A list of my articles published on mises.org

The Swiss Franc and The Tragedy of the Euro 

FEBRUARY 10, 2015

Economist Philipp Bagus talks with us from Europe about the Swiss franc, the euro, and what the future holds for the debt-laden governments of the Eurozone.

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How the Paper Money Experiment Will End

DECEMBER 13, 2013

A paper currency system contains the seeds of its own destruction. The temptation for the monopolist money producer to increase the supply is almost irresistible. A drastic reduction of government spending and deficits is not very likely either, given the incentives for politicians in democracies…

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Today’s Wealth Destruction Is Hidden by Government Debt

NOVEMBER 21, 2013

The transfer of bad debts to the balance sheets of governments and central banks cannot undo the destruction of wealth.

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The Errors of Keynes

FEBRUARY 7, 2013

Juan Ram&#243;n Rallo’s new book on Keynes’s <em>General Theory</em> provides the most powerful and complete case against Keynes currently available…

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The Myth of Austerity

NOVEMBER 30, 2012

The problem in Europe (and the USA) is not too much but too little austerity — or its complete absence…

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Passing the Bailout Buck

JUNE 15, 2012

Is TARGET2 really just an undercover bailout system for unsustainable living standards in Europe’s periphery?

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The Danger of External Debts

JUNE 5, 2012

High public (external) debts and persisting import surpluses are signs of a weak currency.

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Is There No Escape from the Euro?

APRIL 23, 2012

As important as it is to dissolve the euro, there are significant exit problems.

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The Eurozone: A Moral-Hazard Morass

APRIL 17, 2012

The costs and risks of remaining within the European Monetary Union (EMU) are already immense and rising.

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The Fed’s Swap Bailout of the Eurozone

APRIL 10, 2012

The highest cost of the Fed policy may be liberty in Europe.

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The Future of the Euro

FEBRUARY 23, 2012

The question of who will be paying the bill decides the future of the euro. There are several possibilities.

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Why Is There a Euro Crisis?

NOVEMBER 11, 2011

Today’s banks are not free-market institutions. They live in a symbiosis with governments that they are financing…

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Three Viennas: Old, New, and Virtual

NOVEMBER 8, 2011

Austrians today remain connected to a modern-day Mises circle, thanks to the efforts of the Mises Institute and its cutting-edge and effective use of the tools of the Internet. It unites scholars with the public all year round through technology; it succeeds in providing the world with a “virtual”…

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The Fed and the ECB: Two Paths, One Goal

SEPTEMBER 9, 2011

Both the Federal Reserve and the European Central Bank are owners of the printing press. They produce base money.

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Who’s Afraid of Deflation?

JULY 22, 2011

Should the central bank try to simulate the banking system and stabilize money velocity?

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The EMU as a Self-Destroying System

JUNE 21, 2011

When property rights in money are poorly defined, negative external effects develop. The institutional setup of the euro, with its poorly defined property rights, has brought it close to collapse and can be called a tragedy of the commons.

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The IMF and Moral Hazard

JUNE 3, 2011

The underpricing of risk led Icelandic banks to take on liabilities denominated in foreign currency.

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Two Visions for Europe

FEBRUARY 7, 2011

In order to understand the tragedy of the euro and its history, it is important to be familiar with the two diverging and underlying visions and tensions that have come to the fore in the face of a single currency.

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Will There Be QE3, QE4, QE5…?

DECEMBER 31, 2010

QE2 is a direct response to deficit spending, which obliges the government to issue more bonds. With QE2, the Fed supports the state by buying these bonds. The Fed thereby actively helps the government in its Keynesian policies, which disrupt recovery.

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The Irish Subjugation

NOVEMBER 30, 2010

Before the financial crisis, Portugal, Italy, Ireland, Greece, and Spain had been able to finance their deficits at artificially low interest rates. They all assumed that their governments would be bailed out by other countries of the eurozone in order to preserve the holy European Union.

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The Social Function of Credit-Default Swaps

JUNE 29, 2010

“By anticipating the future, speculators may bring about events earlier and reduce their potential harm.”…

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Have We Crossed the Point of No Return?

MAY 20, 2010

It is likely that with the bailout of Greece we have already passed this point of no return.

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The Bailout of Greece and the End of the Euro

FEBRUARY 11, 2010

“The future of the euro is dark because there are such strong incentives for reckless fiscal behavior, not only for Greece but also for other countries.”…

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The Fed’s Dilemma

OCTOBER 8, 2009

The root of the current financial crisis was an artificially induced boom in the real economy, and asset-price markets that subsequently turned to bust. The bust led to a reduction in the values of many assets owned by banks.

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Iceland’s Banking Crisis: The Meltdown of an Interventionist Financial System

JUNE 9, 2009

Government interventions are at the root of the problem as they disrupt the incentive structure that bankers face, limiting their propensity to abide by this sensible practice. The explicit guarantee by the Central Bank of Iceland altered bankers’ risk preferences, and resulted in the risky…

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The Insolvency of the Fed

FEBRUARY 5, 2009

Only two things can save the Fed at this point. One is a bailout by the federal government. This recapitalization could be financed by taxes or by monetizing government debt in another blow to the value of the currency.

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Can Dikes Be Private?: An Argument Against Public Goods Theory

JUNE 15, 2007

It is striking to realize that dikes were not only built without the state, but also that the dike areas can be regarded as seceding territories, which came close to private-law societies.

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The Problem of Accuracy of Economic Data

AUGUST 17, 2006

The various sources of error that come into play in the social sciences suggest that the error in economic observations is substantial. Morgenstern shows that the solution of a system of economic mathematical equations or econometric models is, due to the quality of the data, completely devoid of…

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Should the Productivity Norm Determine Wages?

