Part I of II – Interview with Fernando del Pino Calvo-Sotelo As 2021 draws to an end, it is a good time for us all to pause for a moment, look back and take stock of the year that is almost behind us. It is especially interesting to recall what…
Campaigns to improve working conditions, union-led protests, strikes for better wages and tensions between workers and employers have always been part of our social, political and economic reality and are really nothing new. After all, the relationship between a person who sells their time and skills and the one who “buys”…
For many months now, the mainstream financial press and market analysts have been anticipating some kind of violent reaction or a “taper tantrum”, based on what they described as “hawkish” statements from the Fed and other central banks. Removing the “crutches” from the economy, by hiking interest rates and stopping the asset purchasing…
Part II of II Unsound money, unsound society Of course, one of the most important and consequential parts of the incredibly complex organism that is the economy is money itself. It is its lifeblood and as the song goes, “it makes the world go round”. Therefore, manipulating the currency itself is…
Part I of II Almost two decades ago, German economist Horst Siebert coined the term the “Cobra effect” to describe the real-world consequences of “well-intentioned” government interventions that go awry and produce the exact opposite results from what they aim for. The term was inspired by an incident that took place in…
After months of outright denials and fiery persistence that inflation is not a problem and never will be, central bankers in the US, the EU and other advanced economies are now being forced to face reality, as well as the consequences of their own actions. Instead of doing that, however,…
Lessons from the Fall of the Roman Empire – Part II of II Gold-backed civilization vs. the Welfare State Many rational economists and students of history have written countless analyses on the gold standard and the terrible impact that its end has had on the world economy. However, as the…
Lessons from the Fall of the Roman Empire – Part I of II The rise and fall of the Roman Empire is arguably one the most studied, written about and theorized over subjects in academia, with fiery debates raging for hundreds of years among historians, sociologists and political scientists. The…
The September 26 election was an extremely close race, with the eyes of the world fixed upon the country as it tried to find the successor of Angela Merkel, one the most influential and longest-serving leaders in Europe. But even after the results came in, the suspense was far from…
Part IV of IV by Claudio Grass The Nixon Shock: The way forward President Nixon’s unilateral decision to sever the last link between the dollar and gold had wide ranging and long lasting consequences for the global economy and for the entire monetary system. The end of sound money facilitated…
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