March 29, 2023

Economist Compares Global Digital Currency to Tolkien’s Ring of Power

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

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

There have been numerous techniques closer to a cashless culture in recent years, from  capping ATM withdrawals   to  doing away with large-denomination bills . Last year, China launched  a digital yuan pilot program   and  the US provides floated moving toward an electronic digital dollar .

We got a first-hand look at what happens when governments restrict access to cash when  India plunged in to 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 exploring ways to move toward cashlessness, but there’s an even even worse scenario — a global digital currency.

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

The next 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 viewed from many angles. One of them is to see it as a struggle for power and dominance, superiority, as a struggle for freedom and against oppression, like a struggle of good against wicked.

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

The history of the West, from the associated with the Greek Polis right 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 history does not follow predetermined laws and regulations of societal development yet ultimately depends on  ideas   that will drive human action.

From Mises’s point of view, human history can be understood as being a battle of good ideas towards bad ideas.

Ideas are good if the actions they recommend bring outcomes that are beneficial for everyone and lead the actors for 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 can survive.

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

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

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

2 .

With  Lord of the Bands , J. J. Ur. Tolkien (1892– 1973) wrote a literary monument regarding the epic battle between good and evil. His wonderland novel, published in 1954, was a worldwide success, not least because of the movie three set, released from 2001 to 2003.

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

Three Rings for the Elven-kings under the sky,

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

Nine for Mortal Men doomed in order 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 all of them, and in the darkness hole them.

Within the Land of Mordor in which the Shadows lie.

But Sauron privately forges an additional ring in to which he pours every his darkness and cruelty, and this one ring, the master ring, rules all the other rings.

Whenever Sauron puts the learn ring on his finger, he can read and control the particular minds of everyone wearing among the other rings.

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

Then, however , in the Third Age, in the battle before Install Doom, Isildur, the oldest son of King Elendils, severed Sauron’s ring little finger with a sword blow. Sauron is defeated and loses his physical form, yet he survives.

Now Isildur has the ring of power, and it requires possession of him. He does not destroy the learn ring when he has the opportunity, and it costs him his life. When Isildur is killed, the ring sinks to the bottom of a water and remains there pertaining to twenty-five hundred years.

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

As time passes, Sauron’s power grows again, and he wants the Ring of Power back. Then the ring is found, and for 60 years, it remains within the hands of the hobbit Bilbo Baggins, a friendly, well-meaning getting who does not allow themselves 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 Ring of Power is kept by Bilbo Baggins.

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

Bilbo Baggins’s nephew, Frodo Baggins, agrees to take the task upon himself. He great companions— a total of 4 hobbits, two humans, a dwarf, and an elf— embark on the dangerous journey.

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


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

No one can wield the cruel power of the  One Ring   and use it permanently; no human, no little, no elf.

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

Tolkien’s Bands of Power embody bad ideas.

The nineteen rings stand for the idea that the ring bearers should have power over other people and rule over all of them.

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

The 19 rings symbolize the idea of setting up and maintaining a state (as we know it today), namely  a state understood 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; and the creation of a single world fiat currency  controlled from the states  would pave the way toward  this outcome.


To explain this particular, let us begin with the state as we know it today. The state will 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 victorious group of men on a defeated group, with the sole reason for regulating the dominion of the victorious group over the vanquished and securing itself against revolt from within and assaults from abroad…. This dominion 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 ruling class to suppress the particular resistance of its class opponents. (3)

The modern state in the Western world no more uses coercion and violence as obviously as many from the predecessors.

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

How does the state manage to create and keep such a two-class society of rulers and ruled?

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

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

The state lets the folks know that it is good, essential, inevitable. Without it, the state whispers, a civilized coexistence of people would not be possible.

Most people give in to this kind of propaganda, as well as the state gets carte blanche to effectively infiate 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 obligations. Those who resist will end up within prison or lose their particular livelihood or even their lives.

The state propagates fear and terror to help make people compliant— as those who are afraid are easy to control, particularly if they have been led to believe that their state will protect them against any evil.

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

Nevertheless , it is of the utmost significance for the state to win the battle of tips and be the authority to express what are good ideas and what are usually bad ideas.

Because it is ideas that determine people’s actions.

The task of winning on the general public for the state traditionally falls to the so-called  intellectuals — individuals whose opinions are widely heard, such as teachers, doctors, university professors, researchers, stars, comedians, musicians, writers, journalists, and others.

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

Among the intellectuals, there tend to be a good number of who willingly submit to the rings of power, helping— consciously or unconsciously to bring their fellow men and women under the spell of the rings or simp ly  to walk more than, subjugate, dominate them.

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

Just like the One Ring of energy tries to find its long ago to its lord and master, an initially restricted state inevitably strives in the direction of its logical endpoint: absolute power.

The state (as we know it today) is pushing pertaining to expansion both internally and externally. This is a well-known reality derived from the logic associated with 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 usually expanding through all sorts of surgery in economic and social life, through regulations, laws, laws, and taxes.

Outwardly, the financially and militarily strongest condition will seek to expand its sphere of impact. In the most primitive type, this happens through aggressive strategies of conquest and  war, in a more sophisticated form, simply by pursuing political ideological supremacy.

In recent decades the latter has taken the shape of  democratic socialism . To put it delicately, democratic socialism means allowing and doing what the vast majority wants.

