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Der Krise entkommen – das Geld privatisieren / Escaping the crisis – privatise money

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  • Polleit Thorsten

Abstract

The international credit crisis, which began in the summer of 2007 in the US market for low-rated mortgages („subprime“), is not a failure of capitalism: it gives evidence of the failure of interventionism. At its core, the crisis is the direct outcome of a planned-economy style monetary system in which state-owned central banks hold the money supply monopoly and increase the money stock through credit which is not backed by real savings. The privatisation of the monetary system (“free banking”) is the way out of a vicious cycle of boom-and-bust, provoked by government money, which seriously threatens societal freedom.

Suggested Citation

  • Polleit Thorsten, 2009. "Der Krise entkommen – das Geld privatisieren / Escaping the crisis – privatise money," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 60(1), pages 317-324, January.
    • Handle: RePEc:bpj:ordojb:v:60:y:2009:i:1:p:317-324:n:16
    DOI: 10.1515/ordo-2009-0116
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    References listed on IDEAS

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    1. Hoppe, Hans-Hermann, 1994. "How Is Fiat Money Possible?--or, the Devolution of Money and Credit," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 7(2), pages 49-74.
    2. Roger W. Garrison, 2004. "Overconsumption and Forced Saving in the Mises-Hayek Theory of the Business Cycle," History of Political Economy, Duke University Press, vol. 36(2), pages 323-349, Summer.
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