Thursday, December 11, 2008

German Economist Blames 'Fiat Money' for the Current Financial Crisis

Dr. Thorsten Polleit, Chief German Economist for Barclays Capital and Honorary Professor at the School of Finance & Management in Frankfurt gets it. In the online edition of the Handelsblatt, a major German business newspaper, he writes that government-created ’fiat money’ is responsible for the current financial crisis.

His solution for the crisis is 100% Austrian. He proposes a return to the gold standard, as a first step. And, ultimately, free banking.

Kristian Niemietz has more details of his analysis and recommendations, here.

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