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“The Third Reich made it its mission to use the authority of the state to coordinate efforts within industry to devise standardized and simplified versions of key consumer commodities. These would then be produced at the lowest possible price, enabling the German population to achieve an immediate breakthrough to a higher standard of living. The epithet which was generally attached to these products was Volk: the Volksempfaenger (radio), Volkswohnung (apartments), Volkswagen, Volkskuehlschrank (refrigerator), Volkstraktor (tractor).34 This list contains only those products that enjoyed the official backing of one or more agencies in the Third Reich. Private producers, however, had long appreciated that the term ‘Volk’ had good marketing potential, and they, too, joined the bandwagon. Amongst the various products they touted were Volks-gramophone (people’s gramophone), Volksmotorraeder (people’s motorbikes) and Volksnaehmaschinen (people’s sewing machines). In fact, by 1933 the use of the term ‘Volk’ had become so inflationary that the newly established German advertising council was forced to ban the unlicensed use of the term.”

EconomyThird ReichVolk
Book:The Wages of Destruction: The Making and Breaking of the Nazi Economy
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“To purchase a Volkswagen, customers were required to make a weekly deposit of at least 5 Reichsmarks into a DAF account on which they received no interest. Once the account balance had reached 750 Reichsmarks, the customer was entitled to delivery of a VW. The DAF meanwhile achieved an interest saving of 130 Reichsmarks per car. In addition, purchasers of the VW were required to take out a two-year insurance contract priced at 200 Reichsmarks. The VW savings contract was non-transferable, except in case of death, and withdrawal from the contract normally meant the forfeit of the entire sum deposited. Remarkably, 270,000 people signed up to these contracts by the end of 1939 and by the end of the war the number of VW-savers had risen to 340,000. In total, the DAF netted 275 million Reichsmarks in deposits. But not a single Volkswagen was ever delivered to a civilian customer in the Third Reich. After 1939, the entire output was reserved for official uses of various kinds. Most of Porsche’s half-finished factory was turned over to military production. The 275 million Reichsmarks deposited by the VW savers were lost in the post-war inflation. After a long legal battle, VW’s first customers received partial compensation only in the 1960s.”

EconomyThird ReichVw
Book:The Wages of Destruction: The Making and Breaking of the Nazi Economy
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“By 2008 the Bush administration had lost the battle. And the financial crisis clinched the impression of disaster. It was a stark historical denouement. In the space of only five years, both the foreign policy and the economic policy elite of the United States, the most powerful state on earth, had suffered humiliating failure. And, as if to compound the process of delegitimatization, in August 2008 American democracy made a mockery of itself too. As the world faced a financial crisis of global proportions, the Republicans chose as John McCain's vice presidential running mate the patently unqualified governor of Alaska, Sarah Palin, whose childlike perception of international affairs made her the laughingstock of the world. And the worst of it was that a large part of the American electorate didn't get the joke. They loved Palin.”

George W BushUs Foreign PolicySarah PalinGlobal Financial CrisisUs Economic Policy
Book:Crashed: How a Decade of Financial Crises Changed the World
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“When Germany and Russia signed the first Nord Stream pipeline deal in 2005, enormously increasing the flow of Gazprom's gas to the West, it was denounced by Poland’s foreign minister as a second coming of the Hitler-Stalin Pact that had sealed Poland’s fate in 1939. When Moscow tweaked Ukraine’s gas prices over the winter of 2005-2006, it only confirmed the Poles’ worst fears.”

Russia Ukraine War
Book:Crashed: How a Decade of Financial Crises Changed the World
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“The idea, in the wake of the savings-and-loans disaster, was to spread risk outward from those immediately involved in lending to mortgage borrowers and to attract investors by turning mortgages into securities that offered a wide range of yield-risk profiles. And it worked. In 1980, 67 percent of American mortgages had been held directly on the balance sheets of depository banks. By the end of the 1990s, the risks involved in America’s system of long-term, fixed interest, easy repayment mortgages were securitized and spread across a much wider segment of the financial system”

Mortgage CrisisSecuritizationUs Financial Crisis
Author:Adam Tooze
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