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Austrian School of Economics

Parallelwährungen – Ausweg aus der Krise?

Ausweg aus der EURO-Krise?

Zum zweiten Mal veranstaltete die Friedrich A. von Hayek-Gesellschaft gemeinsam mit der in Liechtenstein ansässigen European Center Austrian Economic Foundation (ECAEF) eine Konferenz speziell zu Fragen rund um den Euro. Konferenz-Motto:

Parallelwährungen: Ausweg aus der Krise?
Ist der Euro noch zu retten?

Den Luzerner Privatbankier Karl Reichmuth treibt das Thema besonders um – auch jenseits seines beruflichen Interesses in Sorge um das Geld seiner Kunden. Während für die meisten Menschen Geld einfach das ist, was man im Portemonnaie oder auf dem Bankkonto hat, denken Wirtschaftsexperten in aller Welt auch über Parallelwährungen als Alternative zu dem ungedeckten Papiergeld nach, das seit 1971, als US-Präsident Richard Nixon die Goldeinlöseplicht des amerikanischen Dollar abschaffte, die Welt dominiert. Bis dahin konnten Notenbanken gegen Vorlage von 35 US Dollars die Herausgabe einer Unze (31,1035 Gramm) Gold verlangen. Dies hatte das im amerikanischen Bretton Woods 1944 geschaffene Weltwährungssystem fester Wechselkurse bis dahin vorgesehen. Danach war Papiergeld beliebig vermehrbar – und damit von Politikern und Regierungen manipulierbar.

Mindestens ebenso interessant wie die Redner der Währungskonferenz am 5. November 2018 im Steigenberger Parkhotel Düsseldorf waren viele der Teilnehmer, die den Diskussionen folgten. Joachim Starbatty, Euro-Gegner der ersten Stunde und Kläger vor dem Bundesverfassungsgericht gegen Euro-Rettung, ESM und Griechenland-Hilfe, saß ebenso im Publikum wie Bruno Bandulet, der gerade sein neues Buch „DEXIT“ herausgebracht hat. Im Untertitel des neuen Bandulet-Buches heisst es: „Warum der Ausstieg Deutschlands aus dem Euro zwar schwierig, aber dennoch machbar und notwendig ist“.

Bandulets besonderes Interesse an Fragen der Geopolitik wird von dem ebenfalls in Düsseldorf anwesenden Erich Weede geteilt, der zuletzt auf der Frankfurter Buchmesse am Stand der Jungen Freiheit seine Gedanken über den Aufstieg Chinas zur Weltmacht darlegte und eine wachsende Kriegsgefahr feststellte.
Mit einer Parallelwährung haben Deutsche, die die Zeit nach dem Zweiten Weltkrieg miterlebt haben, umfangreiche Erfahrungen gemacht. Nach dem verlorenen Krieg war das alte Geld nichts mehr wert. Schnell etablierte sich eine Parallelwährung in Form von Ziga-retten. Das hörte erst auf, als es im Juni 1948 zur Währungsreform und grundlegenden Wirtschaftsreformen unter Ludwig Erhard kam. Die neu geschaffene D-Mark, deren erste Scheine in Amerika gedruckt worden waren, war knapp, hart und begehrt. Sie erfüllte alle Funktionen und Erwartungen an eine Währung: Sie fungierte als Recheneinheit und Tauschmittel. Vor allem aber diente sie der Wertaufbewahrung – wichtig in einem Land, wo die Erfahrungen der Inflationszeit sich in das kollektive Gedächtnis der Menschen gebrannt hatte …

Lesen Sie den gesamten Konferenz-Beitrag hier ->
Schweizer Wirtschaftsbrief, 7. November 2018 (PDF)

Prinz Michael von und zu Liechtenstein auf der Tagung
Prinz Michael von und zu Liechtenstein auf der Tagung

Am 5. November 2018 veranstaltete die Friedrich A. von Hayek-Gesellschaft gemeinsam mit der ECAEF im Steigenberger Parkhotel (Düsseldorf) eine Konferenz speziell zu Fragen rund um den Euro. Die Tagung wurde modiert von Carlos A. Gebauer. Sprecher: Prinz Michael von und Liechtenstein, Dr. Konrad Hummler, Prof. Dr. Thomas Mayer, Frank Schaeffler MdB, Norbert F. Tofall, Prof. Dr. Roland Vaubel und Dr. Arthur Vayloyan.

Alvin Rabushka: Economic Freedom

ECAEF Alvin Rabushka: Economic Freedom
ECAEF Alvin Rabushka: Economic Freedom

In his blog “Thoughtful Ideas” (Commentary on Current Political, Economic, and Social Developments in the United States and Around the World) author Alvin Rabushka recently published his thoughts on Economic Freedom …

Alvin Rabushka*

Economic Freedom, Part 1

In October 1986, with support from the Liberty Fund in Indianapolis, Indiana, the Fraser Institute convened the first of four conferences in Napa Valley, California. The Fraser Institute published the proceedings in 1988, Economic Freedom, Democracy and Welfare. Edited by Michael A. Walker, Director of The Fraser Institute, and co-chaired with Milton and Rose Friedman, the conference was organized as a counterpart to do for economic freedom what Freedom House did for political freedom: to calculate the amount of economic freedom that exists in various nations of the world.

