Deutsche Mark Quotations Restored At German Financial Portal
Another sign of the imminent return of the Deutsche Mark comes this weekend courtesy of BoersenNEWS.de, one of the largest German stock market portals. Due to popular demand, the portal has reintroduced quotations in DEM, alongside those in EUR: "Due to the ongoing Euro crisis many investors expect the return of the Deutsche Mark. A recent survey, showed that 39% of 1,364 börsennews.de users, would like the good old Deutsche Mark reintroduced. Börsennews.de has responded and will immediately display share prices in Euro and Deutsche Mark." The commentary on this symbolic switch is enough to indicate just how the majority of Germany feels about this issue: "With the symbolic reinstatement of the Deutsche Mark Börsennews.de is not supporting to the abolition of the Euro, however the desire of many citizens for economic security. One thing is clear, the German Mark represented the economically strong and healthy Germany. The Euro represents a cracked economic system, not only throughout the world, in Europe, but above all in Germany." We couldn't have said it better ourselves. Suddenly, Jim Rickards' observation that Germany and Russia could be very well considering a new gold- and oil-backed currency, does not seem all that very ludicrous to us. In fact, should the two countries indeed be in such deliberations (and for their literal recent proximity, look no further than the seating chart in this year's Mayday parade in Moscow), the end of fiat could be approaching much faster than previously expected.
More from BoersenNews.de:
The Euro has been making headlines for months, recently falling under $1.19, a four year low. In comparison, last year the course was over $1.50. So far, only a massive Rescue Package of 750 billion Euros has prevented the Euro crash. Germany contributes the lion's share of 147 billion euros, whereas weak countries such as Spain or Portugal, can at any time, under certain circumstances, opt out of the rescue pact.
The fact that the Euro has brought significant benefits for Europeans, especially the Germans, is undisputable. However, before its introduction, it was clearly regulated, that measures such as the Euro Rescue Package are not permissible. One of the former most ardent Euro advocate, previous head of the Federation of German Industries, Hans OLAF Henkel, recently demanded the abolition of the euro and the reintroduction of the Deutsche Mark. Reason, due to the 750 billion Rescue Package, the euro zone has become a pure capital transfer zone. The head of the leading economic research institute Ifo, Hans Werner Sinn Professor, sees in the Rescue Package incalculable risks for Germany.
With so much criticism of the now established Euro, the fears of many Germans before its introduction are understandable. With the symbolic reinstatement of the Deutsche Mark Börsennews.de is not supporting to the abolition of the Euro, however the desire of many citizens for economic security. One thing is clear, the German Mark represented the economically strong and healthy Germany. The Euro represents a cracked economic system, not only throughout the world, in Europe, but above all in Germany.