In
1562, the German town of Mittenwalde loaned the town of Berlin 11,200
guilders at 6% interest, compounded annually. It would now like to be
repaid:
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. [...]
Schmidt and Mittenwalde’s Mayor Uwe Pfeiffer have tried to ask Berlin
for their money back. Such requests have been made every 50 years or so
since 1820 but always to no avail.
Reclaiming the debt would bring significant riches to Mittenwalde, a
seat of power in the middle ages, which now has a population of just
8,800. Red brick fragments of medieval fortifications still dot the
leafy town centre.
The people of Mittenwalde should remember the 111th Rule of Acquisition: Treat people in your debt like family…exploit them.
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