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The Bundesbank, Social Democracy and the Era of the `Great Inflation', 1970-1978

Furthermore, the chapter goes on to note the extent to which the 1970s were littered with monetary anniversaries. It argues that these occasions, coupled with the economic crises at hand, served as moments of reflection that allowed the Bundesbank to bolster its reputation and reinforce the parameters through which West Germans interpreted the monetary past.

Lessons from the past: THRIFT

Stories of the children of the Great Depression: What I learned from my parents

'Sapere aude'

by Oui (Oui) on Sat May 9th, 2020 at 09:30:20 AM EST
[ Parent ]
A personal reminder in the aftermath of military overspending on the Vietnam War ...

Traveled to West-Germany for my honeymoon in August 1973. Always careful with cash, so went to American Express here in The Hague and bought travelers cheques in US dollars ... as I arrived on my destination, in first weekend the Nixon decision shaved 15% off my dollar value. 😄

Lesson learned! 😉

Devaluation US dollar

'Sapere aude'

by Oui (Oui) on Sat May 9th, 2020 at 09:48:08 AM EST
[ Parent ]
Long time ago ... was indeed 1971  ... bought our house in `73 ... still very happy living there. 😊
... and 1973 was the oil embargo and a Sunday with no road traffic. gasoline was distributed in warlike logistics.

'Sapere aude'
by Oui (Oui) on Sat May 9th, 2020 at 01:10:37 PM EST
[ Parent ]
It's almost as if paying by contactless card is too easy. People might use it too often and spend too much.

Having to make sure you have enough cash with you, counting it out carefully, making sure you get the right change in return is part of the ceremony of cash. You are physically handing over some hard earned dosh and reminded of how long it took you to earn it.

Whereas if it takes place in a virtual world where cash flows in and out of your account there is no moral checkpoint at the point of purchase - do I really need this? Everything becomes simply a matter of cash flow, and provided you aren't going heavily into arrears there is no problem. No putting aside a few notes in a mattress for a rainy day.

And besides, the taxman gets to see everything.

Cash also feeds into the conservative myth that money is a real thing, in and of itself, and not merely an arbitrary unit of exchange. Having a big wad of it defines who you are, makes back-handers easier, and assists in the negotiation process. (Don't show them your €50 notes if you only want to spend €20!).

Protestant thrift means putting  your €50 note on the collection plate where everyone can see it. Otherwise, what's the point?

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Sat May 9th, 2020 at 05:56:06 PM EST
[ Parent ]
Damn ... so true Frank .. left me with a big smile 😄

Just like my German counterpart ... I do/did 95% by cash out of the wallet 🎭 when it's nearly empty, somehow I spend less 😉

'Sapere aude'

by Oui (Oui) on Sat May 9th, 2020 at 07:36:04 PM EST
[ Parent ]

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