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As a Dutchman I can confirm that the very notion of allowing yourself to fall into debt willingly was basically all but physically beaten out of me. Even now the idea of borrowing money for any reason other than extreme emergency makes me feel sick.
That’s probably something we should fully adopt in the US. Too many people rack up thousands in credit card debt and get loans for cars they can’t afford.
@@GeographyGeek The debt registration system in the Netherlands prevents banks and financial institutes to loan you more money than you can afford to pay back.
Aversion of debt is a very Dutch thing, though maybe now less then it was historically. It is even ingrained in the language. The dutch word "schuld" can be translated in english as debt, but also as fault, blame or guilt.
Talking about debt, uploaded said he did discuss a bit of history about Dutch in the US (I haven't been able to watch TH-cam a lot, so have some backlog with many videos. But a thing that's often overlooked by people knowing their history of the US (not the ones who dig deep like Geography Geek etc.) was the loan after the US declared independence. John Adams came to the Netherlands as an envoy. It sure is an interesting relationship between the two, one of our (non-formal) colonies were the first to salute an American vessel sailing past or to St. Eustachius/Statia, according to wiki it now was 'the first international'. Other sources say it didn't count. On the loan, I never really found or looked that wlel for if the money was paid back, if not, it's okay, when European countries got Marshall Aid, we got a larger sum per capita than other countries :) TY (of course in own benefit of US as well, no trade otherwise and even if it wasn't for nuclears on Japan, they weren't liked by AMericans prior to WWII. Oh yeah, before I post this, sorry for long post, not sober...at all. Plus it's fun to see videos like this (Now have time again) certainly when it's something about your own country. I like geography, politics, history in general but on TH-cam there are such great channels (or podcasts when it comes to politics, David Pakman to name one, it helps that I'm a Dutch middle/lefty myself, but even when I would be voting right wing, he does not really fills in the blanks but has a cynical way of bringing up notable statements or other daily stuff, MSNBC has some great shows like Chris Hayes who also have that cynism in his humor) Ok, drifting off way too much here. Cheers! And happy new year in couple of days! Damn it, one final thing again (the text below was already pasted, the reason I think they lend money is because we hated the British back then. We had 3 Anglo Dutch wars on the North Sea prior to 1776 and the 4th would start in 1780. They had nothing else to do with their ships since Americans pushed them away. They were still in Canada. It's also the reason Russia not only wanted to sell Alaska for money they needed very urgent, it would be a buffer between them and the English in Canada. English were what the French are now. But I see both Canada got independence in 1867 and Russia sold Alaska just 1 month prior to that. DOn't know if there is a relation between those two? Because I don't want to lookup things anymore now, just chilling and watch vid. Cheers! Copy paste three sources: -- 1-- 'On November 16, 1776, the 14-gun American brig Andrew Doria commanded by Captain Isaiah Robinson[13][12] sailed, flying the Continental Colors of the fledgling United States, into the anchorage below St. Eustatius' Fort Oranje. Robinson announced his arrival by firing a thirteen gun salute, one gun for each of the thirteen American colonies in rebellion against Britain. Governor Johannes de Graaff replied with an eleven-gun salute from the cannons of Fort Oranje (international protocol required two guns fewer to acknowledge a sovereign flag). It was the first international acknowledgment of American independence.' -- 2 -- Dutch bankers believed in the promise of the world’s newest republic, and loaned America 5 million guilders, or $2.1 million, an amount that sounds small when viewed through a present-day lens."However, when compared to America’s gross domestic product back then and today, that 5 million guilder loan would be as impactful as a $150 billion loan today. (Sidenote, I went and looked for currency conversions from year to euros' or dollar, but the calculation was in a footnote: The initial loan of 5 million guilders (or $2.1 million) was roughly 0.8% of GDP. If a loan of this size relative to GDP (0.8% GDP) would be issued today (US GDP in 2016 $18.57 trillion), it would amount to $150 billion. (2.1 / 76.1 * 30% = 0.83%). -- 3 -- Adams went to Amsterdam in the summer of 1780 to find political and financial support in the Republic of the United Netherlands for the American revolt against the British. His sons John Quincy (13), Charles (10) and Robert (8) accompanied him. For some time he lived at 529 Keizersgracht. Initially Adams had little foothold in Holland, and in any case the bankers did not dare to lend without sanction from the States General. They were, however, sympathetic to the endeavor, while the stadholder was English-minded. Adams understood little of Dutch relations. He no longer saw the Dutch as an "example to the world," but everywhere he discerned "smallness" stemming from "the preoccupation with nickels and dimes that pervades the whole people. To his minister John Jay, he wrote: "The deliberations of this people are the most inscrutable I have ever witnessed."[3] When the tide seemed to be turning in favor of the insurgents, the Republic was ready to establish diplomatic ties with the United States as the second state after France. Thus, on April 19, 1782, Adams was accredited as an envoy to the US. In June he succeeded in obtaining a loan from Amsterdam merchants and bankers worth five million guilders, a considerable sum at the time. (A syndicate was formed between the Staphorsts, the Willinks and De la Lande & Fijnje to organize a loan to the United States.) It was the first foreign loan to the US. In October 1782, Adams signed a treaty of friendship and commerce between his country and the Republic on behalf of the US. After the signing of the peace between the U.S. and England at Versailles in 1783, at which he was present, Adams became the first envoy to London (1785), with The Hague as a subsidiary post. In 1788 he returned to the US. In 1987, the John Adams Institute was founded, based in Amsterdam and focused on cultural exchange between the Netherlands and the US.
@@nlx78 To add to this. The 13 gun salute (one for every state) was replied to with a 11 gun salute because the Netherlands at the time had 11 provinces. (One gun for every province). Nowadays there are 12 provinces, the 12th is Flevoland and it is reclaimed land from to sea.
As a Dutchman: you have money or you don't. But you do not talk about it, let alone brag about it. Showing off your money is for people who have no class. You also stay out of debt. If you hit the rocks, you still don't talk about it, mostly out of shame. People I know who hit the rocks did go as far as to refuse help getting back on track, because the perception is you did not spend your money wisely and so shame is a major issue. And if you do succeed to help someone, you don't talk about it. You do it, but talking about it is equal to bragging.
It's changing though and that's mostly because of the increase of foreign cultures in our country. Cultures that seemingly love to brag about things they can't actually own, but borrow or loan just to show off... Personally I find that so incredibly stupid, but I do notice that the dutch youth likes to follow this trend. Certainly now in the era of influencers....
I'm Dutch and with respect to emphasis on conformity rather than standing out: we have proverbs like: "Tall trees catch the most wind", "don't stick your head above the corn field", and "act normal, that's already strange enough". And about debts: I have been brought up with the notion that you can't spent money that you don't have.
It is actually ''maaiveld'' (= mowing/harvesting field), not ''maisveld'' (=corn field). If you stick your head out above the crops when they are harvesting, it will be cut off like the crops.
