LightNews — News, ranked by scholars

Michele Dostert

@micheledostert.bsky.social

Going through my Mom's stuff, found German currency/bonds a traveling huckster sold my grandfather in 1925.

Brochure pointed out Germans were hardworking and clever, currency would be valuable one day. I had visions of a Deutschemark fortune.

Alas, these bonds were not. Weimar, WW2, etc.

September 14, 2026 at 2:19 AM

G7IZU Radio Reflection Detection

@g7izu.bsky.social

Eurosignal sent six-digit paging messages to subscribers who paid around DM1000 (Deutschemark) for a receiver and DM25 per month for the service. The receivers were large and needed long aerials, so weren't quiet small enough to comfortably carry around.

August 6, 2026 at 11:05 PM

Laurence - highest score ever in the Neasden Cognitive Test!!

@laurenceineu.bsky.social

I've worked with some pretty stupid Americans. One arrived in Germany (where our lab was) for the first time and announced himself very pleased to note that the US dollar was worth more than the German deutschemark, which he took to be confirmation that the US economy was stronger than the German!

Laurence - highest score ever in the Neasden Cognitive Test!! @laurenceineu.bsky.social · May 25

At least the Iranians don't have a ballroom. So the US is winning based on that metric, if no other.

May 25, 2026 at 5:57 PM

Epstein Web

@epsteinweb.bsky.social

Parts 1-3/3 — EFTA01188409.jpg
#epsteinweb #efta01188409
https://epsteinweb.org
Available in the iOS app store now!
https://apps.apple.com/us/app/epstein-web/id6758880661

EFTA01188408 | EFTA01188409
Eye on the Market I February 26. 2013

J.P.Morgan

Topics: Why being underweight European equities has been the gift that keeps on giving
reduce the risk of sovereign and bank defaults, not just in Italy but across all of Europe. EU governments and central
banks have provided 800 billion Euros so far to finance foreign investors fleeing Italy and Spain, and could provide a lot more.
But it is getting harder (particularly after last year's EU equity rally) to dismiss the social and political costs Southern Europe is
paying to keep the Euro. In my view, the old system was messier with its periodic bouts of inflation and devaluation, but
worked better for Southern Europe given its structural competitiveness gaps with the North, and its own internal fiscal transfer
dynamics2. Some believe Europe is on a long journey to further integration; I think it is just as likely that pans of Europe are on
a long and painful journey to discover that a single currency has more costs than benefits in the long run.
As for France, the recent spat between a US tire company CEO and French Industrial Renewal Minister Montebourg got a lot of
publicity. There is hyperbole being thrown around by both sides, but we do find evidence that France has created a worker's
utopia compared to many other countries. Last year, we showed a chart indicating that France has the most worker-friendly
environment of 40 countries analyzed (November 7, 2012), a computation based on labor force participation, ease of hiring and
firing, retirement age as % of life expectancy, working hours per year, vacation days, linkage between pay and productivity,
unemployment benefits as % of wages, etc. France has been trying to enact reforms, but my sources differ sharply on their
potential for success. France has lost a lot of ground to Germany since the Euro was launched, and I'm not sure Industrial
Renewal ministers can change that. Here are some stats from Bernard Connolly at Hamiltonian

Advisors:
•
•
•

The share of French corporate profits in gross value added is the smallest of the six major EU countries, and falling
While Germany has maintained its share of world exports, France has lost one third of its share since the Euro was launched.
France's current account deficit is around 6% of GDP (in other words, very large) after taking into account depressed
consumption due to high and rising unemployment

The growth challenge for France is something we will have to watch as well. It's not as bad as in Italy, but as shown below,
other than during wartime (see Appendix on why wars are excluded from charts like this), this has been a very bad stretch for
French growth. A period of no growth over 7 years in France is something seen more frequently during the 19i° century. It was
also seen during the 1930's when France stuck to the gold standard longer than other countries did, and paid a price. The are
some parallels between the gold standard in Europe in the 1930's and the binding constraint of today's currency union.
Le retour a Vanden regime: France's zero growth pace mirrors 19th century events
Change in 7-year real French GDP, percent, since 1820
50%
40% 30% 20% 10% 0%
/'
Radicals
Franco/Prussian war and i f
It
Great Depression,
Paris Bourse
elected,
reductions
impact
of
tariff
-10% worsened
by delayed move
crash
of
1882
and
factory
on French industry
to drop gold standard
failure of Union strikes and
Generale
rising tariffs
-20% 1826 1838 1850 1862 1874 1886 1898 1910 1922 1934 1946 1958 1970 1982 1994 2006
Sources: -Statistts on WorldPopulation, GDP andPer Capita GDP,UniversItyof Groningen: Conference Board, Bloomberg.

