They were the ''heroes'' of stability during the GFC: The germans with their tough stance on stable public finance.

But now anything changed! The final breach of the German debt brake was the last proof that there can be no political brakes on debt in a fiat money system. Politicians have the incentive to expand the state apparatus with a growing mountain of debt until it collapses under its weight. We can already see how central banks are reacting to this scenario: monetizing government debt while keeping government refinancing costs low and allowing a crowding out of the private sector which is experiencing credit deflation. Time for hard assets.