Is there a cash ban? The central banks are printing more and more money. Will this lead to a constant devaluation of money? Folker Hellmeyer provides a profound commentary on this. He also analyzes what the central banks’ money printing actually involves. The decisive factor in determining whether money devalues is the speed at which it circulates.
Hellmeyer pleads for a look beyond the western world. And there he sees excellent indicators, especially in the Russian Ruble: 2% growth of the Russian economy, and that with only 13% national debt. If Russia were part of the West, the Ruble would probably be the safest haven par excellence. In the Eurozone, too, the “quality characteristics” of the economy (and thus also of the European currency) are significantly higher than in the US or the UK.
He remains calm when it comes to the cash ban: the existence of cash is anchored in the German constitution. (Note FMW: cash is not directly anchored in the German constitution, but according to constitutional judges, a cash ban would contradict “freedom of contract and private autonomy”). He considers the policy of the central banks and their tendency to ban cash to be an attack on elementary civil liberties.