@@Dylan-sp7oc *debt ;-) And buying a house is an investment. Unlike e.g. a car, a house increases generally in value. So it is a quite safe collateral. Like mine over the past 10 years.
Just as other Dutchmen commenting, i never was in debt and are now retired with a nice collection of oldtimers i bought from the ‘over profit’ i did not invest back in my building business. The good news for America is that all 16 of them are American Classics from the ‘50’s! I just love the styling and comfort of those landyachts that are about as old as i am. By the way, i live just 26kms from De Bilt… Cheers from Holland and i enjoy your video’s so i subscribed some time ago. Keep it up!
Shout out to Staten Island! Also, my family was very good friends with an immigrant Dutch couple and the wife was a force to be reckoned and they lived very frugally.
Great video and loved all the maps! Dutch people don't really learn about the Vanderbilts, I have done some research because Anderson Cooper made me want to know who Gloria Vanderbilt was, but this was a great in depth analysis.
I’m an American with Dutch roots living in The Netherlands. My ancestors were part of the wave of Dutchies populating New Amsterdam back in those times. This was really interesting to watch … really appreciated the maps. As someone who has lived in both places, although in these times, I can say your comments about the Dutch ring true to me.
Thanks for the acknowledgement of the dutch heritage in the US!:-) I love to revel in chauvinism on my birthday, on my own, in "hard lockdown", i feel warmth from afar! Greetings from (old) Amsterdam, Holland, the Netherlands.
Nee, We hebben het ook niet over de onderdrukking van het Nederlandse volk als we het hebben over Spanje, Frankrijk of Duitsland die ons allen bezet hebben. We hebben het ook niet over mijn Germaanse voorouders die tot slaaf gemaakt werden door de Italianen in de Romeinse tijd. Wat er gebeurde in die tijd was verschrikkelijk, maar geen reden om er nu in te blijven hangen. Maak er het beste van Link Bombchu, ook als je je achter gesteld voelt.
Being born in the Netherlands and raised by parents that are entrepreneurs their whole life, I can say my dad is all about leverage with debt (in business) and my mom isn't. I think that combination made them quite successful early on. Though, debt for consumer products they both agree is dumb.
I was wondering when someone would bring in the notion of investment and leverage with debt … I will say that buying a house is a way many, many Dutch people make investment in money that will come.
As a Dutchman, I'd say that debts with a certain level of risk vs reward ratio are actually beneficial in the long term. The risk of a certain level of debt is also dependent on the relative amount of cash that you keep to withstand the fat tail risks. Or, your specific loan conditions and rate characteristics. If these risks are managed well, eventual long term retuen on equity/your wealth might subsantially increase. Considering we have quite some inflation right now (which you could also see as an indirect type of an interest payment on your money), having taking certain types of debt might not be such a bad idea after all.
As a Dutchman who grew up around wealthier people, yes the rich Dutch don't like to flounder their money. The most they do is put it in their house or, if they have too much money, a nice car. And when anyone compliments your house you say that it is the bank's house or you just got lucky and how great full you are for your situation etc. Altough that is changing with the younger generations. I think that has to do with americanisation and flex culture (also from the USA but worthy of mentioning separately) but my theory is based on anecdotal evidence.
Yes, thinking about selling my house, take the profits and buy a boat to live on. Really hate having a mortgage and I hate to have debt. Don’t know if it’s typically Dutch but I’m a Dutchman and I can confirm it holds for me. But most people here have a mortgage on their houses because the housing market has been overheated for a long time. Young people can’t even get a mortgage these days. It’s a bloody shame. But I’m not worried about those things anymore when I live on my boat without debt.
@@sandtx4913 yeah maybe...but a nice 45 foot sailboat offers plenty of space and it’s easier to get away from it all for longer periods of time. The only thing is, I haven’t sailed before 😂 so maybe I’ll have to settle for a motor boat or a camper...
@@MrRickkramer you can always start learning how to sail, although this weather might not be the nicest. There's probably a combination possible of a sailboat with an engine. Anyways good luck whatever you choose. I'll be packing my stuff, moving out of my mortgaged home off to a warmer destination maybe by motorhome hopefully this year. Ik ben wel klaar met het hectische slaafse stadsleven. Tijd voor avontuur en vrijheid.
Pay note! The mindset that made Vanderbilt such a wealth creator, was so different to today's Dutch mindset of "The government will do it: don't try to do, something yourself: the government is so much better than you are." We're feeling how good (desirable) the government is, in the (frankly democidal) corona-response.
At least for me and my family, we dont ever really fall into any kind of debt. Even if you know that you get paid the amount back in a month, you dont pay until you have it. Showing of your wealth is also something kind of frowned upon in the NL, especially when it's about excessive stuff you dont NEED instead of just happening to have an expensive version of something
Yes personal debt is frowned upon. The only debt that’s ok is Morgan’s debt. And now perhaps student loans. But that’s it. Car loans are especially looked down upon
As a dutch person I can say saving and doing stuff without debt is the old dutch mindset. Sadly enough that isnt really smart this day anymore in a keynesian system and because of the quantitative easing meassures by different governments so these days dutch households (especially mortgages) have the highest debt in the world. So these days (depends on what kind of meassurement you look at) that mindset isnt really the case anymore.
@@tim3440 I clearly stated in the long term. Though house value was at a peak in 2008 and dropped after that, this drop has been compensated and even those houses had a higher value within a few years.
@@tim3440 I bought my house in 2000, it is now (2021) worth double that value. The people you mention bought when the market was booming and at its peak. there will always be times when value drops, but in the long run, real estate is a good (although slow) investment.
@@ronaldv_tm I hope you realise that homes arent appreciating at all. Nor is the ground appreciating on average at all... The currecy we calculate the worth is simply deflating... Homes and ground are inflation hedges. If you dont trust me just look at the case schiller index and look at the average rate of inflation each year and the average home price growth... Until 2006 it walked perfectly in line... 2008-2012 it dropped until that exact rate... The only time right know (for the second time) that home prices are above inflation is at this day and age...
I live in the northern part of Belgium, in Antwerp Brabant (Vlaanderen). And the debt aversion is also applicable here. Only time you should get in debt is when buying a house, nothing else. Maybe, to certain extent also a car. But that’s really it. I’m an entrepreneur, and also here I started it with my own savings.
@Back2 Nature We do know, the golden age of the Netherlands started thanks to the fall of Antwerp, even during that period Flanders and Brabant were the wealthier parts of the low lands. And even today dutchmen are flooding Antwerp giving us all their money. (Waiting for triggered hollanders, you guys knows I’m just having a laugh xD).
