Let's leave aside the theoretical dispute over the definition of the money supply for a moment and take a closer look at current developments. There are signs that the money supply M2 is growing again in the United States. This is entirely in the interests of the central bank and the state, which are finding it easier to establish credit conditions and facilitate the financing of growing public deficits.

At a global level, we can also assume that the money supply, or credit, will grow faster in view of the situation in China and Europe. The looser monetary policy environment is also making credit conditions for the private sector easier again, with liquidity flowing back into the markets after the shock of 2022. What does this mean for investors? Hard assets, precious metals and commodities are likely to benefit significantly from this development. On the other hand, there are negative macroeconomic developments in the real economy, a significantly weakened consumer and high insolvency figures, which point to possible upcoming shocks. These facts may also motivate monetary policy to take more expansionary measures.