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Daniel Lacalle: A Spanish Libertarian on Catalonia
Media Asset
Author: Daniel Lacalle Jeff Deist
Online Publish Date:
Category: Big Government, Media and Culture, Strategy
Daniel Lacalle, a Spanish economist and libertarian who runs Mises Hispano , joins Jeff Deist for an in-depth discussion of the facts behind the Catalan independence vote. Daniel makes the  case against secession , based on economics, history, constitutionalism, anti-socialism, and his strong view that independence would result in less freedom for
Does “More Europe” Mean More Government?
Mises Wire
Author: Daniel Lacalle
Online Publish Date:
Category: Interventionism, Global Economy, World History
“And I will pray to a big god, as I kneel in the big church”  —Peter Gabriel Imagine for a moment that you are a British citizen with doubts about  Brexit . You turn on the television and listen to the President of the European Commission, Jean-Claude Juncker, state the following: That the 27 countries of the Union should adopt the euro and be in
The Rise of Zombie Companies — And Why It Matters
Mises Wire
Author: Daniel Lacalle
Online Publish Date:
Category: Money and Banks
The Bank of International Settlements (BIS) has warned again of the collateral damages of extremely loose monetary policy. One of the biggest threats is the rise of “zombie companies.” Since the “recovery” started, zombie firms have increased from 7.5% to 10.5%. In Europe, Bof A estimates that about 9% of the largest companies could be categorized
People’s QE? It’s Venezuela with Tea and Cakes
Mises Wire
Author: Daniel Lacalle
Online Publish Date:
Category: Money and Banking
It is sad to see that, facing the evidence of the failure of demand-side policies and money printing, many commentators propose some of the most outdated and failed policies in modern economic history. In the UK, Mr. Jeremy Corbyn, the new leader of the Labour Party, believes that the government spends too little. With a current 44.4% of GDP
Are Central Banks Nationalising the Economy?
Mises Wire
Author: Daniel Lacalle
Online Publish Date:
Category: Money and Banking
The FT recently ran an article that states that “ leading central banks now own a fifth of their governments’ total debt.” The figures are staggering. Without any recession or crisis, major central banks are purchasing more than $200 billion a month in government and private debt, led by the ECB and the Bank of Japan. The Federal Reserve owns more
Europe’s Unsustainable Welfare State
Mises Wire
Author: Daniel Lacalle
Online Publish Date:
Category: Interventionism, Taxes and Spending
Angela Merkel used to say that “the European Union is about 5% of the world’s population, about 25% of its GDP, and about 50% of global welfare spending”: The real data is more concerning. The European Union is: 7.2% of the World Population. 23.8% of the World’s GDP. 58% of the World’s Welfare Spending. Something has to give. The EU average tax
Draghi Doesn’t See “Bubbles” — Let Me Show You Some
Mises Wire
Author: Daniel Lacalle
Online Publish Date:
Category: Money and Banks
Mario Draghi has again missed an exceptional opportunity to adjust monetary policy. By ignoring the huge risks that are being created from the brutal inflation of financial assets, saying that “there are no signs of a bubble,” the European Central Bank (ECB) remains adamantly focused on creating inflation by decree, denying the effects of
A Look at Uncertainty in the UK, Post-Election
Mises Wire
Author: Daniel Lacalle
Online Publish Date:
Category: Capital and Interest Theory, Money and Banks
The results of the UK elections are unquestionably negative for the economy, bad for investment, bad for the pound, and for a swift Brexit resolution. The UK economy has performed exceptionally well in the past years, even after the Brexit referendum. So well, that international agencies such as the IMF or the OECD had to completely reverse their
Crisis or Stagnation: Why China Cannot Deleverage
Mises Wire
Author: Daniel Lacalle
Online Publish Date:
Category: Financial Markets, Global Economy
The latest figures of the Chinese economy show a third quarter GDP growth of 6.8%, suspiciously in line with the government mandate and consensus estimates. However, it is not the top line that worries me. It is the evidence of debt saturation and diminishing returns of the central-planned model. Chinese total debt has surpassed 300% . In the
Yellen’s Poor Legacy — and Powell’s Challenges
Mises Wire
Author: Daniel Lacalle
Online Publish Date:
The appointment of Jerome Powell as the new chair of the Federal Reserve must be interpreted by the markets as a sign of continuity. He is not the hawk that many market participants feared and neither holds a dovish and dangerous stance. Yellen’s mandate has been widely criticized by many investors and economists. She inherited an economy where