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sero sed serio

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The scene is in Germany, 1949, in Bavaria. There is a wall on the centralm place of the town.
"Beneath the heraldic coat of arms — a decorative nonsense —, there was an inscription. It read "Sero sed serio", which was latin for "We're richer than you are".

I'm totally lost with that one. Sero sed serio means "Late, but in earnest". I can't see the link — even ironic — with "We're richer than you are".
Does anyone of you see anything more in it ?

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