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Podcast: Thorsten Polleit
Episode: Ep. 337 | BUNDESBANK WITH RECORD LOSS—DESPITE HUGE GAIN ON GOLD POSITION
Description: 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...