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A list of my articles published on mises.org
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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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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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The transfer of bad debts to the balance sheets of governments and central banks cannot undo the destruction of wealth.
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Juan Ramón 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 problem in Europe (and the USA) is not too much but too little austerity — or its complete absence…
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Is TARGET2 really just an undercover bailout system for unsustainable living standards in Europe’s periphery?
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High public (external) debts and persisting import surpluses are signs of a weak currency.
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As important as it is to dissolve the euro, there are significant exit problems.
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The costs and risks of remaining within the European Monetary Union (EMU) are already immense and rising.
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The highest cost of the Fed policy may be liberty in Europe.
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The question of who will be paying the bill decides the future of the euro. There are several possibilities.
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Today’s banks are not free-market institutions. They live in a symbiosis with governments that they are financing…
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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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Both the Federal Reserve and the European Central Bank are owners of the printing press. They produce base money.
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Should the central bank try to simulate the banking system and stabilize money velocity?
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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 underpricing of risk led Icelandic banks to take on liabilities denominated in foreign currency.
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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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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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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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“By anticipating the future, speculators may bring about events earlier and reduce their potential harm.”…
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It is likely that with the bailout of Greece we have already passed this point of no return.
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“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 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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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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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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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 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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Due to the productivity norm doctrine, writes Phillip Bagus, labor unions disturb the process of capital accumulation.
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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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[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_column_text]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[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_column_text]
Das Geldsystem und der Staat machen uns arm. Artikel auf Telepolis. Antwort auf eine Rezension von Ralph Streck unseres Geldbuches (mit Andreas Marquart).
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_column_text]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”[/vc_column_text][/vc_column][/vc_row]
Artikel in Raum und Zeit mit Andreas Marquart zum Geldsystem: Geld und Staatsmonopol