Same here..execpt for the car...it is a terrible investment. And cars are more expensive in the Netherland then in Belgium (We're "neighborgs", living in the western part of North Brabant 😉)
Interesting. As being raised in the Netherlands, debt aversion and saving up isn’t so much a Dutch trait actually. Belgians (where we live today) generally have a higher savings account actually, as well as Germans compared to the Dutch. I dare say that the traits of debt aversion and saving up are very much North-West Mainland European attributes. You just don’t take a loan for commodity items as it is pretty idiotic to do so. However, car loans have not been that uncommon in the Netherlands actually since the 1990s. The Anglo-Saxon mindset is pretty much short term thinking, whilst the North-West Mainland European one is mostly towards long term.
As a Dutch man myself, I can say that the current government is doing everything to demolish our culture. Strong opinions and individuality, is not profitable.
My experience with people's opinion on having a debt/loan is that the general opinion is shifting. People above 35-40 tend to have as little debt as possible, however the younger generation seems to have less of an issue with it. Younger people private lease cars, 1200 euro smartphones are payed off in a 2 year contract, even beds and couches are being bought with a loan nowadays. The older generation is more in the lines off 'first save money, than buy stuff', so am i. As for showing off wealth, when i worked as an accountmanager i had several clients that made their higher management drive in f.e. Skoda's instead of Audi's, even though they where in the same price/lease bracket. Most of them did this following the conclusion of a study, being that in production industries the output of the floor personel was 3 to 7 (!) percent higher when the management drove in cheaper looking/less showoff cars. Apart from this study there have been polls amongst the population for decades, probing the sentiment on this matter. Which basicly never changes: the majority of the workforce will work less hard, the more the management shows off . 'Die verdienen al genoeg', seems to be the most common opinion.
Veen Helemaal mee eens! Beman de schepen! We gaan op pad en pakken terug wat ooit van ons was........ ( Ik moet wel even aan mijn vrouw vragen of ze het goed vindt dat ik " er even tussenuit" ben).......
I’m first generation Dutch-American, the son of a Dutch father and mother. They were and I am a dairy farmer and our family goes back hundreds of years as dairy farmers. I would go out on a limb and say the majority of dairy farmers here in th U.S. are of Dutch ancestry. I don’t know if farmer’s in the Netherlands carry debt but farmerss of Dutch heritage here in the U.S. sure do!
Well the parlement in The Netherlands is going crazy. The CO2 needs to be reduced so they are blaming farmers for it. So only the bigger farms will stay and others will have to go unfortunately. Everything gets very expensive for them with small profits.
I'm actually from de Bilt, the little town near Utrecht were the Vanderbilt name apparently came from. It's something i've thought about in the past but never bothered tot look up.. Thanks for the awesome video! Best wishes, Ineke uit de Bilt (or Ineke Vanderbilt🤭🤣)
I heared that "Yankees" come from the English folk calling the inhabitants of NY that way as a slur. It would have derived from "Jan Kaas" (John Cheese). History is awesome
To all my fellow Dutchies on how we hate going in to debt: We have one of the highest personal debt to gdp ratio's in the world. And to those who say: but that's due to our mortgages! those don't count! i reply: That is exactly what someone completely depended on debt would say.
I am half Dutch … I hate ANY debt , and now that I’m single ( and plan to stay that way ) I live debt- free and happy ! Praise God . AND I have (3) boxes of Stroopwafels in my pantry !
Netherland has the largest PRIVATE DEBT pro capita in the world, coz of half a century of mortgage interest tax deductions (which even applies to villas and it causes all homes to be more expensive than in foreign regions across the border) Netherland has a lower national debt than other EU countries but that's not hard given 4 decades of gas exports.
yes oldskool Dutch hate personal debt and are pretty frugal avoiding conspicuous consumption...The Vanderbilts are distant relatives of my family...I personally hate debt ; neither a lender nor borrower be,
I don’t know why my parents taught me this lesson so young, but I believe I was still a young child when my parents told me “never spend money you don’t own.”
Am Dutch myself, but TIL we have a strong aversion to debt. Historically it makes sense, considering the double meaning of the word "schuld" (fault/debt), but I've personally been raised pretty open to debt. Dutch directness, however: 100% true, literally everyone can confirm that, and I love it.
Funny to see you link it all to being Dutch. They're a frugal/practical/ down to earth people. One thing you've not mentioned is the fact the Dutch have been 'tolerating' other religions and ethnicities when it suited them financially/in trade throughout history.... As long as the 'other' didn't bother them with their believes. Could that also be said about Vanderbilt? Because the Dutch are nowadays way less religious then their US descendents I think...
I agree that the Dutch don't do debt mostly. I myself was brought up by a mother whom worked in the store of my grandparents we both have an entrepreneur diploma and she taught me that you only loan money in order to buy a house, because that's an investment. So my only debt right now is my mortgage on my house but when I sell it I have more than 100K profit now. In the rural north of Holland to lend money for luxery goods is still something that is considered shameful by most people.
Currently, the Dutch hold one of the highest household debt per Capita in the world. Why? We have high house ownership with high mortgages. In short, the Dutch are not debt averse.
I read that it was the Dutch who showed British business and government how to raise money. The first thing the British then did was build 300 naval warships, which turned them into a super power overnight.
Nice video!! I knew he had Dutch heritage but we don’t learn anything about “colonial” history.. To answer the question; Dutch are really opposed to debt indeed, (on average though, there are outliers who even take loans to buy the newest iPhone 🙈). This “Dutch austerity” mainly originated from Calvinism, a more quilt based and frugal form of protestantism that was invented in France but was the dominant religion in the Netherlands from its independence till after WW2
The guy got rid of the spaces between the name. His name would be Van der Bilt in Dutch. He somehow felt to change it I think. This gives me a feeling of him wanting to accumulate to English culture.
Anglesize is what happens in 🇺🇲 as newcomers historically felt need to assimilate (that's over now,w/the new arrivals from the south & middle east: they feel no collective need of blending,just herd urge to collude & segregate themselves from the rest of🇺🇲).Our Dutch President Theo. Roosevelt commented about how un-American this is & the danger posed by immigrants separating themselves from the rest of🇺🇲
What folks are saying about the Dutch and debt is generally true. But funny enough Dutch people have one of the highest level of personal debt in Europe which is due to mortgages and the deductible interest on the mortgage. So people hate debt but secretly have a lot of it
I’m a Dutch in pure .. my ancestors came from Brabant the van Oers a ferry old fam and one of the rules with us is … no loans no debt .. so financial freedom.. to build are own wealth .. 🙏🏽🤑it’s in my blood
These days things have changed a bit but through generations the Dutch were well known to always save before you spend some and live sober. Even when the Minister of Foreign Affairs of the US visited our Prime Minister Willem Drees right after WW 2 to see if the money that was given from the marshall plan to the Netherlands was well spend he just could not believe his eyes and ears when tea was served and he got just one bisquit with it and heard that our Prime Minister was going to his work every day by bike and it was clear to him that the Dutch were no big spenders.
