by Simon Black
Heike Hoffman is a 54-year old fruit merchant in a small town in western Germany.
She has no formal training in finance. She’s not running a multi-billion dollar portfolio.
And yet, as the Wall Street Journal reported on Monday, “[w]hen Ms. Hoffman heard the ECB was knocking rates below zero in June 2014, she considered it ‘madness’ and promptly cut her spending, set aside more money, and bought gold.”
She’s right. It is madness.