German tabloid hysteria has just gone ever so slightly further over the top this afternoon with a lead article in Bild asking ‘What will the Y-serial-number euros in my wallet be worth when Greece steps outside the euro?’ In the best traditions of all tabloid terror, the conclusion in bold, two paragraphs in, is, ‘Very soon these Greek euros will have no value at all! In short – at some point we’re going to have worthless euros in our pockets!’
Yes alright Heinrich, calm down…we get the picture. This is merely the opinion of Charles Blankart, the Economics Professor at Humboldt University in Berlin. Herr Professor Blankat is chiefly famous for having the longest eyebrows on the planet.
What Bild (and the Prof) have spectacularly failed to notice is that the German Finance Ministry and the Grockels in the ECB saw this possibility coming some time ago, and began to stop printing Y-notes, while printing a great deal more German ‘X’ notes to make up for them.
The Slog broke that story to an unconvinced and/or unsurprised world eleven days ago.