institutional money hoarders like pension funds and insurances. they're legally obligated to invest only in minimum risk papers. like government bonds. a good part is bought by the central bank, with freshly printed money. that practice is called "quantitative easing" and is a good measure against systemic demand shortages because it allows the public sector and its related industries to absorb private sector overproduction and so keep the private sector running smoothly. but we don't have demand shortages. we have systemic supply shortages. try ordering a car, a tool machine, any complex locally manufactured product and you're put on a waiting list. like bread lines, but on a large industrial scale. the political correct euphemism for that shortage economy is "supply chain issues". quantitative easing during chronic supply shortages is a very bad idea. it inflates the prices of the already scarce goods and it leads the government into a debt spiral that it cannot outgrow. the only remaining option will be strict austerity, minimal public spending, de facto collapse of the public sector and all related services and industries. the american oligarchs tell their fans that this is a good thing because it allows people who don't consume public services much to increase their personal net worth faster. american oligarchs can afford to leave the us and live somewhere safe from one day to another. their working class fans cannot, they are bound to the land and they go to hell with it.
Germany