Al those traits sound pretty Dutch to me! Dutch moral nr 1: “doe maar normaal dan doe je al gek genoeg!” “Just act normal thats crazy enough!” Literally translated The directness is still a thing in the Netherlands. As it is in modern New York. Happy to see we still have some influences
Yes and no on how Dutch look at debt. In the latest generation, getting into debt is less of an issue than in older generations. Especially since "shopping from home" became a thing around the 80's I would say, with stores you could buy from out of a big book (Dutchies surely remember Otto and Wehkamp) and later of course internet shopping. Getting into debt used to be either for major things like homes and cars or because something dramatic happened in your life (loss of job/home etc). An example of this might be the lack of Credit Card use among the Dutch. It is extremely hard to even get one and most people don't even want one. Personally my current debt is a tenner to a friend and even that annoys me.
😅 The attempts by my countrymen to confirm the notion that we Dutch are generally avoiding debt is moving, yet untrue. The Netherlands is world famous when it comes to collective mortgage debt. Thanks for this interesting and educational video! 👍
You are correct. However, the mortgage debts does have collateral (the house) where in other countries people have debts for all sorts of things without any collateral or on assets that devalue over time (car, phone etc), where mostly a house increases in value
"Pas op: Geld lenen kost geld" This is what we have in commercials about loaning money, or paying stuff afterwards or installment payments. Beware: Loaning money costs money. So our culture compared to the US is a little different when it comes to debt(s).
Confirmed, most Dutch stay away from personal debt. A mortgage and student loan are the only loans most Dutch will take these days, paying them off as fast as possible is seen as wise over here.
Yea we dutch don't like debts nor interest rates. We take on morgages when buying a house, or for other big expenses, but for the most part we see it as a wastefull risk that is bound to get you in trouble later. But you know, we live in a care-state that provides and guarantees a lot of basic needs, for which for instance in America you have to pay for. Education is a right (and obligation) for all, payed for by the state untill your 18th. Also it is mandatory to have a health insurance and a personal accountability insurance so the bills are less high or completely accounted for when you need care or cause damage. Although these insurance companies are privatised in stead of state-owned since a year or 12 because that would stimulate market growth, but their coverage becomes less and less for more money. So we've had less need to loan money, but in exchange for this security we have less freedoms. America, I'm sure, is still the land of opportunity because of the fewer regulations.
6:55 I would say no. It's common for people to go deep into debt to buy a house here, to name just one reason. Our private debt statistics are high compared to most Western countries including the USA. don't just listen to Dutch people that flatter themselves on this front. The statistics tell a different story.
Vanuit de bilt in Utrecht! ... wie had dat gedacht he Groeten uit Maastricht 😉 Bilderberg hier ook iets mee te maken toevallig? Vanderbilt University’s turn to Rottschilds university's etc 🥳🥳 Van Rockefellers naar Rottschilds etc .. Het spel monopoly is eigenlijk geniaal he
Its the way I was raised: if you don’t have the money, you can’t buy it. If you want it, you have to save money for it. Of course I have a mortgage but that’s the only debt.
It's not that the Dutch do not like debt. They do not like to spend money when it's not needed. Thrify wrould be better to describe it. The Dutch owe the relative highest debt in mortgages possibly in the world.. But credit cards to pay for daily expenses is very uncommon (debit cards are not..). Next to that they like to save money. Why would you buy something when you do not have the money and when you do not need it right away? It would simply be more expensive to buy.
The Dutch are still one of the biggest investors in the US. Also they own the largest Pension Funds and are of the eight owners of the general system banks of the World of finance. Modest but standing talk:-)
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As a Dutchman I can confirm that the very notion of allowing yourself to fall into debt willingly was basically all but physically beaten out of me. Even now the idea of borrowing money for any reason other than extreme emergency makes me feel sick.
as a dutch person, i do agree with the debt and the directness thing. though "modest and simple", lol no. can't agree with that.
same, parents said the only reason one should even consider taking out a loan is to buy yourself a house and nothing more
That’s probably something we should fully adopt in the US. Too many people rack up thousands in credit card debt and get loans for cars they can’t afford.
@@GeographyGeek The debt registration system in the Netherlands prevents banks and financial institutes to loan you more money than you can afford to pay back.
Same, my dad warned me against taking on debt.
Aversion of debt is a very Dutch thing, though maybe now less then it was historically. It is even ingrained in the language. The dutch word "schuld" can be translated in english as debt, but also as fault, blame or guilt.
Talking about debt, uploaded said he did discuss a bit of history about Dutch in the US (I haven't been able to watch TH-cam a lot, so have some backlog with many videos. But a thing that's often overlooked by people knowing their history of the US (not the ones who dig deep like Geography Geek etc.) was the loan after the US declared independence. John Adams came to the Netherlands as an envoy. It sure is an interesting relationship between the two, one of our (non-formal) colonies were the first to salute an American vessel sailing past or to St. Eustachius/Statia, according to wiki it now was 'the first international'. Other sources say it didn't count. On the loan, I never really found or looked that wlel for if the money was paid back, if not, it's okay, when European countries got Marshall Aid, we got a larger sum per capita than other countries :) TY (of course in own benefit of US as well, no trade otherwise and even if it wasn't for nuclears on Japan, they weren't liked by AMericans prior to WWII.
Oh yeah, before I post this, sorry for long post, not sober...at all. Plus it's fun to see videos like this (Now have time again) certainly when it's something about your own country. I like geography, politics, history in general but on TH-cam there are such great channels (or podcasts when it comes to politics, David Pakman to name one, it helps that I'm a Dutch middle/lefty myself, but even when I would be voting right wing, he does not really fills in the blanks but has a cynical way of bringing up notable statements or other daily stuff, MSNBC has some great shows like Chris Hayes who also have that cynism in his humor) Ok, drifting off way too much here. Cheers! And happy new year in couple of days!
Damn it, one final thing again (the text below was already pasted, the reason I think they lend money is because we hated the British back then. We had 3 Anglo Dutch wars on the North Sea prior to 1776 and the 4th would start in 1780. They had nothing else to do with their ships since Americans pushed them away. They were still in Canada. It's also the reason Russia not only wanted to sell Alaska for money they needed very urgent, it would be a buffer between them and the English in Canada. English were what the French are now. But I see both Canada got independence in 1867 and Russia sold Alaska just 1 month prior to that. DOn't know if there is a relation between those two? Because I don't want to lookup things anymore now, just chilling and watch vid. Cheers!
Copy paste three sources:
-- 1-- 'On November 16, 1776, the 14-gun American brig Andrew Doria commanded by Captain Isaiah Robinson[13][12] sailed, flying the Continental Colors of the fledgling United States, into the anchorage below St. Eustatius' Fort Oranje. Robinson announced his arrival by firing a thirteen gun salute, one gun for each of the thirteen American colonies in rebellion against Britain. Governor Johannes de Graaff replied with an eleven-gun salute from the cannons of Fort Oranje (international protocol required two guns fewer to acknowledge a sovereign flag). It was the first international acknowledgment of American independence.'
