And the official line in Ireland was -- the official line from the top was, "No devaluation . Devaluation would be the worst thing we could ever possibly do.And if we did that, we would be incredible. And no money would ever come back.
at the very beginning, when you're personalizing the relationship that you have yourself with your own country, there is a kind of a devaluation of your own into, like the devaluation of your creativity of your innovation. It's not assumed that black people participate in this kind of, uh, milieu. So start with that. Where where does
to deal with portfolio managers to say, "This is the policy." And I said, "Only at the Dorchester?" You know, I kind of looked at him, and he said, "There will be no devaluation ." And I felt like saying, "Is that a _____?" It was like standing in front of the dougal, I said, "Oh."
Right? And this year, we've seen a tough year for certain high-value programs. The American devaluations in March, the switch in August you talked about. We of course have always breaking news on Citi and their prestige, and you know, rumors from Chase about everything else.
that's what you have to do. And the new guidance talks about devaluation and gifting and everything. Again, these are just there.
So those are the best areas to really go and learn about that. I don't think there's going to be major devaluations .
So those are the best areas to really go and learn about that. steady. There's no devaluations .
In America, at least, there is a much-commented rise of an adolescent culture that's low on concentration and self-discipline. Relatedly, there has been a striking devaluation of achievement. Witness the denigration of creative figures.
And then, they come back going like this, in their hands, right? And we'll end up having fought this stupid war -- like we did in the devaluation -- because we couldn't accept that we might be wrong, and we couldn't accept that, by being weak,
I mean, 2 or 3x points here and there may not seem like much, but on a whole-- Builds up over time. Yeah. So there are always going to be devaluations . But, you know, if a card devalues so much, a lot of people are thinking about canceling the Prestige next year when those go into affect.
have controls in place and we are eliminating restrictions day by day. Now, the interesting thing is that we have a 2 % monthly devaluation standard and there's international inflation, of course, which means that you then have to subtract two and a half points from the inflation observed by the consumer.
So the idea back then was, we'd said we were Germans, but then of course, the financial markets didn't believe us, so they started speculating against our currency, the 'punt'. And the official line in Ireland was -- the official line from the top was, "No devaluation . Devaluation would be the worst thing we could ever possibly do.
It was like standing in front of the dougal, I said, "Oh." "All right, Ted. No devaluation ." So, And at the time, we didn't know how to think about this now, for all you Googlites. At the time, somebody mentioned something about Powerpoint.
creation of credit, vast, vast budget deficits, the nationalization or semi-nationalization of banks, and -- in the case of the U.K -- a very hefty devaluation , 25, 30 percent, depending whether you're talking about the Euro or the dollar. Now, all those thing together have had an impact -- of course they have -- and the patient is now showing signs of life. But there is a big question about, What happens
So there's got to be an exit strategy from that, and we don't know how the patient will respond. The British economic recovery depends very heavily on exports and import -- competing industries, because they've had a big boost from the devaluation , which is why the tourist industry, for example, is doing well. Some manufacturers are doing very well. But a lot of the export boost -- if that's what it is -- depends on the rest of the world. And it is certainly true that, in many parts
And now we have, uh, the tech sector, which again stereotypically, is centered as the intellectual origins coming from the United States, uh, in Asia. And as you said at the very beginning, when you're personalizing the relationship that you have yourself with your own country, there is a kind of a devaluation of your own into, like the devaluation of your creativity of your innovation.
Now, what made this possible? As I said before, this is the ECB, being Deutschbank Uber Alles, taking inflation and devaluation risk off the table. And also, the Maastricht criteria for Euro gives credible rules against sovereign misbehavior.
But again, those who said that we should devalue at the time were ridiculed. Then, they were violently opposed. But ultimately, every single one of the people who opposed the devaluation in Ireland, included _____, "Oh, sure. We all knew