March 25, 2023

Economist Compares Global Digital Currency to Tolkien’s Ring associated with Power

Calls for the “New World Order, ” the “Great Transformation, ” and the “Great Reset” would be the results of the poisonous mindset inspired by fantasy’s many infamous artifact.

We’ve created extensively about the “ war on cash . ” In a nutshell, governments would love to do away with cash in order to better track and control their particular citizens.

There have been numerous movements closer to a cashless culture in recent years, from  capping ATM withdrawals   to  doing away with large-denomination bills . Last year, The far east launched  a digital yuan pilot program   and  the US offers floated moving toward a digital dollar .

We got a first-hand look at what happens when government authorities restrict access to cash when  India plunged right into a cash crisis   after the country’s government enacted  a  policy of demonetization   within November 2016.

It’s bad enough that will various countries are discovering ways to move toward cashlessness, but there’s an even even worse scenario — a global electronic currency.

Economist Thorsten Polleit compares this to the “ master ring” in J. R. L. Tolkien’s classic  Lord of the Rings .

The following article was  originally published by the Mises Wire . The opinions expressed are the author’s and do not necessarily reflect those of Peter Schiff or SchiffGold.

1 .

Human history can be seen from many angles. One of them is to see it as a struggle for power and dominance, superiority, as a struggle for independence and against oppression, like a struggle of good against wicked.

That is just how Karl Marx (1818– 83) saw it, and Ludwig von Mises (1881– 1973) judged similarly. Mises published:

The history of the West, from the regarding the Greek Polis down to the present-day resistance to socialism, is essentially the history of the fight for liberty against the encroachments of the officeholders. (1}

But unlike Marx, Mises recognized that human history does not follow predetermined laws and regulations of societal development yet ultimately depends on  ideas   that drive human action.

From Mises’s perspective, human history can be understood as a battle of good ideas against bad ideas.

Ideas are good if the actions they recommend bring outcomes that are beneficial for everyone plus lead the actors to their desired goals;

Simultaneously, good ideas are ethically sensible, they apply to everyone, at any time and anywhere, and ensure that people who act upon them might survive.

On the other hand, bad ideas lead to actions that do not benefit everyone, that do not cause all stars to achieve their goals  and/or are unethical.

Good ideas   are, for example , people acknowledging “ mine and yours”; or entering into exchange relationships with one another voluntarily.   Bad ideas   are coercion, deception, embezzlement, theft.

Evil ideas   are very bad ideas, tips through which whoever puts all of them into practice is consciously harming others. Evil suggestions are, for example , physical episodes, murder, tyranny.

2 .

With  Lord of the Rings , J. J. R. Tolkien (1892– 1973) had written a literary monument in regards to the epic battle between good and evil. His illusion novel, published in 1954, was a worldwide success, not really least because of the movie trilogy, released from 2001 in order to 2003.

Exactly what is  Lord of the Rings   regarding? In the First Age, the particular deeply evil Sauron— the demon, the hideous horror, the necromancer— had rings of power made by the particular elven forges.

Three Rings for that Elven-kings under the sky,

Seven for the Dwarf-lords in their halls of rock,

Nine designed for Mortal Men doomed to die,

A single for the Dark Lord in the dark throne

In the Land of Mordor where the Shadows lie.

One Ring to rule them all, One Band to find them,

One Ring to bring them all, and in the darkness situation them.

In the Land of Mordor in which the Shadows lie.

But Sauron secretly forges an additional ring directly into which he pours all of his darkness and rudeness, and this one ring, the master ring, rules the rest of the rings.

Whenever Sauron puts the master ring on his finger, he is able to read and control the particular minds of everyone wearing one of the other rings.

The elves see through the dark plan and hide their three rings. The seven rings of the dwarves also fail to subjugate their bearers. But the nine bands of men proved to be effective: Sauron enslaved nine human kings, who were to assist him.

After that, however , in the Third Age, in the battle before Attach Doom, Isildur, the eldest son of King Elendils, severed Sauron’s ring ring finger with a sword blow. Sauron is defeated and manages to lose his physical form, yet he survives.

Now Isildur has the band of power, and it takes possession of him. This individual does not destroy the master ring when he has the opportunity, and it costs him their life. When Isildur is usually killed, the ring basins to the bottom of a river and remains there just for twenty-five hundred years.