2 Charles Gave of Gavekal Research has written a fascinating, brief essay on the politics of Europe (entrepreneurs vs rentiers and statists).
and how local currencies used to work regarding the financing of within-country entitlements and transfers. This equilibrium was maintained
since private sector salaries were linked more

to the Deutschemark than to domestic currencies.
2

EFTA01188409

May 12, 2026 at 10:16 PM

Epstein Web

@epsteinweb.bsky.social

Parts 1-3/3 — EFTA01188406.jpg
#epsteinweb #efta01188406
https://epsteinweb.org
Available in the iOS app store now!
https://apps.apple.com/us/app/epstein-web/id6758880661

EFTA01188403 | EFTA01188406
Eurozone corporate revenue breakdown by region
estic

EMU ex
Domestic

Eurozone margin proxy weakening
Earnings divided by sates.per share. trailing 12 months

Rest of World 12%
10%

France (CAC 4 0)

29%

29%

42%
8%

Germany (DAX)

28%

30%

42%

Italy (FTSE MB)

30%

22%

48%

6%
4%
2%

Spain (IBEX)

43%

20%

Source: J.P. Megan Securities LLC. JPMAM

37%

0%
2007

2008
Sou ce: Bloomberg.

2009

2011

2012

Appendix: Why 20th century wartime periods are often excluded from long-run pictures of economic growth
The charts above exclude WWI and WWII. Twentieth century warfare generated extreme outcomes immediately before,
during and afterwards. Before wars, mobilization efforts often went into overdrive, boosting production way above
sustainable levels. The war itself brought devastation that was often broader that that seen during the 18th and 19th
centuries. And afterwards, rebuilding from a devastated base generated spectacular growth booms that petered out once
they ran their course. Consider the case of France to grasp the magnitude of destruction and eventual rebuilding:
** During WWII, the Germans stripped France of millions of its workers, either as prisoners of war (around 2 million of
them) or as 'voluntary' workers. The lack of volunteers to work for the Germans was enough of a problem to cause the
Vichy government to pass a law in November 1942 that effectively deported workers to Germany, where they represented
as much as 15% of the entire German-domiciled labor force by 1944. Many of them worked in a Krupp steel works plant
in Essen.
** The Germans also stripped 20% of the French food supply, and took direct control of production which was
synchronized with German war needs. With the food supply chain in shambles, civilians suffered shortages of basic
consumer goods. Rationing of 1,300 calories per day (the Germans had seized half of the meat) led to malnourishment and
disease, and to farmers diverting a lot of what was

left to black markets. Farm production fell in half due to a lack of fuel,
fertilizer and workers.
Notes
[a] Charles Gave of Gavekal Research has written a fascinating, brief essay on the politics of Europe (entrepreneurs vs
rentiers and statists), and how local currencies used to work regarding the financing of within-country entitlements and
transfers. This equilibrium was maintained since private sector salaries were linked more to the Deutschemark than to
domestic currencies.
Sources
Bernard Connolly, "Recalcitrant current accounts and a collapsing austerity strategy: can the ECB hold the line",
Hamiltonian Advisors, February 25, 2013
Charles Gave, "Down with Reform", Gavekal Research, February 26, 2013
Francoise Berger, "L'exploitation de la Main-d'oeuvre Francaise dans l'industrie Siderurgique Allemande pendant la
Seconde Guerre Mondiale", Revue D'histoire Modeme et Contemporaine", 2003
E M Collingham , "The Taste of War: World War Two and the Battlefor Food", 2011
Kenneth Moult "Food Rationing and the Black Market in France (1940-1944)", 2010
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contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing
or recommendation by anyone unaffiliated with JPMorgan Chase & Co. ofany ofthe matters addressed herein orfor the purpose ofavoiding U.S. tarrelatedpenalties. Note that J.P. Morgan is not a licensed insurance provider.
The material containedherein is intended as a general market commentary. Opinions expressed herein are those ofMichael Cembalest and may differfrom those ofother
J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not be treated as such. Further, the views expressed herein
may digerfrom that contained in J.P. Morgan research reports. The above

summary/prices/quotes/statistics have been obtainedfirm sources deemed to be reliable, but
we do not guarantee their accuracy or completeness. any yield referenced is indicative and subject to change. Past performance is not a guarantee offuture results.
References to the performance or character ofour portfolios genera4 refer to our Balanced Model Portfolios constructed by J.P Morgan. h is a proxyfor client
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EFTA01188406

May 12, 2026 at 10:15 PM

Tom

@tomiespera.bsky.social

I was proud like a god back then 😑 14,99.- DeutscheMark

May 8, 2026 at 10:12 AM

Ch@rlie🚂The🏳️‍🌈Gn4rly

@charliethegnarly.bsky.social

i'd buy zat for a deutschemark!

