We describe in this essay why the gold standard and the euro are extreme forms of fixed exchange rates, and how these policies had their most potent effects in the worst peaceful economic periods in modern times. While we are lucky to have avoided another catastrophe like the Great Depression in...

We describe in this essay why the gold standard and the euro are extreme forms of fixed exchange rates, and how these policies had their most potent effects in the worst peaceful economic periods in modern times. While we are lucky to have avoided another catastrophe like the Great Depression in...

Die Ursachen der beiden größten ökonomischen Katastrophen in den letzten 100 Jahren – die Weltwirtschaftskrise in den 1930er-Jahren und die Finanzkrise seit 2008 – gleichen einander wie ein Ei dem anderen. Beide entstanden infolge eines krassen Kreditbooms, dubioser Bankpraktiken sowie...