Then the ring is found simply by Smeagol, who is captivated simply by its power. The band remains with its finder for nearly five hundred years, hidden in the world.

Over time, Sauron’s power grows again, and he wants the Ring of Power back. Then your ring is found, and for 60 years, it remains in the hands of the hobbit Bilbo Baggins, a friendly, well-meaning becoming who does not allow himself to be seduced by the energy of the One Ring.

Years later, the wizard Gandalf the Gray learns that Sauron’s rise has begun, and that the Band of Power is held by Bilbo Baggins.

Gandalf knows that there is only one way to defeat the particular ring and its evil: it ought to be destroyed where it was made, in Mordor.

Bilbo Baggins’s nephew, Frodo Baggins, agrees to take the task upon himself. He and his companions— a total of four hobbits, two humans, a dwarf, and an elf— embark on the dangerous trip.

They withstand hardship, adversity, and fights against the dark forces, and the end, they succeed on what seemed impossible: the particular destruction of the ring of power in the fires of Mount Doom. Good triumphs over evil.


The ring in Tolkien’s  Lord from the Rings   is not only a piece of forged gold. This embodies Sauron’s evil, corrupting everyone who lays hands or eyes on it, toxins their soul, and makes them willing helpers of bad.

No one can wield the cruel power associated with the  One Band   and use it permanently; no human, no little, no elf.

Can an equivalent just for Tolkien’s literary portrait of the evil ring be found in the here and now? Yes, I believe so , and in the following, I would really like to offer you what I wish is a startling, but in any kind of case, entertaining, interpretation.

Tolkien’s Rings of Power embody bad ideas.

The nineteen rings represent the idea that the ring bearers should have power over others and rule over them.

And the  One Ring , to which all other rings are usually subject, embodies an even more dark idea, namely that the bearer of this master ring offers power over all other ring bearers and those ruled by them; that he is the only and absolute ruler of all.

The nineteen rings symbolize the idea of creating and maintaining a state (as we know it today), namely  a state understood as being a territorial, coercive monopoly with all the ultimate power of decision-making over all conflicts.

However , the One Band of power stands for the particular particularly evil idea of creating a state of states, a world government, a world state; as well as the creation of a single planet fiat currency  controlled by states  would pave the way in which toward  this outcome.


To explain this particular, let us begin with the state as we know it today. The state may be the idea of the rule of one over the other.

This is how the German economist, sociologist, and doctor Franz Oppenheimer (1864– 1946) sees it:

The state … is a interpersonal institution, forced by a successful group of men on a conquered group, with the sole reason for regulating the dominion from the victorious group over the vanquished and securing itself towards revolt from within and assaults from abroad…. This mastery had no other purpose than the economic exploitation of the vanquished by the victors. (2)

Joseph Stalin (1878– 1953) defined the state quite similarly:

The state is a machine in the hands of the judgment class to suppress the resistance of its class competitors. (3)

The modern state in the Western world no longer uses coercion and violence as obviously as many of its predecessors.

But it, too, is, of course , constructed on coercion and violence, asserts itself through all of them, and most importantly, it divides society into a class from the rulers and a class of the ruled.

So how exactly does the state manage to create and keep such a two-class society associated with rulers and ruled?

In Tolkien’s  Lord of the Bands , nine men, every one of them kings, wished to wield power, and so they became bearers from the rings, and because of that, these were inescapably bound to Sauron’s A single Ring of power.

This really is quite similar to the idea of the state.   To catch, maintain, and expand strength, the state seduces its supporters to do what is necessary, to resort to all sorts of methods: propaganda, carrot and stay, fear, and even terror.

The state lets individuals know that it is good, essential, inevitable. Without it, their state whispers, a civilized coexistence of people would not be achievable.

Most people succumb to this kind of propaganda, and the state gets carte blanche to effectively infiate almost all economic and societal matters— kindergarten, school, university, transport, media, health, pensions, regulation, security, money and credit score, the environment— and therefore gains power.

The state rewards its fans with jobs, rewarding company contracts, and transfer payments. Those who resist will end up within prison or lose their livelihood or even their life.

The state spreads fear and terror to produce people compliant— as people who are afraid are easy to control, particularly if they have been led to believe that their state will protect them towards any evil.

