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Monetary Inflation Won’t Create Economic Growth

When it comes to matters of money and banking, all practical political issues ultimately hinge on one central question: can one improve or deteriorate the state of an economy by increasing or decreasing the quantity of money?1 Aristotle said that money was no part of the wealth of a nation because it was simply a medium of exchange in inter-regional trade, and the authority of his opinion thoroughly marked medieval thought on money. Scholastic...

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Ist die Börse 2023 ein großes Puzzle? – DJE-plusNews August 2023 mit Mario Künzel

#china #news #konjunktur #wachstum Obwohl die inverse Zinskurve auf eine Rezession hindeutet und die Wirtschaftsentwicklung in Deutschland und China enttäuschend ist, haben sich viele Börsenindizes positiv entwickelt. Wie passt das zusammen? In dem monatlich stattfindendem DJE-plusNews reflektiert Mario Künzel, Referent Investmentstrategie, die Marktgeschehnisse der vergangenen vier Kalenderwochen und gibt Ihnen einen Ausblick auf die kommenden...

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How the Business Cycle Happens

Study of business cycles must be based upon a satisfactory cycle theory. Gazing at sheaves of statistics without "pre-judgment" is futile. A cycle takes place in the economic world, and therefore a usable cycle theory must be integrated with general economic theory. And yet, remarkably, such integration, even attempted integration, is the exception, not the rule. Economics, in the last two decades, has fissured badly into a host of...

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Künstlich Intelligenz: Podcast mit Hagen Ernst

#künstlicheintelligenz Künstlich Intelligenz war in den vergangenen Monaten die große Wachstumsstory im Tech-Sektor und #Aktien aus dem Bereich Treiber der Indexentwicklung. Das ist aber nur die Spitze des Eisbergs. Einen umfassenden Überblick über die aktuellen Entwicklungen im Bereich KI und die Implikationen für Anlegerinnen und Anleger gibt unser #Podcast Gast aus dem DJE Research Team, Hagen Ernst. Im Gespräch geht er auf folgende Themen...

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Politics Has Infected Everything in Our Society, Especially the Media

One of the few things that most Americans agree about today is that there are serious problems with the current news-media environment. Conservatives have spent decades denouncing the “liberal media,” labeling it a thinly veiled arm of the Democratic Party and, recently, of Big Pharma. Meanwhile, Progressives seem to blame billionaire-created Fox News for just about every problem facing America. Even the establishment media folks are fretting over...

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CBDCs: The Ultimate Tool of Financial Intrusion

“Experts” at the Federal Reserve and other central banks proudly broadcast the potential “financial inclusion” that could be achieved with a central bank digital currency (CBDC). In the Fed’s main CBDC paper, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation,” they make it clear: “Promoting financial inclusion—particularly for economically vulnerable households and communities—is a high priority for the Federal Reserve . . ....

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Dr. Jens Ehrhardt verrät, warum die Börsen bald fallen werden und welche Aktien er kauft.

Marketing-Anzeige: In dem Interview mit Smartes Geld erklärt Dr. Jens Erhardt, warum er US-Aktien derzeit für attraktiver als Aktien in anderen Ländern hält. Er erklärt auch, warum Anleihen, die derzeit teilweise eine Rendite von etwa 5% bieten, ein wichtiger Baustein im Portfolio in schwierigeren Börsenzeiten sind. 00:00 Intro 00:49 Viele Anzeichen für fallende Aktienkurse? Wie sieht Dr. Ehrhardt das? 04:54 Erleben wir eine Phase der...

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Flying into Foolishness: The DOJ “Saves” Consumers from Low-Cost Airlines

Yet again, the government destroyed a business partnership that not only promised but actively delivered benefits to consumers. The Northeast Alliance (NEA), a partnership between airline companies JetBlue and American Airlines, was ruled against in federal court after a battle with the Department of Justice (DOJ). Like the rulings of cases that came before it, this antitrust action is void of common sense. The NEA clearly does not establish a...

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Not Even a Pencil Could Exist without Fossil Fuels

In 1964, Leonard Read wrote a genealogy from the perspective of a pencil, demonstrating the vast, complicated web of the structure of production that is handled by the division of labor on free markets. The pencil explained that no one knows how to make a pencil because of the myriad production processes involved: My family tree begins with what in fact is a tree, a cedar of straight grain that grows in Northern California and Oregon. Now...

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What Will It Take for Cryptocurrencies to Become Full-Fledged Money?

Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.1– NASSIM TALEB The crypto-unit bitcoin2 holds out the prospect of something revolutionary: money created in the free market, money the production and use of which the state has no access to. The transactions carried out with it are anonymous; outsiders do not know who paid and who received the payment. It would be money that cannot be...

