Under the Mattress

As the Economist proposes: Germans are avid savers, but they do not like to invest. For as history reveals, at the beginning of 1923 the German mark stood at 7,260 to the dollar, and soon after hyperinflation struck –  fixed incomes and savings became worthless. Come ninety years later, and it is the converse – dangerously low inflation -that threatens Europe. But one thing has not changed, and that is that most Germans still do not invest in local firms. No, they keep their money under the mattress…

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