At a press conference early 2023, the German central bank made clear that the soundness of the central bank’s balance sheet is guaranteed by the bank’s gold revaluation account. Wuermeling’s testimony implies the bank is willing to use its gold revaluation account to cover losses.
Irony and hypocrisy rolled into a single policy. The same monetary authority that threw gold under the bus 50 years ago now wants it back to fortify a corrupted fiat balance sheet.
Irony and hypocrisy rolled into a single policy. The same monetary authority that threw gold under the bus 50 years ago now wants it back to fortify a corrupted fiat balance sheet.