MAY 13, 2004

Due to the productivity norm doctrine, writes Phillip Bagus, labor unions disturb the process of capital accumulation.

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The Commons and the Tragedy of Banking

NOVEMBER 12, 2003

It was Mises, before Hardin, who identified the problem of overutilization wrought by public property. The problem is not limited to land ownership, however. In banking, writes Philipp Bagus, common deposit ownership leads to credit expansion and finally the drive to centralized control of money…

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Hier eine Liste mit Links zu meinen Veröffentlichungen zur Eurokrise:

Im Hauptstadtbrief:

Die Tragik Griechenlands – es verlieren beide. Retter und Gerettete. Juni 2015, Nr. 130

In Griechenland entscheidet sich das Schicksal des Euro. März 2015, Nr. 128

125 Jahre gesetzliche Rente – und erste Gedanken für die Zeit danach. Dezember 2014, Nr.  126.

Nicht Wirtschaftswachstum ist ungerecht – es ist das Wachstum der Geldmenge. September 2014, Nr. 124.

Ein Gespenst geht um in Europa – die Deflation. Mai 2014, Nr. 122.

Das Ende der Euroillusion kommt, Dezember 2013, Nr. 119

Ein Herz für Banken, November 2013, Nr. 118

Wie teuer ist Zeit kaufen, September 2013, Nr. 117

Wem es nutzt, wenn die EZB den Geldhahn öffnet, Juni 2013, Nr. 116

Aus der Krise lernen heißt, das Bankwesen zu verändern, Mai, 2013, Nr. 115

Austerität – ein Ammenmärchen, März 2013, Nr. 114

Die Allmächtige oder die Interventionsspirale dreht sich und dreht sich, Februar 2013, Nr. 113

Die Staatsschulden sind nicht gegen die Bankschulden, November 2012, Nr. 112

Scheitert der Euro, gewinnt Europa. September 2012, Nr. 110

Deutscher Staatsbankrott am Horizont, Münchner Merkur, Juni 2012.

Das wirkliche Risiko: deutscher Staatsbankrott am Horizont, Juni 2012, Nr. 109

Mehr Europa Wagen, Dezember 2011, Nr. 105

Der Konstruktionsfehler des Euro, FAZ, 28.01.2013

Europäischer Schuldenmechanismus, FAZ, 06.11.2011

Dei Fehlkonstruktion des Euro, NZZ, 17. August 2011

Nach dem Grexit, The European, 13.06.2012

Frankreich´s unheilvoller Reformboykott, Frankfurter Zukunftsrat. Juni 2012

Die Zukunft des Euro, Frankfurter Zukunftsrat 2012

Das Geldsystem und der Staat machen uns arm. Artikel auf Telepolis. Antwort auf eine Rezension von Ralph Streck unseres Geldbuches (mit Andreas Marquart).

Hier eine Liste meiner Beiträge auf www.misesde.org, dem deutschen Mises Institut:

17.07.2015 – Die Tragik Griechenlands – es verlieren beide, Retter und Gerettete

08.05.2015 – Keine Angst vor Deflation 

15.04.2015 – In Griechenland entscheidet sich das Schicksal des Euros

04.02.2015 – Die Griechen zerstören die deutsche Vormachtstellung in der EU endgültig (Interview)

07.01.2015 – 125 Jahre gesetzliche Rente – und erste Gedanken für die Zeit danach

17.11.2014 – Die Folgen der Nullzinspolitik

13.10.2014 – Es ist Zeit für eine Geldwende

18.04.2014 – Konsequenzen und Mythen von Preisdeflation

11.04.2014 – Preisdeflation ist kein gesamtwirtschaftliches Problem

09.12.2013 – Wie das Papiergeld-Experiment enden wird

04.12.2013 – Die Staatsschulden versperren den Blick auf die Zerstörung der Vermögen

11.11.2013 –  Die Bankenunion: Der Steuerzahler soll insolvente Banken retten

21.10.2013 – Der “Marktsozialismus” ist eine unmögliche Quadratur des Kreises

12.08.2013 – Über die Ursache von Konjunkturen und wirtschaftlichen Krisen (Videobeitrag)

24.07.2013 – Wem es nutzt, wenn die EZB den Geldhahn öffnet

25.03.2012 – Kann der Euro überleben?

04.02.2013 – Die Irrtümer von Keynes

12.11.2012 – Die kommende Entwertung des Papiergeldes

25.10.2012 – “Das staatliche privilegierte Teildeckungsbankensystem destabilisiert die Marktwirtschaft.”

19.10.2012 – Der Euro wird zur Lira

12.10.2012 – Es geht auch ohne Geldschöpfung – für ein stabiles Finanzsystem

03.10.2012 – Interview: “Massenproteste, Sitzblockaden und Hungerstreiks bleiben Fehlanzeige.”

06.08.2012 – Frankreichs unheilvoller Reformboykott, Spaniens unheilvolle Rettung…

30.06.2012 – Was steckt hinter TARGET2?

16.06.2012 – Die Gefahr der Auslandsverschuldung

08.05.2012 – Interview über TARGET2 und die Zukunft der Eurozone

27.04.2012 – Zwangsgeld und externe Kosten

14.04.2012 – Die Undercover-Rettung der Eurozone durch die Fed

01.04.2012 – Interview über “Griechenland, Spanien und das Treffen mit Ron Paul”

16.03.2012 – Der Segen expansiver Geldpolitik ist kein Segen

09.03.2012 – Mit der Bazooka gegen den Untergang

14.02.2012 – Wie Robinson reicher wird

05.02.2012 – Interview über das Buch “Die Tragödie des Euro”