German shops snub euro

The Sun ^ | November 28 2002 | NIC CECIL

[knighthawk]

RETAIL giant C&A bowed to furious shoppers yesterday and agreed to accept the Deutschmark again in its German stores.

More than 60 per cent of Germans want their old currency back rather than the hated euro.

C&A will take it in its 185 stores in Germany for a week starting on Saturday.

Company spokesman Thorsten Rolfes said: “If customers say please do it longer then we will.

“The wish of our customers is the most important thing.”

A growing number of German retailers are taking the old currency in the run-up to Christmas.

Chancellor Gerhard Schroeder banned the Deutschmark as day-to-day currency in February following the launch of the euro on January 1.

But a landmark court case in October ruled it was still legal for shops to accept Deutschmarks.

Meanwhile, Schroeder is being urged to impose a wealth tax for his bankrupt country.

The states of Lower Saxony and North Rhine Westphalia want a one per cent tax on families with more than £660,000 in savings and land.

The levy would also hit individuals with a wealth of £195,000.

Schroeder has already whacked the middle classes with new taxes on house and share sales.

Germany is plunging back into recession with the capital Berlin heading for a £35billion debt next year.

[knighthawk]

Europe-list

If people want on or off this list, please let me know.

[jdege]

A 1% tax on accumulated wealth?

Are they trying to convert themselves into a third-world country?

[facedown]

Meanwhile, Schroeder is being urged to impose a wealth tax for his bankrupt country.

A complete economic meltdown cannot be far off.

[Cicero]

After England won the Second World War, the voters threw out Churchill and installed a Labour government, and for decades they suffered from food shortages and severe economic problems, with several devaluations of the pound. One year I remember my English cousins, who were not notably rich, had to pay an income tax rate of 105%.

This kind of thing went on in one form or another until Maggie Thatcher finally appeared on the scene.

At that time, it was blamed on the drain of the war and the dissolving empire. I don't know what Schroeder can possibly blame it on.

[shaggy eel]

The states of Lower Saxony and North Rhine Westphalia want a one per cent tax on families with more than £660,000 in savings and land.

,,, it looks like East Germany has settled in really well.

[July 4th]

It's potentially big news that stores are temporarily accepting DM's again. When the euro switchover was complete, there was a big celebration - that was supposed to be the end of national currencies. Now they're back? Not good for the europhiles...

[Sparta]

Bye-bye Euro.

[shaggy eel]

,,, meanwhile, in England.

[DeaconBenjamin]

Berlin has a 35 billion pound debt? That seems a little high (about the size of California's, I think).

[WoofDog123]

On the other hand, since c&a will simply turn them into the central bank and they will be destroyed, this is a good way to mop up some of the remaining currency that has trickled out of various places, but will do very little to bring back dm paper money.

It would be better news if DM's were going to be printed again alongside the funnymoney.

[Citizen of the Savage Nation]

Now, bonus points for anyone who can tell me why the euro is doing so well vs the dollar in the last three months. With budget crisis after budget crises, mediocre economic growth, downright economic collapse looking Germany and France in the eye, how in the hell is this currency near parity with the dollar???

[aristeides]

Inflation is a wealth tax.

[aristeides]

Until recently, I think it was people seeking an alternative to the U.S. dollar, with the U.S. economy as shaky as it was. Now that the U.S. economy seems to be recovering, I don't know what the explanation is. Maybe Arab people fleeing from the dollar for political reasons?

[shaggy eel]

,,, for starters, the US is what... $7 trillion plus in the hole? Europe hasn't produced a string of corporate scandals to match the ones the US has and... the Euro is partially gold backed. All the gold that the US had in Fort Knox and other safehouses was piped out to the UK and Europe eons ago. Secondly, the gaining momentum on Iraq will mean more buying pressure on the Euro.

[CapandBall]

I'd like to know why. I made some overseas purchases just last week, $1.01 = 1.00 euro. Whats going on?

[stripes1776]

Germany is plunging back into recession with the capital Berlin heading for a £35billion debt next year.

You mean the socialist gay mayor of Berlin didn't create wealth for the masses. I'm shocked, I tell you, shocked!

[Woodman]

Shaggy, It would be nice if you knew something about currency trading or rates. True the EURO has popped in the last few months from about 97 cents to 1 EURO to about par but if you remember when the EURO debuted it cost about $1.05 to buy one EURO. the EU was ecstatic and claiming that its strength would make it the currency of choice to replace the US Dollar. Truth is that it is barely possible to keep it propped up on par even with all of the troubles the US has right now. The EURO is still really only a basket currency and could splinter at any time if any of the member countries realizes that it is costing them too much to prop up the other's relative currency. All money is an illusion, but the EURO is doubly so.

FWIW when I did spot Marks, we would see the kind of change we have seen in the EURO sometimes in a matter of minutes the current rate is not any big shift, but a pop up to $1.05 would be huge.

[PAR35]

The largest US bill you can get is $100.00. Euro notes go to $500.00. For those in industries which deal in large quantities of cash and limited record keeping, the Euro is a useful currency.

[shaggy eel]

,,, any thoughts?