From 1789 to 2012 - A short History of Common Currencies
8 February 2012. About 50 German speaking guests followed the invitation by the Economic Department of the German Embassy to attend the „German Business Roundtable“ in the residence of the Ambassador. The hot topic of the evening was the economic situation in Europe and Malaysia. A short introduction was made by Ambassador Dr. Gruber, after which Mr. Axel Gross, Deutsche Bank, gave an interesting overview of the political and economic implications of the European debt problems and of the global economic trends in general. Mr. Gross made an interesting reference to the year 1789. The first Secretary of Treasury of the new USA, Alexander Hamilton, faced a similar problem as Europe does today. Mounting debt in a number of States, a deep division between the North and the South, and the question whether the new union should pay the debt of individual states.
Hamilton, together with Washington, were convinced that the new country and the new currency would only be taken seriously if the United States ensured that all debts will be honoured.
After that very informative presentation, the buffet was openend and the guests continued with lively discussions until late into the night.
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