Again he sees no hope for our economic and financial system, predicts the collapse of the euro and an all-encompassing crash including a cash ban, inflation and hyperinflation, followed by national bankruptcy and the end of globalization. It is about nothing less than the beginning of a new era.
Friedrich is following a simple principle: doomsday scenarios sell better the more dramatically they are presented and the more bad news unleashes the corresponding emotions. Attention at any price: This is the model for success to make it into the bestseller lists of “Bild”, “Stern” and “Spiegel”, among others. Friedrich is not the only one.
But how much substance is there really in such a lurid work? To put it bluntly: there are also good things.
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Even the first sentence “Crises are important, crises are opportunities” makes you want more. Friedrich succinctly summarizes the corona pandemic, during which we became painfully aware of how fragile our highly complex and progressive economic and financial system is. Production and supply chains collapsed. The cluster risks are great, and the highly developed humanity in the industrialized countries has maneuvered itself into dangerous dependencies.
Friedrich immediately spans the big arc of crisis from economic stimulus packages and support programs of the central banks worth billions, including headless activists and overwhelmed politicians.
His conclusion, which is typical of previous books, is: no matter how bitter it may be, everything familiar will no longer exist and will change forever – how we work, how we get around, how and what we shop, how we travel, think, live, pay, invest and produce.
And who knows the right answer to so many insecurities and uncertainties? Marc Friedrich. “In this book, I want to give you instructions on how the cycles work, where we stand, how you can position yourself and how you can prepare yourself financially and mentally for what is to come.”
In short: Friedrich explains the increasingly complicated world – and in part two he also leads us straight to prosperity: with the help of lucrative financial tips.
His way out is: no cash, no bonds, no shares, because even securities are not safe at a bank. Instead: Precious metals, commodities, Bitcoin – “the greatest investment opportunity”. Investors have only experienced just how volatile the cryptocurrency Bitcoin can be in the past few days.
Sales success lies in this simplicity. Everything is black and white, shades of gray and considerations do not exist. Everything is exaggerated and exaggerated. But anyone who thinks that someone who has no idea about business and finance is writing here is greatly mistaken.
Friedrich is no stranger to the commodity super cycle and the Shiller P/E ratio, nor are options, futures and the gold ratio. He skilfully spans the arc of how one crisis leads to the next: financial, euro, refugee, climate, demographic and debt crises – and now the corona crisis as a fire accelerator.
Friedrich is by no means wrong with all his analyzes when it comes to government debt, permanently low interest rates, ETFs and Bitcoin. His forecast of an increasing loss of confidence in paper money and that the central banks will soon have used up their ammunition can certainly be followed.
But the tendency towards the dramatic always dominates. The author, who describes himself as “Germany’s most successful non-fiction author” in the blurb, succumbs to a penetrating, exaggerated self-confidence that extends throughout the book. The outbreak of the pandemic did not come as a surprise to him, but as an expected and programmed crisis – he claims to have known it beforehand.
Lurid, unproven conspiracy theories are even more disturbing. For example, that the Bundestag could have converted the tax identification number into a uniform citizen number so that 51 different authorities can access the linked data in the future. “Now every citizen is completely transparent and the Stasi’s wet dream has become a reality,” concludes Friedrich.
In the end, what remains is the realization: a loud, shrill, but unhelpful book.
More: Investment in Corona times – what is important for stockbrokers now