That was a brief interlude! Real interest rates in Germany are falling back into negative territory, ending the failed experiment of positive real interest rates. If we take the realistic inflation rate as a basis and not the figures issued by the state and its institutions, the real interest rate falls much further into negative territory. In this state, the fiat money system cannot absorb positive real interest rates and there is a threat of liquidity shortages and high insolvency rates at every turn. As the largest economy in the eurozone, Germany is setting the pace and showing where the journey is heading - money is being devalued in order to repair ailing public finances at the expense of the middle class.