Prince Michael of Liechtenstein

The socialist idea of a planned economy is gradually being made a reality by the monetary policies of central banks, such as the United States Federal Reserve and the European Central Bank. The idea is also promoted by a considerable number of western economists and politicians. The conventional wisdom within that group is that economies […]

GIS statement by Prince Michael of Liechtenstein It has been the intellectual fashion among commentators, politicians and some economists to claim that the financial crisis of 2008 and the ensuing economic downturn were caused by excessively free markets, or “turbo-capitalism.” From this they deduce that free markets foster inequality, and that inequality is the main source […]

It is almost impossible to listen to politicians, intellectuals and media personalities lately without hearing the lament that liberal democracies are being threatened by populists, usually of an authoritarian bent. At face value this assessment seems correct. But on closer examination, doubts grow about whether Western political systems can still be called democratic and liberal. […]

Vladimir Lenin, Russia’s Communist revolutionary, famously observed that the “best way to destroy the capitalist system is to debauch the currency.” Indeed, monetary instability wreaks havoc with the markets and breaks down social classes. It destroys the savings of the middle class in particular. The myth that recessions and overheating can be prevented by central […]

Doom and gloom! Voters in the United Kingdom have decided to leave the European Union. Markets are tumbling, Prime Minister David Cameron has announced his resignation and politicians around the globe have expressed deep worry. Leaders of the various EU countries, as well as those in Brussels, have voiced their regret and warned of Brexit’s […]