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Vladimir Lenin, Russia’s
Communist revolutionary, famously observed that the “best way to destroy the
capitalist system is to debauch the currency.” This crucial component of the Marxist-Leninist prescription for the West’s demise is now being implemented by many leading central banks. Low to negative interest rate policies in many countries wreak havoc with the markets and break down social classes. They ravish the savings of the middle class in particular
Prince Michael of Liechtenstein
President Mauricio Macri of Argentina, who was elected last October, has quickly set out to show how much his administration differs from that of his predecessor, Cristina Fernandez de Kirchner. Much of the attention has focused on its determination to end the country’s complex set of price controls, subsidies and exchange rate restrictions. But his most significan...
Dr. Joseph S. Tulchin
European leaders have long known that the main danger posed by the refugee influx is political backlash. This threat was explicitly recognized by Guenther Oettinger, Germany’s representative to the European Commission, during a press conference on December 30, 2015. “The European Union has learned to overcome crises,” he said. “But the number of unstable or populis...
Professor Stefan Hedlund
At the end of November, the International Monetary Fund (IMF) announced that from October 2016 the Chinese yuan will be part of the basket of currencies that defines the Special Drawing Right (SDR), the accounting unit the organisation uses to carry out financial operations. The immediate practical effects will be minor. Being part of a unit of account means all bu...
Professor Enrico Colombatto