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Philipp Bagus
More books by Philipp Bagus…
“(...) By asking for Russian help, Iceland was hoping to shock its former allies into rushing to its defense...
(...) In fact, for many Icelanders, the announcement that the anti-terrorism legislation would be used against them “was tantamount to a declaration of war. At one stroke Britain had placed Iceland on the same level as Al Quaeda, even though it was a fellow NATO partner, and crippled what seemed to Reykjavik to be a healthy bank.”13”
― Deep Freeze: Iceland's Economic Collapse
(...) In fact, for many Icelanders, the announcement that the anti-terrorism legislation would be used against them “was tantamount to a declaration of war. At one stroke Britain had placed Iceland on the same level as Al Quaeda, even though it was a fellow NATO partner, and crippled what seemed to Reykjavik to be a healthy bank.”13”
― Deep Freeze: Iceland's Economic Collapse
“I should also point out that in the case of a price deflation, it may well be that factor prices (costs) fall faster than a company’s selling prices. What is essential for the entrepreneur is the price differential, which may increase in times of falling prices. Indeed, it is a neoclassical error to believe that prices follow, and are determined by, costs. It is the other way around, as Böhm-Bawerk (1891) points out. It is costs that follow expected future prices because entrepreneurs bid for factors of production in anticipation of the expected price of the good they intend to sell in the future (taking into account all factors that may influence this price). Thus, costs logically move before selling prices. It is the task of entrepreneurs to anticipate price changes like all relevant other future changes (Bagus 2006). Of course, entrepreneurs may err; then they suffer losses.”
― Full Reserve Banking versus the Real Bills Doctrine: A Critique of the Monetary Theory of J.R. Rallo
― Full Reserve Banking versus the Real Bills Doctrine: A Critique of the Monetary Theory of J.R. Rallo
“Con el fin de crear los medios para sufragar el enorme y siempre creciente gasto público, necesario, sobre todo, para financiar el «Estado del bienestar», los gobiernos, en lugar de aumentar los impuestos, optan por la vía del endeudamiento. Así, los ciudadanos no perciben directamente las cargas fiscales. La relación entre el endeudamiento público y sus consecuencias —redistribución de los ingresos y los patrimonios, así como pérdida del poder adquisitivo— se enmascara con habilidad. Así se aclara por qué a los políticos les gusta tanto el papel moneda y quieren y querrán aferrarse a él con todos los medios que tengan a su alcance. Porque un endeudamiento público que presenta las dimensiones actuales sólo es posible en un sistema de papel moneda monopolizado por el Estado.”
― Por qué otros se hacen cada vez más ricos a tu costa
― Por qué otros se hacen cada vez más ricos a tu costa
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