulted in the now-famous scenes of people carrying a wheelbarrow full of notes to the bakers’ to buy bread.

After coming to power in 1933, Hitler brought financial stability to the country but only for six years, since his constant demands for more land led to the Great Patriotic War (Second World War). After the war, there were a number of currencies used in the German economy, destroyed for the second time in two decades. There was the Allied Military Mark, the Reichsmark and black market currencies which even used cigarette cards.

The Deutschmark quickly took hold as the Germans worked hard to rebuild their country. By the end of the 1950s, the buying power of the Deutschmark, its value strongly protected by the Bundesbank, was a symbol of national pride. Not surprisingly, various countries in Eastern Europe accept DM along with local currencies. The Deutschmark thus assumed an importance superior to that of the Wehrmacht.

John ASHTEAD PRAVDA.Ru

A year after the constitutional referendum of December 4th, 2016 that saw the victory of the NAY and the blatant defeat of the government front that had proposed the referendum, it can be said with certainty that the trauma for the defeated is now past. But there is still fear in them, not so hidden either...

Italy: Free fall

On December 10, 1948 the Universal Declaration of Human Rights was adopted by the United Nations General Assembly, its thirty articles enshrining basic and fundamental rights guaranteeing dignity of the human person and equality for all, regardless of race, color, creed or gender. A pipe dream?

Human Rights Day: Let us hang our heads in shame
Comments
USA looking for reason to see nuclear weapons in action
Why did Donald Trump recognise Jerusalem as the capital of Israel?
Putin makes first comment on Trump's Jerusalem decision
Russia works on MiG-41 doomsday fighter jet
Russia works on MiG-41 doomsday fighter jet
Russia works on MiG-41 doomsday fighter jet
Mikhail Saakashvili's bumpy ride in politics: From chewing his tie to climbing on rooftop
Mikhail Saakashvili's bumpy ride in politics: From chewing his tie to climbing on rooftop
European Court of Human Rights: Promoting filth and insolence
European Court of Human Rights: Promoting filth and insolence
Russian athletes announce their decision about 2018 Winter Olympic Games
Turkish President Erdogan issues ultimatum to Washington and Brussels
Gorbachev names reason behind crisis in US-Russian relations
Putin makes first comment on Trump's Jerusalem decision
Human Rights Day: Let us hang our heads in shame
Human Rights Day: Let us hang our heads in shame
Human Rights Day: Let us hang our heads in shame
Putin makes first comment on Trump's Jerusalem decision
Putin makes first comment on Trump's Jerusalem decision
Pentagon can not accept Russia's victory over terrorists in Syria
Putin makes first comment on Trump's Jerusalem decision