You mean like the euro?
Or are you talking about the dollar?
Why are Germans hoarding billions of useless deutsche marks?
As everything seems to be getting more expensive through inflation, many Germans have a secret stash of cash at home. They’re holding on to their long-expired currency instead of exchanging it. What are they waiting for? …
Though these marks can no longer be used, they can be traded for euros.
Grossly overvalued? The main thing is, gross.
When it comes to the advantage that Germany has taken of the euro, Navarro is right about effect, if not motive.
The euro has been bad for German democracy and for German savers and may well ultimately prove to be a disaster for its taxpayers too, but it has been a boon for the country’s exporters. The euro is far weaker than the Deutsche Mark would have been (as was always likely to have been the case). This means that Germany’s decision to abandon its old currency in favor of the euro has acted as a disguised devaluation, a devaluation that has only deepened as the structural imbalances within the common currency have dragged the euro down still further.
Navarro sagte der “Financial Times”, Deutschland profitiere in seinen Handelsbeziehungen von einer “extrem unterbewerteten ‘impliziten Deutschen Mark'”.
Well known for his refreshing viewpoints, Mr. ex-SPD, ex-Left, ex-Bolshevist, ex-you-name-it Oskar Lafontaine himself has come up with a brilliant new idea to save Greece from its upcoming euro Grexit exit: Get rid of the euro first.
Being the true radical thinker that he is, he seems to have devised a radical new European economic system by which goods or services are directly exchanged for other goods or services without having to use a medium of exchange like dirty, filthy, old (or in his case new) money. And the way things look right now, Greece will be the first country to get the chance to test this out in a big way.
“Der Euro ist ein Rückschritt im historischen Projekt der europäischen Integration. Der Euro ist schon gescheitert, wir dürfen uns da keinen Illusionen hingeben.”
Observing Hermann 