Lately, the topics of climate change and coronavirus have been used for fear-mongering, primarily by the state, which is skillfully using them to increase its omnipotence: it destroys the economy and jobs, makes lots of people financially dependent on it, clamps down on civil and entrepreneurial freedoms.

However , it is of the utmost significance for the state to earn the battle of tips and be the authority to say what are good ideas and what are usually bad ideas.

Because it is ideas that determine people’s actions.

The task of winning over the general public for the state typically falls to the so-called  intellectuals — people whose opinions are broadly heard, such as teachers, physicians, university professors, researchers, actors, comedians, musicians, writers, journalists, and others.

Their state provides a critical number of them with income, influence, prestige, and status in a variety of ways— which usually most of them would not have been able to achieve without the state. In gratitude for this, the intellectuals spread the message which the state is good, indispensable, unavoidable.

Among the intellectuals, there tend to be numerous who willingly submit towards the rings of power, helping— consciously or unconsciously to bring their fellow men and women under the mean of the rings or simp ly  to walk over, subjugate, dominate them.

Anyone who believes that the state (as we know it today) is appropriate, a justifiable solution, as long as it does not exceed certain energy limits, is seriously incorrect.

Just like the One Ring of power tries to find its long ago to its lord plus master, an initially restricted state inevitably strives toward its logical endpoint: overall power.

The state (as we know it today) is pushing to get expansion both internally plus externally. This is a well-known reality derived from the logic of human action.

George Orwell put it concisely, pithily: “ The object of energy is power. ” (4) Or, as Hans-Hermann Hoppe nails it, “[E]very minimal government has got the inherent tendency to become a maximum government. ” (5)

Inwardly, the state is definitely expanding through all sorts of interventions in economic and social life, through regulations, ordinances, laws, and taxes.

Outwardly, the financially and militarily strongest state will seek to broaden its sphere of influence. In the most primitive form, this happens through aggressive campaigns of conquest and  war, in a more sophisticated form, by pursuing political ideological supremacy.

In recent decades the latter has taken the form of  democratic socialism . To put it casually, democratic socialism means permitting and doing what the majority wants.

Under democratic socialism, private property is formally upheld, however it is declared that nobody is the rightful owner of 100 percent  of the revenue from their property.

People no longer strive for independence from being ruled but instead to participate in the principle. The result is not people pressing back the state, but rather visiting terms  and cooperating from it.

The practical consequence of democratic socialism is  interventionism : the state intervenes in the economy plus society on a case-by-case time frame to gradually make  socialist   ideals a reality.

Most societies of the Western world possess embraced democratic socialism, a few with more authority than others, and all of them use interventionism. Seen in this light, all of Western states are now acting in concert.

What they also have in common is their disdain for competitors, because competition sets undesirable limits to the state’s extensive nature.

Therefore , larger states often form a cartel. Smaller, less powerful states are compelled to join— and if they will refuse, they will suffer political and economic disadvantages.

But the cartel of states is only an advanced step. The logical endpoint that democratic socialism is usually striving for is the creation of a central authority, something like a global government, a world state.


Within Tolkien’s  Lord of the Rings , the One Band, the ring of energy, embodies this very darkish idea: to rule all of them, to create a world state.

To get closer to this goal,   democracy   (as we understand it today) is proving to be an ideal trailblazer, and that’s most likely the key reason why it is praised to the skies by socialists.

Sooner or later, a democracy will certainly mutate into an oligarchy, as the German-Italian sociologist Robert Michels pointed out in 1911.

According to Michels, parties emerge in democracies. These parties are businesses that need strict leadership, that is handed to the most power-hungry, ruthless people.   They   will certainly represent the party elite.

The celebration elite can break away from the will of the party members and pursue their very own goals and agendas. For instance , they can form coalitions or even cartels with elites of other parties.

As a result, there will be an oligarchization of democracy, in which the chosen party elites or the assimilation of the party elites will be the kings of the castle. It is not the voters who will call the tune but oligarchic elites that will rule on the voters.

The oligarchization of democracy will not only afflict individual states but will also affect the international relations of democracies.

Oligarchical elites from different countries will join with each other and strengthen each other, mainly by creating supranational institutions.

Democratic socialism evolves into “ political globalism”: the idea that people really should not be allowed to shape their own destiny in a system of free markets but that it should be assigned and directed by a worldwide central authority.

The One Ring of power drives those who have recently been seduced by the common rings to long for absolute energy, to elevate themselves above the rest of humanity. Who comes to mind?

