Monetary policy

Kredit verspielt

Angesichts der Dimensionen der aktuellen Krise nimmt es nicht wunder, dass das Vertrauen in Marktwirtschaft und Globalisierung erschüttert ist. Ob es jemals besonders verbreitet war, ist eine andere Frage. Aber selbst entschiedene Anhänger freier Märkte sind irritiert. [...]

Lack of trust, not lack of cash

There is no economic law that says that share prices should never fall. It would be wiser if central bankers stepped back and let the markets clear up the mess that was first and foremost caused by loose monetary policies. [...]

Disaster of our credit culture

Private and public overspending has fuelled Britain’s economic growth of the past but it is now high time to rid ourselves of our sweet tooth for debt. The Chancellor is right but his words are just a little hollow without an acknowledgement that the Government has contributed to the current credit crisis. The forthcoming comprehensive spending review would be a good opportunity for Mr Darling to follow his words with action. If his own finances were in order, his advice to the private sector would carry greater weight. [...]

A plea for sound money

Strangely enough, although most other kinds of socialism have frequently been attacked by advocates of the free market, the ‘meta-intervention’ of government-created paper money is hardly being called into question. In the long run, however, the destructive effects of false money could be even more disastrous than Soviet-style communism. [...]
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