-- 2 -- Dutch bankers believed in the promise of the world’s newest republic, and loaned America 5 million guilders, or $2.1 million, an amount that sounds small when viewed through a present-day lens."However, when compared to America’s gross domestic product back then and today, that 5 million guilder loan would be as impactful as a $150 billion loan today.
(Sidenote, I went and looked for currency conversions from year to euros' or dollar, but the calculation was in a footnote: The initial loan of 5 million guilders (or $2.1 million) was roughly
0.8% of GDP. If a loan of this size relative to GDP (0.8% GDP) would be issued today (US GDP in 2016 $18.57 trillion), it would amount to $150 billion. (2.1 / 76.1 * 30% = 0.83%).
-- 3 -- Adams went to Amsterdam in the summer of 1780 to find political and financial support in the Republic of the United Netherlands for the American revolt against the British. His sons John Quincy (13), Charles (10) and Robert (8) accompanied him. For some time he lived at 529 Keizersgracht.
Initially Adams had little foothold in Holland, and in any case the bankers did not dare to lend without sanction from the States General. They were, however, sympathetic to the endeavor, while the stadholder was English-minded. Adams understood little of Dutch relations. He no longer saw the Dutch as an "example to the world," but everywhere he discerned "smallness" stemming from "the preoccupation with nickels and dimes that pervades the whole people. To his minister John Jay, he wrote: "The deliberations of this people are the most inscrutable I have ever witnessed."[3]
When the tide seemed to be turning in favor of the insurgents, the Republic was ready to establish diplomatic ties with the United States as the second state after France. Thus, on April 19, 1782, Adams was accredited as an envoy to the US. In June he succeeded in obtaining a loan from Amsterdam merchants and bankers worth five million guilders, a considerable sum at the time. (A syndicate was formed between the Staphorsts, the Willinks and De la Lande & Fijnje to organize a loan to the United States.) It was the first foreign loan to the US. In October 1782, Adams signed a treaty of friendship and commerce between his country and the Republic on behalf of the US.
After the signing of the peace between the U.S. and England at Versailles in 1783, at which he was present, Adams became the first envoy to London (1785), with The Hague as a subsidiary post. In 1788 he returned to the US.
In 1987, the John Adams Institute was founded, based in Amsterdam and focused on cultural exchange between the Netherlands and the US.
@@nlx78 To add to this. The 13 gun salute (one for every state) was replied to with a 11 gun salute because the Netherlands at the time had 11 provinces. (One gun for every province). Nowadays there are 12 provinces, the 12th is Flevoland and it is reclaimed land from to sea.
Our government seems to think differently about this
Same thing in Danish - never thought of that! Interesting
Geef niet uit wat je niet hebt.
There is an expression that explains a lot:
“ the Brits are too polite to be honest and the Dutch are too honest to be polite “
The Brits aren't that polite tho
Did they kill their barbers back then
@@eeeesyywuwiz2836 I think all European nations are direct and rude.
@@yurichtube1162 you haven't heard our curse words.
wasting my time by not being direct is rude
@@yurichtube1162
As a Dutchman: you have money or you don't. But you do not talk about it, let alone brag about it. Showing off your money is for people who have no class. You also stay out of debt. If you hit the rocks, you still don't talk about it, mostly out of shame. People I know who hit the rocks did go as far as to refuse help getting back on track, because the perception is you did not spend your money wisely and so shame is a major issue. And if you do succeed to help someone, you don't talk about it. You do it, but talking about it is equal to bragging.
It's changing though and that's mostly because of the increase of foreign cultures in our country. Cultures that seemingly love to brag about things they can't actually own, but borrow or loan just to show off... Personally I find that so incredibly stupid, but I do notice that the dutch youth likes to follow this trend. Certainly now in the era of influencers....
Ok! Now i know for sure iam Dutch 😂
As a Dutchie yes to everything. Have a stroopwafel
🤣🤣🤣 stroopwafel fixt alles
@@ElienTjenn Sambal bij?
Lekker stroopwafeltje
Vooral Limburg, de beste provincie
A stroopwafel a day keeps the doctor away. 🤣
I'm Dutch and with respect to emphasis on conformity rather than standing out:
we have proverbs like: "Tall trees catch the most wind", "don't stick your head above the corn field", and "act normal, that's already strange enough".
And about debts: I have been brought up with the notion that you can't spent money that you don't have.
Additionally, the word for debt in our language is the same as the word for guilt.
So so true proverbs
It is actually ''maaiveld'' (= mowing/harvesting field), not ''maisveld'' (=corn field). If you stick your head out above the crops when they are harvesting, it will be cut off like the crops.
And yet we have the most dept per capita. Every house in the netherlands is bought with money from the bank. Or did you save up the € 350.000?
@@Dylan-sp7oc *debt ;-)
And buying a house is an investment.
Unlike e.g. a car, a house increases generally in value. So it is a quite safe collateral.
Like mine over the past 10 years.
Just as other Dutchmen commenting, i never was in debt and are now retired with a nice collection of oldtimers i bought from the ‘over profit’ i did not invest back in my building business.
The good news for America is that all 16 of them are American Classics from the ‘50’s!
I just love the styling and comfort of those landyachts that are about as old as i am.
By the way, i live just 26kms from De Bilt…
Cheers from Holland and i enjoy your video’s so i subscribed some time ago.
Keep it up!
It is even the language: In Dutch the word for debt is the same as guilt. So, you will feel guilty in debt.
Both guilt and blame
Shout out to Staten Island!
Also, my family was very good friends with an immigrant Dutch couple and the wife was a force to be reckoned and they lived very frugally.
Great video and loved all the maps! Dutch people don't really learn about the Vanderbilts, I have done some research because Anderson Cooper made me want to know who Gloria Vanderbilt was, but this was a great in depth analysis.
Thank you! I actually just started his book on the Vanderbilt’s.
I’m an American with Dutch roots living in The Netherlands. My ancestors were part of the wave of Dutchies populating New Amsterdam back in those times. This was really interesting to watch … really appreciated the maps. As someone who has lived in both places, although in these times, I can say your comments about the Dutch ring true to me.
Hey Mary.
😘
Kind regards Kobus the Netherlands
In the Netherlands the banks do not give their customers an overdraft facility.
Thanks for the acknowledgement of the dutch heritage in the US!:-) I love to revel in chauvinism on my birthday, on my own, in "hard lockdown", i feel warmth from afar! Greetings from (old) Amsterdam, Holland, the Netherlands.
Nog van harte van nog iemand uit 020. 🥳
Zullen we het ook even over de andere dingen hebben die er in die periode door ons is gedaan?
Nee, We hebben het ook niet over de onderdrukking van het Nederlandse volk als we het hebben over Spanje, Frankrijk of Duitsland die ons allen bezet hebben. We hebben het ook niet over mijn Germaanse voorouders die tot slaaf gemaakt werden door de Italianen in de Romeinse tijd. Wat er gebeurde in die tijd was verschrikkelijk, maar geen reden om er nu in te blijven hangen. Maak er het beste van Link Bombchu, ook als je je achter gesteld voelt.
