Major representatives of the European Central Bank—including ECB president Christine Lagarde—continue to warn against bitcoin. In a recent article, addressed to the inflation-adverse German audience, the ECB representative Klaus Masuch together with the former ECB chief economist Otmar Issing has stressed five risks of bitcoin: a lack of
The corona crisis has intensified the discussion about the zombification of the economy; enterprises have become more dependent on government bailouts, loans, subsidies, short-time working benefits, and loans from central banks. Governments around the world claim the measures to be only temporary. Yet Japan’s experience suggests that the reliance
Abstract: This article compares the Keynesian, neoclassical and Austrian explanations for low interest rates and sluggish growth. From a Keynesian and neoclassical perspective, low interest rates are attributed to aging societies, which save more for the future (global savings glut). Low growth is linked to slowing population growth and a
Since the 1980s, slower economic growth in the industrial countries has been accompanied by declining interest rates. They have even turned negative in more recent years. At the same time, investment, productivity, and real GDP growth all have slowed. Recession caused by lockdowns of the economy to fight the corona pandemic in 2020/21 has
In his book Denationalisation of Money , F.A. Hayek argued that governments have never devoted their power to providing proper money over time. They “have refrained from grossly abusing it only when they were under such a discipline as the gold standard imposed.” The gold backing of the US dollar as the global reserve currency was lifted in the
The outcome of today’s currency race is uncertain. The credibility of the leading fiat currencies has suffered substantially. Their instability has fueled crises and weakened growth, so the demand for an alternative store of value is high. Original Article: “ Can the Dollar Survive Both Cryptocurrencies and China? “ This Audio Mises Wire is
Los principales representantes del Banco Central Europeo —incluida la presidente del BCE, Christine Lagarde— siguen advirtiendo contra el bitcoin. En un artículo reciente, dirigido al público alemán reacio a la inflación, el representante del BCE, KlausMasuch , junto con el antiguo economista jefe del BCE, Otmar Issing, ha destacado cinco riesgos
La crisis del coronavirus ha intensificado el debate sobre la zombificación de la economía; las empresas se han vuelto más dependientes de los rescates gubernamentales, los préstamos, los subsidios, las prestaciones laborales a corto plazo y los préstamos de los bancos centrales. Los gobiernos de todo el mundo afirman que estas medidas son sólo
Desde la década de los ochenta, la ralentización del crecimiento económico en los países industrializados ha ido acompañada de un descenso de los tipos de interés. Incluso se han vuelto negativos en los últimos años. Al mismo tiempo, la inversión, la productividad y el crecimiento del PIB real se han ralentizado. La recesión causada por el bloqueo
En su libro La desnacionalización del dinero , F.A. Hayek sostenía que los gobiernos nunca han dedicado su poder a proporcionar un dinero adecuado a lo largo del tiempo. Sólo «se han abstenido de abusar de él cuando estaban sometidos a una disciplina como la que imponía el patrón oro» . El respaldo en oro del dólar americano como moneda de reserva
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