Günter Hannich has already written several books precisely on this economic topic, and all of them are a prediction of a future catastrophe in the economic and financial sphere. Currently, the writer "specializes" in catastrophes caused by the single European currency, reports Deutsche Welle.
The book opens with a quote from Lenin stating that the self-destruction of capitalism - the decay of capitalism - will begin with the destruction of national currencies. The chapter titles draw attention: "Euro and the Future Economic Crisis," "Euro - a Question of War and Peace," "Euro - the Path to Catastrophe."
Günter Hannich preaches one and the same main theory, to which he fits any fact. This theory is as follows: the current financial system in the West is doomed, it is heading for collapse. And all crises - of the First World War, before and after the Second World War - are not accidental but subject to the laws of logic. The main problem, in the author's opinion, is debts and credits that arise in the current Western system. He explains this by the so-called "compound interest" - when someone lends money, receives interest on it after a year, and then reinvests the proceeds at interest. As a result, capital growth turns out to be faster than real economic growth. The economy begins to suffocate under the weight of debts. Capital tries to find new objects for investment on the stock exchange. A stock market rise occurs, followed by its inevitable fall. Then comes crisis and deflation. They are the causes of a big war, which results in the destruction of material assets, and a chance appears for new investments in the real economy. This is his theory explaining the First and Second World Wars.
The last chapter of the book is devoted to specific recommendations. However, these recommendations are primarily intended for residents of Germany, as is the book itself. Hannich says that in a future crisis, the most important thing is the liquidity of savings. You should think about being able to quickly turn your investments or deposits into cash. Another piece of advice is to keep money in several banks, because if your bank goes bankrupt, you will have the opportunity to save at least part of your savings. He also advises not to invest in the US dollar, since America is also on the verge of a crisis, although the author is silent on how this squares with the future crisis of the euro.
Günter Hannich does not advise investing money in the Japanese yen and discourages investments in real estate. Because in historical perspective, as the author shows, real estate also fell sharply in price during crises. He recommends not going into debt. Günter Hannich advises keeping cash and buying gold. He also recommends buying the Swiss franc. In principle, Günter Hannich emphasizes that the safety of savings should be more important than profitability. Overall, in all his advice, he proceeds from his main position: a global economic crisis lies ahead, no one can protect themselves from it, and we all must prepare for it.