Being born in the Netherlands and raised by parents that are entrepreneurs their whole life, I can say my dad is all about leverage with debt (in business) and my mom isn't. I think that combination made them quite successful early on. Though, debt for consumer products they both agree is dumb.
I was wondering when someone would bring in the notion of investment and leverage with debt … I will say that buying a house is a way many, many Dutch people make investment in money that will come.
As a Dutchman, I'd say that debts with a certain level of risk vs reward ratio are actually beneficial in the long term. The risk of a certain level of debt is also dependent on the relative amount of cash that you keep to withstand the fat tail risks. Or, your specific loan conditions and rate characteristics. If these risks are managed well, eventual long term retuen on equity/your wealth might subsantially increase. Considering we have quite some inflation right now (which you could also see as an indirect type of an interest payment on your money), having taking certain types of debt might not be such a bad idea after all.
As a Dutchman who grew up around wealthier people, yes the rich Dutch don't like to flounder their money. The most they do is put it in their house or, if they have too much money, a nice car. And when anyone compliments your house you say that it is the bank's house or you just got lucky and how great full you are for your situation etc. Altough that is changing with the younger generations. I think that has to do with americanisation and flex culture (also from the USA but worthy of mentioning separately) but my theory is based on anecdotal evidence.
i never knew Grand Central Terminal had Dutch roots, loved the video!
Thank you! Yeah there is actually a statue of Vanderbilt outside of the terminal
Yes, thinking about selling my house, take the profits and buy a boat to live on. Really hate having a mortgage and I hate to have debt. Don’t know if it’s typically Dutch but I’m a Dutchman and I can confirm it holds for me. But most people here have a mortgage on their houses because the housing market has been overheated for a long time. Young people can’t even get a mortgage these days. It’s a bloody shame. But I’m not worried about those things anymore when I live on my boat without debt.
Or a campervan.
@@sandtx4913 yeah maybe...but a nice 45 foot sailboat offers plenty of space and it’s easier to get away from it all for longer periods of time. The only thing is, I haven’t sailed before 😂 so maybe I’ll have to settle for a motor boat or a camper...
@@MrRickkramer you can always start learning how to sail, although this weather might not be the nicest. There's probably a combination possible of a sailboat with an engine. Anyways good luck whatever you choose. I'll be packing my stuff, moving out of my mortgaged home off to a warmer destination maybe by motorhome hopefully this year. Ik ben wel klaar met het hectische slaafse stadsleven. Tijd voor avontuur en vrijheid.
Vanderbilt was typically calvinististic. De Bilt (Utrecht area) had a big calvinistic population. Calvinist are basically the stereotype dutch...
Niet generaliseren, please;-)
Replaced now by islam ☪️.
@@louisdewit4429 een beetje onnodig, Louis
@@grootsChannel - Typisch Nederlands ? U ? Gevangen in nederig pc.
Agree read Max Weber about calvinisme...
Cool. Thanks for sharing.
Great video🙃
Pay note! The mindset that made Vanderbilt such a wealth creator, was so different to today's Dutch mindset of "The government will do it: don't try to do, something yourself: the government is so much better than you are." We're feeling how good (desirable) the government is, in the (frankly democidal) corona-response.
Had no idea that New Utrecht existed. Very fascinating.
As a resident of the Netherlands, I can confirm all that you say about the Dutch in this video. Thank you. Informative and entertaining
Thank you for watching!
At least for me and my family, we dont ever really fall into any kind of debt. Even if you know that you get paid the amount back in a month, you dont pay until you have it. Showing of your wealth is also something kind of frowned upon in the NL, especially when it's about excessive stuff you dont NEED instead of just happening to have an expensive version of something
Yes personal debt is frowned upon. The only debt that’s ok is Morgan’s debt. And now perhaps student loans. But that’s it.
Car loans are especially looked down upon
As a dutch person I can say saving and doing stuff without debt is the old dutch mindset. Sadly enough that isnt really smart this day anymore in a keynesian system and because of the quantitative easing meassures by different governments so these days dutch households (especially mortgages) have the highest debt in the world.
So these days (depends on what kind of meassurement you look at) that mindset isnt really the case anymore.
A house in the Netherlands doesn't drop in value in the long term, it is an investment, and for the last century a good one.
@@dutchman7623 Tell that to people in 2008.
@@tim3440 I clearly stated in the long term. Though house value was at a peak in 2008 and dropped after that, this drop has been compensated and even those houses had a higher value within a few years.
@@tim3440 I bought my house in 2000, it is now (2021) worth double that value. The people you mention bought when the market was booming and at its peak. there will always be times when value drops, but in the long run, real estate is a good (although slow) investment.
@@ronaldv_tm I hope you realise that homes arent appreciating at all. Nor is the ground appreciating on average at all... The currecy we calculate the worth is simply deflating... Homes and ground are inflation hedges. If you dont trust me just look at the case schiller index and look at the average rate of inflation each year and the average home price growth... Until 2006 it walked perfectly in line... 2008-2012 it dropped until that exact rate... The only time right know (for the second time) that home prices are above inflation is at this day and age...
I live in the northern part of Belgium, in Antwerp Brabant (Vlaanderen). And the debt aversion is also applicable here. Only time you should get in debt is when buying a house, nothing else. Maybe, to certain extent also a car. But that’s really it. I’m an entrepreneur, and also here I started it with my own savings.
@Back2 Nature We do know, the golden age of the Netherlands started thanks to the fall of Antwerp, even during that period Flanders and Brabant were the wealthier parts of the low lands. And even today dutchmen are flooding Antwerp giving us all their money. (Waiting for triggered hollanders, you guys knows I’m just having a laugh xD).
Same here..execpt for the car...it is a terrible investment. And cars are more expensive in the Netherland then in Belgium (We're "neighborgs", living in the western part of North Brabant 😉)
Interesting. As being raised in the Netherlands, debt aversion and saving up isn’t so much a Dutch trait actually. Belgians (where we live today) generally have a higher savings account actually, as well as Germans compared to the Dutch. I dare say that the traits of debt aversion and saving up are very much North-West Mainland European attributes. You just don’t take a loan for commodity items as it is pretty idiotic to do so. However, car loans have not been that uncommon in the Netherlands actually since the 1990s. The Anglo-Saxon mindset is pretty much short term thinking, whilst the North-West Mainland European one is mostly towards long term.
As a Dutch man myself, I can say that the current government is doing everything to demolish our culture.
Strong opinions and individuality, is not profitable.
My experience with people's opinion on having a debt/loan is that the general opinion is shifting.
People above 35-40 tend to have as little debt as possible, however the younger generation seems to have less of an issue with it.
Younger people private lease cars, 1200 euro smartphones are payed off in a 2 year contract, even beds and couches are being bought with a loan nowadays.
The older generation is more in the lines off 'first save money, than buy stuff', so am i.