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2SLGBTQ+IA and the Law

The acronym 2SLGBTQ+IA stands for two-spirit, lesbian, gay, bisexual, transgender, queer, questioning, intersex, androgynous, and asexual. The 2SLGBTQ+IA community is often described as seeking “rights and equality” for its members. What fair-minded person could object? Increasingly, however, the community appears to want privileges and equity as well. These goals are diametrically opposed. Rights, such as freedom of speech, are universal and...

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Dem Markt wird Liquidität entzogen: Marktausblick Juli 2023 mit Markus Koch&Stefan Breintner #shorts

► Webseite: https://www.dje.de ► Podcast: https://spoti.fi/3AaB1mr ► Impressum: https://www.dje.de/impressum/ Seit über vier Jahrzehnten setzt die DJE Kapital AG Maßstäbe in der Vermögensverwaltung und in Fonds. Die DJE Kapital AG (DJE) ist seit rund 50 Jahren als unabhängige Vermögensverwaltung am Kapitalmarkt aktiv und steht mit ihrem hauseigenen Research für eine wertorientierte, risikobewusste Anlagepolitik. DJE folgt bei der Wertpapierauswahl...

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The Marxian Doctrine of “Ideology”

Even Marx must dimly recognize that not "material productive forces," not even "classes," act in the real world, but only individual consciousness and individual choice. Even in the Marxian analysis, each class, or the individuals within it, must become conscious of its "true" class interests in order to act upon pursuing or achieving them. To Marx, each individual's thinking, his values and theories, are all...

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Why “Classical” Liberals Want Decentralization

[This article is chapter 3 of Breaking Away: The Case for Secession, Radical Decentralization, and Smaller Polities. Now available at Amazon and in the Mises Store.] In recent decades, many pundits, scholars, and intellectuals have assured us that advances in communications and transportation would eliminate the different political, economic, and cultural characteristics peculiar to residents of different regions within the United States. It is...

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Why Government Pollution Control Fails

In over twenty-five years of teaching undergraduate students, I have heard the same refrain countless times: free markets have many problems that government has to step in to solve. Indeed, students expect government to “step in” so much that markets occupy a peripheral role in their idealized economic system. Even students with an ideological predilection toward markets will be quick to argue that certain problems, such as pollution, require...

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Modern Socialism Is Forced Socialization

My article “The Education of the Modern Socialist” deserves a follow-up. The first part showed that a change has occurred in the definition of “socialism”—a necessary change in view of the failures of this ideology during the last century. Socialism today is based on the ideology of “statism”—the conviction that the state must play a fundamental role in society. Ludwig von Mises’s wider definition of socialism as state intervention implies a modern...

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Dem Markt wird Liquidität entzogen – Marktausblick Juli 2023 mit Markus Koch & Stefan Breintner

Stefan Breintner, Research-Leiter von DJE, spricht in seinem monatlichen Marktausblick-Dialog mit dem Wall-Street-Experten Markus Koch u.a. folgende Punkte an: Die Politik der Notenbanken zielt darauf ab, die #Wirtschaft abzuschwächen. Inzwischen zeigt die #Konjunktur Schwächen, und wenn monetär so weiter gebremst wird wie in den vergangenen Monaten, dann kann es zu einer ausgewachsenen #Rezession kommen. Vor allem die Europäische Zentralbank...

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Wie groß ist die Zinsspekulation an den Märkten? Podcast mit Dr. Ulrich Kaffarnik

#podcast Gebannt blicken #Anleger weltweit nach wie vor auf das weitere Vorgehen der US #Notenbank Federal Reserve. Die #Spekulation auf eine Absenkung der #Leitzinsen noch in diesem Jahr läuft, wie es scheint, abgemildert weiter - obwohl ein solches Szenario mittlerweile angesichts solider Wirtschaftsdaten kaum noch wahrscheinlich erscheint. Ob noch größere Korrekturen warten, hängt wiederum maßgeblich mit der konjunkturellen Entwicklung und...

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Zinsspekulation – DJE-plusNews Juli 2023 mit Dr. Ulrich Kaffarnik und Mario Künzel

#zinsen #china #fed #konjunktur #markt In dem monatlichen DJE-plusNews reflektiert Mario Künzel, Referent Investmentstrategie, das aktuelle Marktgeschehen zusammen mit dem Kapitalmarktexperten Dr. Ulrich Kaffarnik. Themen: ▶ Zinsspekulationen beeinflussen die Börse. ▶ Chinas Außenhandel bricht ein. Was bedeutet das für Europa? ▶ Die Markttechnik zeigt aktuell ein sehr gemischtes Bild. ► Webseite: https://www.dje.de ► Podcast:...

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Mercantilism: A Lesson for Our Times?

Mercantilism has had a "good press" in recent decades, in contrast to 19th-century opinion. In the days of Adam Smith and the classical economists, mercantilism was properly regarded as a blend of economic fallacy and state creation of special privilege. But in our century, the general view of mercantilism has changed drastically: Keynesians hail mercantilists as prefiguring their own economic insights; Marxists, constitutionally unable...

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