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Author Topic: 450-Year-Old Debt. Trillions Owed.  (Read 701 times)
elux
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July 20, 2012, 10:48:33 AM
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The sleepy hamlet of Mittenwalde in eastern Germany could become one of the richest towns in the world if Berlin were to repay it an outstanding debt that dates back to 1562.

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A certificate of debt, found in a regional archive, attests that Mittenwalde lent Berlin 400 guilders on May 28 1562, to be repaid with six percent interest per year.

According to Radio Berlin Brandenburg (RBB), the debt would amount to 11,200 guilders today, which is roughly equivalent to 112 million euros ($136.79 million).

Adjusting for compound interest and inflation, the total debt now lies in the trillions, by RBB's estimates.

Town historian Vera Schmidt found the centuries-old debt slip in the archive, where it had been filed in 1963.
Though the seal is missing from the document, Schmidt told Reuters that she was certain the slip was still valid.
...

http://www.cnbc.com/id/48236142

A different kind of debt crisis. Smiley

Tangentially relevant: http://en.wikipedia.org/wiki/Benjamin_Franklin#Bequest

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cbeast
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July 20, 2012, 10:54:57 AM
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Perhaps they can rehypothecate that note and purchase the PIIG debt, thereby saving the Euro.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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July 20, 2012, 10:55:41 AM
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The sleepy hamlet of Mittenwalde in eastern Germany could become one of the richest towns in the world if Berlin were to repay it an outstanding debt that dates back to 1562.

Quote
A certificate of debt, found in a regional archive, attests that Mittenwalde lent Berlin 400 guilders on May 28 1562, to be repaid with six percent interest per year.

According to Radio Berlin Brandenburg (RBB), the debt would amount to 11,200 guilders today, which is roughly equivalent to 112 million euros ($136.79 million).

Adjusting for compound interest and inflation, the total debt now lies in the trillions, by RBB's estimates.

Town historian Vera Schmidt found the centuries-old debt slip in the archive, where it had been filed in 1963.
Though the seal is missing from the document, Schmidt told Reuters that she was certain the slip was still valid.
...

http://www.cnbc.com/id/48236142

A different kind of debt crisis. Smiley

Thoughts, discussion?

How do they know the debt wasn't repaid?  I doubt they have complete financial records for both the village and Berlin from 1562 onwards.

I'm not sure why an historian would feel qualified to give an opinion on the validity of a debt. 

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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July 20, 2012, 10:56:25 AM
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Perhaps they can rehypothecate that note and purchase the PIIG debt, thereby saving the Euro.

lol. too funny  Grin

Phinnaeus Gage
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July 20, 2012, 04:15:06 PM
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The sleepy hamlet of Mittenwalde in eastern Germany could become one of the richest towns in the world if Berlin were to repay it an outstanding debt that dates back to 1562.

Quote
A certificate of debt, found in a regional archive, attests that Mittenwalde lent Berlin 400 guilders on May 28 1562, to be repaid with six percent interest per year.

According to Radio Berlin Brandenburg (RBB), the debt would amount to 11,200 guilders today, which is roughly equivalent to 112 million euros ($136.79 million).

Adjusting for compound interest and inflation, the total debt now lies in the trillions, by RBB's estimates.

Town historian Vera Schmidt found the centuries-old debt slip in the archive, where it had been filed in 1963.
Though the seal is missing from the document, Schmidt told Reuters that she was certain the slip was still valid.
...

http://www.cnbc.com/id/48236142

A different kind of debt crisis. Smiley

Thoughts, discussion?

How do they know the debt wasn't repaid?  I doubt they have complete financial records for both the village and Berlin from 1562 onwards.

I'm not sure why an historian would feel qualified to give an opinion on the validity of a debt.  

It's a trick! If that debt were given considerable consideration, then afro-americans will start, once again, demanding that their debt be paid due to their grandparent's enslavement. If I recall my history correctly, they still want their 40 acres and a mule. Since the mule's is the white house, I wonder if they'll now settle for a hector of land, one bitcoin, and an alpaca.

~Cackling Bear~
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