As for showing off wealth, when i worked as an accountmanager i had several clients that made their higher management drive in f.e. Skoda's instead of Audi's, even though they where in the same price/lease bracket.
Most of them did this following the conclusion of a study, being that in production industries the output of the floor personel was 3 to 7 (!) percent higher when the management drove in cheaper looking/less showoff cars.
Apart from this study there have been polls amongst the population for decades, probing the sentiment on this matter.
Which basicly never changes: the majority of the workforce will work less hard, the more the management shows off .
'Die verdienen al genoeg', seems to be the most common opinion.
There is a dutch saying which roughly translates to: "Just act normal, because normal is crazy enough"
I think that covers the general dutch mentality
Yes ,I'm Dutch and hereby I claim our Colony back!
Veen
Helemaal mee eens! Beman de schepen! We gaan op pad en pakken terug wat ooit van ons was........
( Ik moet wel even aan mijn vrouw vragen of ze het goed vindt dat ik " er even tussenuit" ben).......
En onze cultuur de geschiedenis en ons land ....
Agree about the debt statement
Mooie video, dankjewel❤🇳🇱
I am Dutch and yes we are still very opposed towards debt. The only debt that is considered to be okay is either a student loan or a mortgage.
“Gekoloniseerd” -every dutch person who finds this
Dutch: debt for leverage very nice, debt for consumerism and you'll be labeld as the town's fool
Taking on debt is defenitely seen as personal failure here in the netherlands, except if it is done so as part of a profitable investment
Yes, we are raised to avoid debt. But our government, just like the rest of the world, is doing their best to set a bad example..
I’m first generation Dutch-American, the son of a Dutch father and mother. They were and I am a dairy farmer and our family goes back hundreds of years as dairy farmers. I would go out on a limb and say the majority of dairy farmers here in th U.S. are of Dutch ancestry.
I don’t know if farmer’s in the Netherlands carry debt but farmerss of Dutch heritage here in the U.S. sure do!
Modern Dutch farmers also need to take on debt to be as large as they are.
Well the parlement in The Netherlands is going crazy. The CO2 needs to be reduced so they are blaming farmers for it. So only the bigger farms will stay and others will have to go unfortunately. Everything gets very expensive for them with small profits.
The issue isn’t CO2. It is nitrous oxide and methanes (“nitrogen problem”)
I grew up in De Bilt.... But I am today years old when I learned the relation of this OG tycoon's relation to our small boring city!
I'm actually from de Bilt, the little town near Utrecht were the Vanderbilt name apparently came from. It's something i've thought about in the past but never bothered tot look up.. Thanks for the awesome video!
Best wishes,
Ineke uit de Bilt (or Ineke Vanderbilt🤭🤣)
Are you sure? We also have a Het Bildt. This is in the north in Frysĺân.
I heared that "Yankees" come from the English folk calling the inhabitants of NY that way as a slur. It would have derived from "Jan Kaas" (John Cheese). History is awesome
Jan Kees dinner is ready
It was an🇬🇧disparagement:Yankee=🧀breath(as in "Yankee Doodle Dandy"= Overdressed,🧀breath idiot.
To all my fellow Dutchies on how we hate going in to debt: We have one of the highest personal debt to gdp ratio's in the world. And to those who say: but that's due to our mortgages! those don't count! i reply: That is exactly what someone completely depended on debt would say.
You should also take the pension schemes into account and when you do that the balance between assets and liabilities shifts greatly.
But I also know plenty of people who have a paid off home and no other debt. If you only have one debt to pay off it’s much easier to do so.
@@fek8085 all debt is someone else's credit, ofcourse.
You are right mate i'm dutch moved around the world and bought my first home in new zealand without a morgage gosh i hate debt
I like your profile foto :p
Lets go nederlanders voor life
Ez w
What is the name of the painting on 0.09?
I am half Dutch …
I hate ANY debt , and now that I’m single ( and plan to stay that way ) I live debt- free and happy !
Praise God .
AND I have (3) boxes of Stroopwafels in my pantry !
Half dutch ?? Its whole or nothing ..
@@robertvanderzwan2517
Oh wow !
Well will and Irish ☘️ name like -
Van DER Zwan , I can’t argue with the likes of you !
Bla ha ha !!!
Netherland has the largest PRIVATE DEBT pro capita in the world, coz of half a century of mortgage interest tax deductions (which even applies to villas and it causes all homes to be more expensive than in foreign regions across the border) Netherland has a lower national debt than other EU countries but that's not hard given 4 decades of gas exports.
Who built the starforts
Small caveat on the dutch outlook to debt. We do have VERY large mortgages. It is the only debt that we deem okay. Time will tell if it is okay.
Most Dutch people will find a mortgage or a government sponsored low interest student loan the only acceptable form of personal debt.
yes oldskool Dutch hate personal debt and are pretty frugal avoiding conspicuous consumption...The Vanderbilts are distant relatives of my family...I personally hate debt ; neither a lender nor borrower be,
I go even a step further , to pay myself debt free money ( gold/silver coins ) fiatcurrency is money that circulates trough debt .
I don’t know why my parents taught me this lesson so young, but I believe I was still a young child when my parents told me “never spend money you don’t own.”
Geef niet uit wat je niet hebt
Am Dutch myself, but TIL we have a strong aversion to debt. Historically it makes sense, considering the double meaning of the word "schuld" (fault/debt), but I've personally been raised pretty open to debt. Dutch directness, however: 100% true, literally everyone can confirm that, and I love it.
Funny to see you link it all to being Dutch. They're a frugal/practical/ down to earth people. One thing you've not mentioned is the fact the Dutch have been 'tolerating' other religions and ethnicities when it suited them financially/in trade throughout history.... As long as the 'other' didn't bother them with their believes. Could that also be said about Vanderbilt? Because the Dutch are nowadays way less religious then their US descendents I think...
I agree that the Dutch don't do debt mostly. I myself was brought up by a mother whom worked in the store of my grandparents we both have an entrepreneur diploma and she taught me that you only loan money in order to buy a house, because that's an investment. So my only debt right now is my mortgage on my house but when I sell it I have more than 100K profit now. In the rural north of Holland to lend money for luxery goods is still something that is considered shameful by most people.
Well produces video and very interesting 👍thank you!
Thank you!
gotta love the leenstelsel
Happy to see our Dutch roots and to be able to be proud of it. Thanks!
there still power woman in the Nederlands.
Yes 42 and never had a debt only a mortgage. Just bought a car now saving again.
Currently, the Dutch hold one of the highest household debt per Capita in the world. Why? We have high house ownership with high mortgages. In short, the Dutch are not debt averse.
Excellent
I read that it was the Dutch who showed British business and government how to raise money. The first thing the British then did was build 300 naval warships, which turned them into a super power overnight.
Funny. I was also born in De Bilt (where Vanderbilt's ancestor was born).