Well, various politicians, high-level bureaucrats, court intellectuals, representatives of large banking, big business, Large Pharma and Big Tech and, of course , big media— together they are often called the “ Davos elite” or the “ establishment. ”

Whether it is about combating economic and economic crises, weather change, or viral diseases— the one ring of strength ensures that supranational, state-orchestrated solutions are propagated; that centralization is placed above decentralization; the fact that state, not the free of charge market, is empowered.

Calls for the “ new world order, ” the “ Great Transformation, ” the “ Great Reset” are the results of this poisonous mindset inspired by the 1 ring of power.

National borders these are known as into question, property is relativized or declared dispensable, and even a merging associated with people’s physical, digital, and biological identities— transhumanism— can be declared the goal of the self-empowered globalist establishment.

But how can political globalism be promoted at a time when there are (still) social democratic nation-states that insist on their particular independence? And where people are separated by different different languages, values, and religions?

How do the politics globalists get closer to their badly desired end associated with world domination, their globe state?


Sauron is the proven tyrant and dictator in his realm of darkness. He or she operates something like a command economy, forcing his topics to clear forests, build army equipment, and breed Orcs.

There are neither markets neither money in Sauron’s sinister kingdom. Sauron takes whatever he or she wants; he has overcome trade and money, so to speak.

Today’s state is not quite that powerful, and it finds itself in economies characterized by property, department of labor, and financial exchange.

Their state wants to control money— because is one of the most effective ways to gain ultimate power.

For this end, the modern state has already acquired the monopoly pounds production; and it has replaced precious metal with its own fiat cash.

Over time, fiat money destroys the free market system and thus the particular free society. Ludwig vonseiten Mises saw this as early 1912. He had written:

It might be a mistake to assume that the current organization of exchange is bound to continue to exist. It carries within itself the germ from the own destruction; the development of the fiduciary medium must necessarily lead to its breakdown. (6)

Certainly, fiat money not only leads to inflation, economic crises, and an unsocial redistribution of income and wealth. Above all, it is a growth elixir for your state, making it ever larger and more powerful at the cost of the freedom of its citizens and entrepreneurs.

Against this backdrop, it should be very understandable why the political globalists see creating a single world currency as an important step toward  seizing absolute power.

In Europe, what the political globalists want “ on a large scale” has already been achieved “ on a small scale”: merging many national currencies as one.

In 1999, 11 European nation-states gave up their own currencies and merged them into a single currency, the euro, which is produced by a supranational authority, the European Main Bank.

The creation of the euro offers the blueprint by which the world’s major currencies can be changed into a single world currency.

This is what the 1999 Canadian Nobel laureate within economics, Robert Mundell, suggests: Fixing the exchange rates between the US dollar, the euro, the Chinese renminbi, the Japanese yen, and the Uk pound against each other as well as fixing them against a new unit of account, the INTOR. And hocus pocus: here is the world fiat foreign currency, controlled by a cartel associated with central banks or a planet central bank.


Admittedly, creating a solitary world fiat currency seems to have little chance of being understood at first glance. But maybe at 2nd glance.

First of all, there is a good economic reason for having a single world foreign currency: if all people do business with exactly the same money, the productive energy of money is optimized. From an economic standpoint, the optimal number of monies in the world is  one .

What is more, nation-states have the monopoly of money within their respective place, and since they all follow democratic socialism, they also have any in ensuring that there is no foreign currency competition— not even between different state fiat currencies. This makes them susceptible to the idea of decreasing the pluralism of currencies.

Furthermore, one should not misinterpret the so-called rivalry between the big declares such as the US and The far east and between China plus Europe, which is being discussed in the mainstream media on a regular basis.

No doubt that there is a rivalry between the national rulers: they do not want to give up the power they have gained in their respective countries; they want to turn out to be even more powerful.

But the rivalry between the oligarchic democracies of the West has already weakened significantly, and you can find great incentives for the oligarchic party elites to work together across borders.

In fact , it is the oligarchization of democracy in the Western world that allowed for the rapprochement with a socialist-communist regime: the state increasingly consuming control of the economic plus societal system.

