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Daniel Lacalle

Daniel Lacalle, PhD, economist and fund manager, is the author of the bestselling books Freedom or Equality (2020), Escape from the Central Bank Trap (2017), The Energy World Is Flat​ (2015), and Life in the Financial Markets (2014).

He is a professor of global economy at IE Business School in Madrid.

Ranked as one of the top twenty most influential economists in the world in 2016 and 2017 by Richtopia, he holds the CIIA financial analyst title, with a postgraduate degree in higher business studies and a master’s degree in economic investigation. He is a member of the advisory board of the Rafael del Pino Foundation and Commissioner of the Community of Madrid in London.

Lacalle is a regular collaborator with CNBC, Bloomberg TV, BBC, Hedgeye, Seeking Alpha, Business Insider, Mises Institute, and the Epoch Times as well as an occasional consultant for the World Economic Forum, Focus Economics, the Financial Times, the Wall Street Journal, and other major news publications around the world.

All Works

A Government Shutdown Is not the Problem. Public Debt Is the Problem.

Money and Banks


Those who defend the science fiction fallacy of MMT say that if the government cuts the deficit, then the world will run out of US dollars and there will be a global monetary meltdown. This is so ludicrous that it should not even have to be discussed.

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The Dangerous Myth of a "Soft Landing"

Money and Banks


If the only antidote offered to prevent a 2008-style contraction is monetary easing, then the risk of stagflation is even higher. Without drastic cuts to deficit spending, or a recession, the likely outcome is stagflation.

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The Oil-Price Shock Is a Direct Consequence of Interventionism.

The Environment


This is the first time in human history that the energy transition has been decided by politicians without allowing technology, competition, or human ingenuity to come up with a better, more flexible, and more economical alternative.

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The Eurozone: An Example of Failed Keynesianism

Money and Banks


We should not be surprised that credit in the eurozone is falling along with monetary aggregates. The entire burden of monetary normalization is falling on the productive sector, families, and businesses, while many governments continue to increase deficit spending.

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Will the BRICS Dethrone the U.S. Dollar?

Money and Banks


Most BRICS currencies are weak and getting weaker, and creating a new joint  "BRICS currency" won't solve the problem.  Joining together a bunch of weak currencies does not somehow create a strong currency.

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