Nice video!! I knew he had Dutch heritage but we don’t learn anything about “colonial” history.. To answer the question; Dutch are really opposed to debt indeed, (on average though, there are outliers who even take loans to buy the newest iPhone 🙈). This “Dutch austerity” mainly originated from Calvinism, a more quilt based and frugal form of protestantism that was invented in France but was the dominant religion in the Netherlands from its independence till after WW2
Calvin started his branch of Protestantism in Geneva, Switzerland, actually, despite the fact that he was French by birth
@@wtr3059 That’s right I’m sorry
@@Juliotje It's a minor detail, nothing to be sorry about
I live in Utrecht in the Netherlands. The name Vanderbilt comes from the Village of De Bilt.
The guy got rid of the spaces between the name. His name would be Van der Bilt in Dutch. He somehow felt to change it I think. This gives me a feeling of him wanting to accumulate to English culture.
Anglesize is what happens in 🇺🇲 as newcomers historically felt need to assimilate (that's over now,w/the new arrivals from the south & middle east: they feel no collective need of blending,just herd urge to collude & segregate themselves from the rest of🇺🇲).Our Dutch President Theo. Roosevelt commented about how un-American this is & the danger posed by immigrants separating themselves from the rest of🇺🇲
What folks are saying about the Dutch and debt is generally true. But funny enough Dutch people have one of the highest level of personal debt in Europe which is due to mortgages and the deductible interest on the mortgage. So people hate debt but secretly have a lot of it
I’m a Dutch in pure .. my ancestors came from Brabant the van Oers a ferry old fam and one of the rules with us is … no loans no debt .. so financial freedom.. to build are own wealth .. 🙏🏽🤑it’s in my blood
I'm dutch and me and my family are indeed against debt, makes you less independent.
Je kan gewoon Nederlands praten in de comments. Alleen Nederlanders kijken video’s over Nederland.
Maar dat is absoluut niet waar. Ik ben zelfs geen nederlander en het doet me een groom plezier om video’s over Nederland te kijken.
These days things have changed a bit but through generations the Dutch were well known to always save before you spend some and live sober. Even when the Minister of Foreign Affairs of the US visited our Prime Minister Willem Drees right after WW 2 to see if the money that was given from the marshall plan to the Netherlands was well spend he just could not believe his eyes and ears when tea was served and he got just one bisquit with it and heard that our Prime Minister was going to his work every day by bike and it was clear to him that the Dutch were no big spenders.
Al those traits sound pretty Dutch to me!
Dutch moral nr 1: “doe maar normaal dan doe je al gek genoeg!”
“Just act normal thats crazy enough!” Literally translated
The directness is still a thing in the Netherlands.
As it is in modern New York.
Happy to see we still have some influences
No debt.. just scheming your friends.. sounds like a great start of an empire.
Frisian proverb: In liek mon is in riik mon! ( a debt free man is a rich man).
I like this proverb
Yes and no on how Dutch look at debt. In the latest generation, getting into debt is less of an issue than in older generations. Especially since "shopping from home" became a thing around the 80's I would say, with stores you could buy from out of a big book (Dutchies surely remember Otto and Wehkamp) and later of course internet shopping. Getting into debt used to be either for major things like homes and cars or because something dramatic happened in your life (loss of job/home etc). An example of this might be the lack of Credit Card use among the Dutch. It is extremely hard to even get one and most people don't even want one. Personally my current debt is a tenner to a friend and even that annoys me.
😅 The attempts by my countrymen to confirm the notion that we Dutch are generally avoiding debt is moving, yet untrue. The Netherlands is world famous when it comes to collective mortgage debt.
Thanks for this interesting and educational video! 👍
You are correct. However, the mortgage debts does have collateral (the house) where in other countries people have debts for all sorts of things without any collateral or on assets that devalue over time (car, phone etc), where mostly a house increases in value
"Pas op: Geld lenen kost geld" This is what we have in commercials about loaning money, or paying stuff afterwards or installment payments. Beware: Loaning money costs money. So our culture compared to the US is a little different when it comes to debt(s).
Confirmed, most Dutch stay away from personal debt. A mortgage and student loan are the only loans most Dutch will take these days, paying them off as fast as possible is seen as wise over here.
Yea we dutch don't like debts nor interest rates. We take on morgages when buying a house, or for other big expenses, but for the most part we see it as a wastefull risk that is bound to get you in trouble later.
But you know, we live in a care-state that provides and guarantees a lot of basic needs, for which for instance in America you have to pay for.
Education is a right (and obligation) for all, payed for by the state untill your 18th.
Also it is mandatory to have a health insurance and a personal accountability insurance so the bills are less high or completely accounted for when you need care or cause damage.
Although these insurance companies are privatised in stead of state-owned since a year or 12 because that would stimulate market growth, but their coverage becomes less and less for more money.
So we've had less need to loan money, but in exchange for this security we have less freedoms.
America, I'm sure, is still the land of opportunity because of the fewer regulations.
I was born in the Dutch town of De Bilt.
6:55 I would say no. It's common for people to go deep into debt to buy a house here, to name just one reason. Our private debt statistics are high compared to most Western countries including the USA.
don't just listen to Dutch people that flatter themselves on this front. The statistics tell a different story.
1:58 this is a map of the old city centre of Utrecht, not De Bilt
Greatings from Antwerpen,most of the Dutch settlers were from Flanders Belgium,were called Dutch.
Great video!.
What about Gloria? She did really well.
Vanuit de bilt in Utrecht! ... wie had dat gedacht he
Groeten uit Maastricht 😉
Bilderberg hier ook iets mee te maken toevallig?
Vanderbilt University’s turn to Rottschilds university's etc
🥳🥳
Van Rockefellers naar Rottschilds etc ..
Het spel monopoly is eigenlijk geniaal he
Its the way I was raised: if you don’t have the money, you can’t buy it. If you want it, you have to save money for it. Of course I have a mortgage but that’s the only debt.
Its van der bilt, not vanderbilt
its so weird that they kept the name staten in dutch but changed eylant to island, it should've become states island
Also Konynen Eylant became Coney Island.
What’s the difference between having 10 and borrowing 10?
Two 10’s
Dutch have more power than we all think 💁🏻♂️ and they still do.
American: Makes video about the Dutch
Dutch people: Interesting🧐
I'm a Dutchman, and I can confirm everything the Dutchies tell you here in the comments.
Im dutch. Finished my law degree without debts.. an no, no rich parents :D
That’s pretty impressive
@@GeographyGeek thankyouuuu
It's not that the Dutch do not like debt. They do not like to spend money when it's not needed. Thrify wrould be better to describe it. The Dutch owe the relative highest debt in mortgages possibly in the world.. But credit cards to pay for daily expenses is very uncommon (debit cards are not..). Next to that they like to save money. Why would you buy something when you do not have the money and when you do not need it right away? It would simply be more expensive to buy.
The Dutch are still one of the biggest investors in the US. Also they own the largest Pension Funds and are of the eight owners of the general system banks of the World of finance. Modest but standing talk:-)