Here is my entry for the Wolfson contest with a foreword by Patrick Barron and an afterword by Godfrey Bloom.
I explain shortly all the problems of the euro, the future risks, and the continously rising costs. I discuss several alternatives to exit the Euro. Here is the link.
In this article I describe the dilemma the Federal Reserve is currently facing. It cannot undo its quantitative and qualitative easing without endangering the break down of the system.
In this article I explain the social function of credit default swaps. CDS are not weapons of mass destruction in spite of Warren Buffets words. They can be very constructive by putting limits on overindebted financial and government institutions. Credit default swaps can bring down irresponsible governments and overrisky financial institutions.
In this article, I discuss the problem of sovereign debt. Especially in Europe, we might have crossed the point where the problem could be solved short of high inflation or default. I explain how the acute sovereign debt problem is the direct result of state interventions during the financial crisis itself caused by fractional reserve bank. A spanish version was published by Libertaddigital.
In this article coauthored with Markus H. Schiml and published on February 5th 2009 as a mises.org daily article, we analyze the balance sheet of the FED and the possibility of its insolvency.
Deflation, Growth and the Quality of Money – a revealing Chapter of Monetary History from 1865 to 1896
In this article published in German Review of New Austrian Economics, 2008, 2 (2), I show that the U.S. price deflation in the second half of the 19th century was caused mainly by economic growth and an increase in the quality of money.
This article won the second prize of the 2008 Templeton essay contest of the Independent Institute and discusses the relation between human rights and property rights.
In this article published as a mises daily on 15th of June 2007, I show that dikes can be provided privately in theory and has been so in history.
This article published as a mises daily reviews Morgenstern´s work on the accuracy of economic data. In contrast to physics, there is still no estimate of statistical error within economics. The various sources of error that come into play in the social sciences suggest that the error in economic observations is substantial. This is a widely neglected problem and should be taken into account by the economic historian. Economic statistics cannot be accepted at face value. Moreover, Morgenstern's On the Accuracy of Economic Observation has an important implication for modern economics. It shows that the solution of a system of economic mathematical equations or econometric models is, due to the quality of the data, completely devoid of meaning.
In this article published as a mises daily on 13th of May 2004, I examine the productivity norm of wages.
In this article published as a mises.org daily on 12th November 2003, I apply the concept of the tragedy of the commons to banking.
In this article I explain, that Greece is already being bailed out by the rest of the eurozone. As all memeber states can use the ECB to finance their deficits incentives are to run high deficits. A German version of this article was published in the Neue Züricher Zeitung. Stefan Molyneux interviewed me on the issue.