May 4, 2026 at 12:40 AM

Will Cooling

@willcooling.bsky.social

But that's an even worse example than Churchill because Lawson wanted to join ERM but Thatcher blocked him, so he improvised by shadowing the DeutscheMark

I think if you want to say that this crisis is not specially focused on Trump you'd be better saying that many people are already blaming Israel

April 29, 2026 at 10:49 AM

Antique Collector

@bashirahmed57.bsky.social

German Bank Note
Design belongs to 3rd series of Deutsche Mark
issued late 80s.
Tribute to Germany’s 50 Deutsche Mark featuring Johann Sebastian Bach blends art, culture & economic legacy.
one iconic note💶
#DeutscheMark #Germany #Banknote #CurrencyCollection #Numismatics #OldMoney #Collectibles

April 28, 2026 at 6:31 AM

gozion

@ravnica11.bsky.social

i check it from time to time, & the dollar is indeed losing value. if i remember correctly, the deutschemark was worth more than the dollar when i travelled to berlin several times in the 90s.

March 28, 2026 at 8:10 PM

TodoPrecio.com

@todoprecio.com

1 Deutschemark 1971 | Alemania

La moneda 1 Deutschemark 1971 de Alemania es una pieza histórica del periodo de mayor estabilidad económica alemana. Fabricada en cuproníquel y con el icónico diseño del águila federal, representa el legado del marco alemán antes del euro y es ideal para…

1 Deutschemark 1971 | Alemania

La moneda 1 Deutschemark 1971 de Alemania es una pieza histórica del periodo de mayor estabilidad económica alemana. Fabricada en cuproníquel y con el icónico diseño del águila federal, representa el legado del marco alemán antes del euro y es ideal para coleccionistas de monedas europeas.

todoprecio.com

January 25, 2026 at 3:36 PM

fuck every word

@fuck.ispost.ing

fuck Deutschemark

January 25, 2026 at 10:00 AM

azadar.bsky.social

@azadar.bsky.social

I'd sooner believe that Germany will invent a bond-based crypto deutschemark than that it will exit the eurozone ;)

December 28, 2025 at 6:36 PM

lexande

@lexande.bsky.social

Bulgaria's currency had already been pegged to the Euro (and before that the Deutschemark) since 1997. Inflation in Romania in the 1990s never got quite as bad as in Bulgaria so sacrificing flexibility for lower inflation was never quite as appealing.

December 27, 2025 at 8:51 PM

vociferously rambunctious emination

@dubyapeigh.bsky.social

Bessent the Soybean farmer helped George Soros tank the British pound by betting against its artificially high exchange rate with the German deutschemark

As soybean farmers do

October 26, 2025 at 6:47 PM

Longtail News

@longtail-news.bsky.social

Feed: "Live Jazz Lounge"
By: livejazzlounge on Wednesday, September 17, 2025

Final Countdown #66: Jean-Luc Ponty – Deutschemark Rundfunks, Köln, February 1969

…

livejazzlounge.com

September 19, 2025 at 1:05 AM

Live Tapes

@livetapes.heads.social.ap.brid.gy

Final Countdown #66: Jean-Luc Ponty – Deutschemark Rundfunks, Köln, February 1969 https://livejazzlounge.com/concert/2025/09/17/final-countdown-66-jean-luc-ponty-deutschemark-rundfunks-koln-february-1969/

Final Countdown #66: Jean-Luc Ponty – Deutschemark Rundfunks, Köln, February 1969

Jean-Luc Ponty (vl) Wolfgang Dauner (p) Eberhard Weber (db) Bernard Lubat (drs). Live at Deutschemark Rundfunks, Köln 1969 (Visited 8 times, 8 visits today)

livejazzlounge.com

September 17, 2025 at 3:10 PM

aiteall.bsky.social

@aiteall.bsky.social

Like their Far Right allies in the US, they denounce the Euro, call for the return of a gold-backed Deutschemark, demand an end to migration, and cutting welfare.

August 20, 2025 at 3:17 PM

OnThePaepae

@peteraranyi.bsky.social

New: As I watched the PBS doco on Hannah Arendt the other day, I recorded the audio. Last night I pointed my AI audio transcriber of choice, MacWhisper by Jordi Bruin, at the mp3 and was surprised to see it transcribe AND TRANSLATE TO ENGLISH speech excerpts by you know, Adolf Hitler, in German.

Excerpt from audio transcript of PBS documentary on Hannah Arendt:
"...that the history of Jewish assimilation in Germany would come to an end.
Suddenly we have hyperinflation.
The unemployment, which is already a problem, turns into a crisis.
The world is not only wobbling, it's shaking violently.
The Deutschemark loses all of its value, and people are angry.
They feel like they have been lied to, and they're looking for someone to blame.
HITLER (in German): "When the international financial system is in and out of Europe,
it should be the world's last to stop it.
Thank you for the opportunity to speak with you on the earth,
and with the help of the World Bank,
so that you can stop the Jewish racist in Europe."
Arendt: "The most efficient fiction of Nazi propaganda was the story of a Jewish world conspiracy.
The Nazis acted as though the world were dominated by the Jews,
and needed a counter-conspiracy to defend itself."

July 3, 2025 at 9:43 PM

Daniel Simeone

@dsimeone.bsky.social

I was there a couple of years before final separation, and was very confused when my Serbian dinar were not legal tender in Montenegro. They had just adopted the deutschemark at some point, so by then they were on the Euro.

May 20, 2025 at 6:50 PM