I went to the ATM to take out 2000 EUR today (about 2200 USD’s worth). The ATM gives me a choice of few bigger bank notes or more smaller ones; I take the smaller ones for use in the shops (we Germans can still pay with cash everywhere.)
But, this amazed me today: ALL OF THE 50 differently-denominated EURO NOTES I TOOK OUT OF THE ATM WERE FRESHLY PRINTED!!! Meaning: People are currently taking out paper currency like mad and store it somewhere!
Now I’ve been doing that for a while but I never had ALL NEW PRINTED NOTES. Meaning my advice of stashing away enough paper currency to stay afloat for a few months has spread into broader society. Meaning – a lot of people feel the imminence of crisis and bank closure!
Related to this, Kyle Bass had a central banker tell him in private: “You know Kyle, quantitative easing only works when you’re the only country doing it.”
And that’s where we are at now: GLOBAL CURRENCY WAR.