Its origins can be traced to a conversation in 1994 at the Mont Pelerin Meeting in Cambridge, England, between Michael Walker and Milton Friedman, whose book Capitalism and Freedom had been extant since 1962. However, there had been no serious attempt to explore the relationship between economic and political freedom in a scholarly way. That conversation led to the idea of broadening the analysis to also include civil freedoms, which can often be more important than political freedoms …

Read the all three parts of Alvin Rabushka’s blog on Economic Freedom ->

Blog “Thoughtful Ideas”: Economic Freedom, part 1
Economic Freedom, part 2
Economic Freedom, part 3


*Alvin Rabushka is an American political scientist. He is a David and Joan Traitel Senior Fellow at the Hoover Institution at Stanford University, and member of the Mont Pelerin Society. He is best known for his work on taxation and transition economies. Together with Robert Hall, he wrote a detailed Flat Tax plan known as the Hall–Rabushka flat tax.

Vernon Smith Prize 2018 – Call for Papers!

Vernon Smith Prize 2018
Vernon Smith Prize 2018 – Call for Papers

The 11th International Vernon Smith Prize for the advancement of Austrian Economics is an essay competition sponsored and organized by ECAEF – European Center of Austrian Economics Foundation, Vaduz (Principality of Liechtenstein). We are calling for papers! This years’ topic:

Obscured by Fake News:
The Politics, Morals, and Limits
of Genetic Engineering

Biotechnological procedures, including genetic modification have been employed successfully in the course of millennia for the making of vital medicines or for selective breeding to generate much of our daily foodstuff. We have used these techniques also in refining plants, in the production of alcoholic beverages, cheeses or for manufacturing garments. And yet, Biotechnology in general and especially Genetic Engineering are subject to controversy, widespread misinformation, and remain shrouded in mystery, characterized by vague apprehensions and common superstitions. Whereas in conventional breeding methods only more or less the same species can be crossed with each other, Genetic Engineering deals with the isolation, characterization, and recombination of genetic material. Although, this new development has endured the extensive rigor of scientific method, together with academic peer-review concluding empirically in support of the new science, the application and commercialization of genetic engineering innovation in the food system from a business perspective are worthy of debate and have policy considerations. For many, Genetic Engineering is a seminal achievement that can be used for life saving drugs, improvements of the environment and GMOs could even help feed the world. Others consider it an untested and dangerous intrusion into nature that needs to be regulated or even outlawed by politics.
We invite papers on this topic addressing not only the socio-political relevance and the moral implications of Genetic Engineering. But also the implications of possible regulations and even limitations of scientific research on the whole.


First Prize: €4,000


Second Prize: €3,000


Third Prize: €2,000


All entries need to meet the following requirements:
1: Entries may be submitted by individuals of up to 30 years (in 2018).
2: Entries may not exceed 12 pgs.; 1.5 space; left/right margins no less then 1 inch; including a full bibliography and a 1/2 page summary
3: Entries must be submitted in English in electronic form (pdf) to krl@ecaef.li and must include a current CV with DoB.
4: Entries must be received on or before November 30, 2018.
5. It is mandatory that all prizewinners participate in the award ceremony in Vaduz.

Prizes are not transferable and will be awarded on the basis of originality, grasp of subject, and the logical consistence of the argument. An international jury will judge the essays and the winners will be invited to present their papers at a special event in Vaduz, the Principality of Liechtenstein on February 4, 2019.

Steve Hanke Lecture on “Money, Banking and Markets”

Steve Hanke Lecture on Money, Banking and Markets | Almost exactly 10 years ago, amid the rapidly worsening ‘subprime mortgage crisis’, Lehman Brothers Holdings Inc., was forced to file for bankruptcy. Shortly thereafter, actually within hours AIG collapsed, triggered a run on most money-market funds, which accelerated a cash crunch and ultimately not only wrecked the economy by abolishing millions of jobs. It also caused catastrophic material, social and moral damage. Ever since, countless biased statements and false explanations dominate the political debates.

Prof. Steve H. Hanke will be talking at Liechtenstein University in Vaduz (Sep. 27) and at the LGT Global Investment Seminar in Zurich (Sep. 28). The ‘first Steve Hanke Lecture on Money, Banking and Markets’ thus was timely titled: “A Postmortem on the Policy Blunders that Caused and Extended the Great Recession”.

Steve H. Hanke (Johns Hopkins University and recently appointed as ‘G. v. Haberler Professor, ECAEF’) ranks among the world’s leading and most influential monetary economists. Backed by persuasive arguments, plain facts and a host of charts he not only proved that in sharp contrast to the official narrative, the US monetary policy since 2002 acted pro-cyclical. These policies triggered the notorious bubbles, let them pop up and lead to the “Great Recession” of 2008/2009.

Among other examples, Hanke also exposed H. Paulson’s role and clearly showed that in spite of his given authority to rescue Lehman Brothers and contrary to the distorted public account, Ben Bernanke (then chair of the FED) in a politically motivated panic reaction failed to act appropriately, and thus unleashed the most terrifying moment for the US economy since the Great Depression of the 1930s.

According to Prof. Hanke, we should be more careful of what we read, take for granted and use for investment planning, as 95% of all published financial and monetary reports on policy matters are either ‘false or irrelevant’. After all, there is nothing more practical than a good theory!

Initiated as a co-operation of the ‘European Center of Austrian Economics Foundation, ECAEF’ and the ‘Liechtenstein Academy, LAF’, the ‘Steve Hanke Lecture on Money, Banking and Markets’ is intended as an annual public lecture series at the Liechtenstein Academy (Schloss Freudenfels Campus) and at the University in Vaduz.


*Steve H. Hanke is an American applied economist at the Johns Hopkins University in Baltimore, Maryland. He is also a Senior Fellow and Director of the Troubled Currencies Project at the libertarian Cato Institute in Washington, DC, and Co-Director of the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise in Baltimore.