Author: Thorsten Polleit

The US is by far the biggest economy in the world. Its financial markets — be it equity, bonds or derivatives markets — are the largest and most liquid. The Greenback is the most important transaction currency. Many currencies in the world — be it the euro, the Chinese renminbi, the British pound or the Swiss franc — have actually been built upon the US dollar. The world is effectively on a US-dollar-standard, and the US Federal Reserve (Fed) has risen to the unofficial status of the world’s central bank. The rise of the Greenback has to a large extent … Continue reading →

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On 23 June 2016, the people of Great Britain will vote whether to stay in the European Union (EU) or leave it. The pro-EU camp argues that leaving the EU will cost Britain dearly in terms of economic prosperity, financial stability, and domestic security. In fact, people are being told that exiting the EU will bring dismal times to Britain. The anti-EU camp argues that leaving the EU will be good, as it gives Britain freedom to determine its own fate: to decide about taxes, fishing, immigration, and other issues which are of the utmost importance for the economic and … Continue reading →

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Some politicians want to ban cash, arguing that cash is helping criminals. The first steps in that direction are the withdrawal of big denomination notes and the limits imposed on cash payments. Proponents of a ban on cash claim that this will help fight criminal transactions — involved in money laundering, terrorism, and tax evasion. These promises of salvation are used to get the general public to agree to a society without cash. But there is no convincing proof for the claim that the world without cash will be a better one. Even if undesirable behavior is indeed financed by … Continue reading →

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Waiting for Godot is a play written by the Irish novelist Samuel B. Beckett in the late 1940s in which two characters, Vladimir and Estragon, keep waiting endlessly and in vain for the coming of someone named Godot. The storyline bears some resemblance to the Federal Reserve’s talk about raising interest rates. Since spring 2013, the Fed has been playing with the idea of raising rates, which it had suppressed to basically zero percent in December 2008. So far, however, it has not taken any action. Upon closer inspection, the reason is obvious. With its policy of extremely low interest … Continue reading →

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