This development could be known as “ the Chinacization from the West. ”

The way the Western world has dealt with the coronavirus— the suspension, perhaps the termination of constitutional rights and freedoms— certainly shows where the journey is definitely headed: to the authoritarian state that is beyond the control of the people— as is the case in Communist China. The correct slogan for this might be “ One System, Many Countries. ”

Is it too farfetched to assume that the Western world will make common cause with Communist Tiongkok not only on health issues but also on the world currency concern? The democratic socialists in the West and the Chinese  Communist Celebration have a great deal of common floor and common interest, I would think.

That is definitely no coincidence that Cina has pushed hard for that Chinese renminbi to be included in the International Monetary Fund’s exclusive drawing rights, and that the particular IMF already agreed in November 2015.


The issue of digital main bank money, something the world’s major central banking institutions are working on, could be a  catalyst   in the creation of a individual world currency.

The issue of digital central financial institution money not only heralds the conclusion of cash— the private payment option for citizens plus entrepreneurs.

Once people start using digital central bank money, it will be easy for the particular central bank and the condition to spy on individuals transactions.

The state will not only know who pays what, when, where, and what for. It will also be in a situation to determine who gets access to the deposits: who gets them and who won’t.

China is blasting the trail with its “ social credit system”: behavior conforming to the Communist routine is rewarded, behavior that will not is punished.

Against this backdrop, digital central bank money would be especially effective at stifling unwanted politics opposition.

Electronic central bank money will not only replace cash, but it will even increasingly compete with money from commercial banks.

Why should you keep your money along with banks that are exposed to the chance of default when you can keep it secure with the central bank that will never goes bankrupt?

Once commercial bank deposits can be exchanged someone to one for digital main bank money— and this will be expected— the credit plus monetary system is de facto fully nationalized.

Because under these situations, the central bank exchanges its unlimited solvency to the commercial banking sector.

This completely deprives the financial markets of their function of determining the cost of capital— as well as the state-planned economy becomes a actuality.

In fact , this is actually the type of command and control economy that emerged within National Socialist Germany within the 1930s. The state formally retained ownership of the means of manufacturing.

But with commands, prohibitions, laws, taxes, plus control, the state determines who may be allowed to produce what, when, and under what problems, and who is allowed to eat what, when, and how a lot.

In such a command and control economy, it is quite conceivable that the form of cash production will change— away   from money creation through lending  toward   the issue of helicopter money.

The central bank determines who gets just how much new money and when. How much money in people’s bank accounts no more reflects their economic achievement. From now on, it is the result of irrelavent political decisions by the central banks, i. e., the particular rulers.

The prospect of being supplied with new money by the state and its central bank— that is, receiving an  unconditional basic income — will most probably drive hosts of people to the arms of the state plus bring any resistance to the machinations to a shrieking stop.


Can the people, the general public, really subscribe to all of this?

Well, government-sponsored economists, in particular, is going to do their very best to inform all of us about the benefits of having a globally coordinated monetary policy; that will stabilizing the exchange rates between national currencies is beneficial; that if a supranational controlled currency— with the name INTOR or GLOBAL— is created, we are going to achieve the best of all realms. And as the issuance associated with digital central bank cash has shut down the last remains of a free capital market, the merging of different nationwide currencies into one will be easy.

The one world currency creature the fact that political globalists want to generate will be a fiat money, certainly not a commodity money.

Such a single entire world fiat currency will not only suffer from all the economic and ethical defects which weigh on national fiat currencies.

It will also exacerbate plus exponentiate the damages the national fiat currency causes. The door to a high inflation policy would be pushed broad open— as nobody can escape the inflationary solitary world fiat currency.

The states are the main beneficiaries: they can obtain money from the world central bank at any time, provided they adhere to the rules set out by world central bank as well as the special interest groups that govern it.

This creates the incentive for national states to relinquish sovereignty rights and also to submit to supranational rules— for example , in taxation and financial market regulation.

It is therefore the incentive resulting from a single world currency that paves the way in which toward  a world government and also a world state.

In this context, please be aware what happened in the euro area: the starting point was not the particular creation of the EU superstate, which was to be followed by the development of the euro. It was precisely the opposite: the euro was introduced to overcome national sovereignty and ultimately establish the United Nations of Europe.

One has good reason to fear that the idea of providing a world fiat currency— which the  master ring   relentlessly pushes for— would bring totalitarianism— that would most likely dwarf the regimes established by Paul Stalin, Adolf Hitler, Mao Zedong, Pol Pot, as well as other criminals.

