Record-High Retail Deposits in Germany: result of lack of financial education
In May, German retail deposits soared to an all-time high of €2.8 trillion.
A third of these assets are sitting in non-interest-bearing current accounts.
Many Germans are trying to do without potential investment returns.
Blindly trusting in their welfare state and the integrity of the European Central Bank - most of German's savings are in cash.
The German government's decision to panic sell its Bitcoin holdings in order to plug some budget holes is also reflected in the savings behavior of German citizens.
Germany probably wanted to plug budget holes with gold
After the panic sale of their Bitcoin holdings, Germany's Federal Finance Minister, Christian Lindner, has hit a wall in his attempt to shore up budget deficits.
Speculation arose that he might turn to the country's vast gold reserves, but the Bundesbank firmly rejected the idea.
Bundesbank President Joachim Nagel stated unequivocally that they will not sell gold, emphasizing its symbolic value and importance as a trust anchor for the public.
With over 3,350 tons, Germany holds the second-largest gold reserves globally, second only to the USA.
The Bundesbank's stance remains clear: "We sell nothing," said Nagel, reinforcing the commitment to holding the gold long-term due to its steady value appreciation.
Additionally, hopes for financial gains from the Bundesbank are dashed as it reported a €21 billion loss last year.
The disorderly, panic-like actions of German fiscal policy indicate that the eurozone as a whole is heading for a serious sovereign debt crisis.
High volatility is now to be expected!
https://www.n-tv.de/wirtschaft/Bundesbank-will-ihren-Goldschatz-behalten-article25075902.html
In addition, a new financial hole of 40 billion euros was discovered in the federal budget just last week
And in Argentina citizens are buying USDT to counter inflation
https://atlas21.com/argentina-citizens-buy-usdt-to-combat-hyperinflation/
While Argentina's president Javier Milei will now seek membership in NATO
By his own admission, he cannot remain neutral here at this point in the face of war.
So is he a libertarian war hero now, or what?
https://www.ukrinform.net/rubric-ato/3883244-argentina-plans-to-send-military-aid-to-ukraine.html