On February 25, 2025, the Deutsche Bundesbank, Gernmany’s central bank, presented its annual report for 2024, revealing a loss of 19.2 billion euros. Is that a lot? Yes, in fact it is a huge loss. It is equivalent to 7.2% of the Bundesbank's equity capital and almost half a percentage point of Germany's GDP. It is the first loss since the 1970s (when the Bretton Woods system collapsed, and the Bundesbank had to write off the market value of its US dollar reserves). The Bundesbank’s loss should remind us that fiat money is literally ruining an economy. This is well-known both in theory and in practice. And if the Bundesbank’s loss in 2024 makes you think that something is wrong with our money, with the euro, then you can be sure that your feeling is not misleading. And so, I close with the words of the US economist Irving Fisher, who wrote that irredeemable paper money (that is, fiat money like the euro) has always proven to be a curse for the economies that use it. Recorded 25 February 2025.

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📙"LUDWIG VON MISES - Leben und Werk für Einsteiger"

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📕"GELDREFORM - Vom schlechten Staatsgeld zum guten Marktgeld"

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| Immanuel Kant (1724–1804)