10 .

In Tolkien’s  Lord of the Bands , evil is eventually defeated. The story has a delighted ending. Will it be  that   simple in our world?

The ideas of having a situation (as we know it today), of tolerating it, of cooperating with it, of giving the state total control over the money, of accepting fiat money, are deeply grounded in people’s minds as  good ideas .

Where are the pushes supposed to come from that will enlighten people about the  evil   that the state (as we know it today) brings to humanity?

Particularly when in kindergartens, schools, and universities— that are all in the hands of the state— the teachings associated with collectivism-socialism-Marxism are systematically drummed into people’s (especially impressionable children’s) heads, when the teachings of freedom, free market and free society, plus capitalism are hardly or not at all imparted to the youthful generation?

Who will explain to people the uncomfortable truth that even a minimum state will become a maximum state? That states’ monopolies over money will lead to a single world currency and therefore world tyranny?

It does not take much to become bleak when it comes to the future of the particular free economic and interpersonal order.

Nevertheless , it would be rather shortsighted to get pessimistic.

Those who believe in Jesus Christ can trust that God will never fail them. If we are unable to think of a solution to the difficulties at hand, the believers may trust God. Because  “[e]ven in the dark night, there is a bright light glowing somewhere. ”

Or: please remember the  Enlightenment   movement in the eighteenth millennium. At that time, the Prussian thinker Immanuel Kant explained the “ unheard of” towards the people, namely that there is such a thing as “ autonomy of reason. ”

It means that you and I have the indisputable right to business lead our lives independently; that we ought to handle it according to self-imposed rules, rules that we figure out ourselves based on good reason.

People back then recognized Kant’s message. Why should such an  intellectual revolution — triggered by the writings and words of a free thinker— not be able to repeat itself in the future?

Or: the fact that people have not yet learned from bad experience does not mean which they won’t eventually learn from it.

When it comes to considering about  changes for your better , it is important to note that it is not the  mass of people   that matters, but the individual.

Applied to the circumstances in today’s world, among those thinkers who can defeat evil and assist the good make a breakthrough are Ludwig von Mises, Murray Rothbard, and Hans-Hermann Hoppe— and all those following their own teachings and fearlessly disseminating them— as scholars or as fans.

They are— in terms of Tolkien’s  Lord of the Rings — the  companions . They give us the intellectual firepower and the courage to fight plus defeat  evil .

I can’t say for sure if Ludwig von Mises knew Tolkien’s  Master of the Rings . Yet he was certainly properly aware of the struggle in between good and evil that continues throughout human history.

In fact , the knowledge of this struggle shaped Mises’s  maxim of life , which he took from your verse of the Roman poet Virgil (70 to 19 BC):

“ Tu ne cede malis, sed contra audentior ito, ” which means  “ Do not give in to bad but proceed ever more strongly against it. ”

I want to close our interpretation with a quote from Samwise Gamgee, the loyal friend and companion of Frodo Baggins.

In a really hopeless scenario, Sam says to Frodo: “ There is something great in this world, Mr. Frodo. And it is worth fighting for. ”

So if we would like to fight for the good in this world, we know what we have to do: we have to guard property and freedom plus against the darkness that the state (as we know it today) wishes to bring upon all of us, especially with its fiat cash.

In fact , we should fight steadfastly for a modern society of property and freedom!


  • one Ludwig von Mises,   The Ultimate Foundation of Economic Science: An Essay upon Method  (Princeton, NJ: M. Van Nostrand, 1962), p. 98.
  • 2 . Franz Oppenheimer,   The State: Its History and Development Viewed Sociologically  (B. W. Huebsch, 1922), p. 15.
  • 3. Joseph Stalin, The Foundations associated with Leninism (Moscow: Pravda, 1924).
  • 4. George Orwell,   Nineteen Eighty-Four  (London:   Secker and Warburg,   1949), p. 353.
  • five. Hans-Hermann Hoppe,   Democracy: The God That Failed  (New Brunswick, NJ: Deal Publishers, 2001), p. 229.
  • 6. Ludwig von Mises,   The Theory of Money and Credit, trans. J. E. Batson (Auburn, AL: Ludwig von Mises Institute, 2009), p. 409.

Dr . Thorsten Polleit is Key Economist of Degussa and Honorary Professor at the College of Bayreuth. He also acts as an investment advisor.

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