Burg Wachter sees home safe sales +25%


Germany’s leading home safe company Burg- Wachter is reporting a sharp increase in demand for home safes, +25% to be precise. It’s main competitor is reporting similar and business is so brisk they’re on 24hr production. With the ECB at NIRP, it’s most venerable financial institution, Deutsche Bank sinking to record lows, German citizens are taking their cash into their own hands. Even Commerz reported that building a new vault was cheaper than storing money at ECB

In Switzerland, rich customers are already being slugged with negative interest rates by banks so many are choosing to use third party insurers to  guarantee cash stored at home for 1/5th the cost.

The Swiss luckily have the option to store cash with CHF1000 bills, something EU citizens can’t do as the ECB banned €500 bills recently to stop hoarding. Which begs the question of how far down the road to oblivion central banks are. To stop at nothing to try force expenditure by raising the cost of saving. So out of tune are they with citizens lacking confidence in them central banks are playing chicken with a freight train that doesn’t want to derail.

I’m still concerned at how aloof many seem on social media channels that we live in prosperous times. One person suggested I fly to NY to see reality myself because clearly the spin in the Aussie news cycle must be filling my head with wrong notions about how bad I believe it is. That’s the problem with asset bubbles – it is when people still believe it isn’t one.

Mad I keep warning, no other country has Japan’s culture of group sacrifice yet central banks keep thinking Japan sets the benchmark for how things will turn out. How wrong they will be.

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