Below democratic socialism, private property is formally upheld, but it is declared that nobody is the rightful owner of 100 percent  of the earnings from their property.

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

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

Every societies of the Western world have embraced democratic socialism, several with more authority than other people, and all of them use interventionism. Seen in this light, every Western states are now acting in concert.

What they also have in common will be their disdain for competition, because competition sets unwanted limits to the state’s extensive nature.

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

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


Within Tolkien’s  Lord from the Rings , the One Ring, the ring of energy, embodies this very darkish idea: to rule them all, 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 reason why it is praised to the heavens by socialists.

Sooner or later, a democracy may 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 companies that need strict leadership, which is handed to the most power-hungry, ruthless people.   They   can represent the party top notch.

The party elite can break far from the will of the celebration members and pursue their very own goals and agendas. For example , 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 would be the kings of the castle. It is far from the voters who will contact the tune but oligarchic elites that will rule on the voters.

The oligarchization of democracy is not going to afflict individual states but will also affect the international relationships of democracies.

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

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

The One Ring associated with power drives those who have already been seduced by the common bands to long for absolute power, to elevate themselves above the rest associated with humanity. Who comes to mind?

Well, numerous politicians, high-level bureaucrats, court intellectuals, representatives of large banking, big business, Huge Pharma and Big Technology 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, climate change, or viral diseases— the one ring of power ensures that supranational, state-orchestrated solutions are propagated; that centralization is placed above decentralization; that this state, not the totally free 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 one particular ring of power.

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

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

How do the politics globalists get closer to their own badly desired end of world domination, their planet state?


Sauron is the proven tyrant and dictator in his realm of darkness. He or she operates something like a order 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 wants; he has overcome exchange and money, so to speak.

Today’s condition is not quite that effective, and it finds itself within economies characterized by property, department of labor, and monetary exchange.

The state wants to control money— as this is one of the most effective ways to gain best power.

For this end, the modern state has already acquired the monopoly of money production; and it has replaced gold with its own fiat cash.

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

It might be a mistake to assume that the current organization of exchange is bound to continue to exist. It carries inside 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 associated with income and wealth. Most importantly, it is a growth elixir for that state, making it ever bigger and more powerful at the cost of the freedom of its citizens and entrepreneurs.

Against this backdrop, it should be quite understandable why the politics globalists see creating a single world currency as an essential step toward  seizing total power.

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

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

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

This is what the 99 Canadian Nobel laureate in 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 and also fixing them against a brand 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 world central bank.


Admittedly, creating a solitary world fiat currency has little chance of being recognized at first glance. But maybe at second glance.

First of all, there is a good economic reason behind having a single world foreign currency: if all people do business with exactly the same money, the productive power of money is optimized. From an economic standpoint, the optimal quantity 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 a democratic socialism, they also have the in ensuring that there is no currency competition— not even between various state fiat currencies. This makes them susceptible to the idea of decreasing the pluralism of currencies.

Furthermore, you need to not misinterpret the alleged rivalry between the big declares such as the US and Cina and between China and Europe, which is being talked about in the mainstream media on a regular basis.

No doubt 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 become 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 jointly across borders.

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

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

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

Could it be too farfetched to imagine the Western world will make common cause with Communist Tiongkok not only on health issues but also on the world currency issue? The democratic socialists on the western part of the country and the Chinese  Communist Party have a great deal of common floor and common interest, I might think.

That is definitely no coincidence that The far east has pushed hard for your Chinese renminbi to be contained in the International Monetary Fund’s exclusive drawing rights, and that the 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 anonymous payment option for citizens and entrepreneurs.

Once people start using digital central financial institution money, it will be easy for the particular central bank and the state to spy on people’s transactions.

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

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

Against this backdrop, digital main bank money would be particularly effective at stifling unwanted political opposition.

Electronic central bank money is not going to replace cash, but it will likely increasingly compete with money from commercial banks.

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

Once commercial financial institution deposits can be exchanged one to one for digital central bank money— and this is to be expected— the credit and monetary system is de facto fully nationalized.

Because under these conditions, the central bank transfers its unlimited solvency towards the commercial banking sector.

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

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

But with commands, prohibitions, laws, taxes, and control, the state determines who might be allowed to produce what, whenever, and under what conditions, and who is allowed to consume what, when, and how a lot.

In such a control and control economy, it is very 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 how much new money and when. The amount of money in people’s bank accounts no more reflects their economic success. From now on, it is the result of irrelavent political decisions by the main banks, i. e., the rulers.

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


Will the people, the general public, really sign up for all of this?

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

The single world currency creature how the political globalists want to develop will be a fiat money, certainly not a commodity money.

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

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

The states are the main beneficiaries: they can obtain money from the world main bank at any time, provided they will adhere to the rules set out by the world central bank as well as the special interest groups that will 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 globe currency that paves the way toward  a world government and a world state.

In this context, take note what happened in the euro area: the starting point was not the creation of the EU superstate, which was to be followed by the development of the euro. It was exactly the opposite: the euro had been introduced to overcome nationwide sovereignty and ultimately set up the United Nations of European countries.

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

10 .

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

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

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

Particularly when in kindergartens, schools, and universities— which are all in the hands of the state— the teachings of collectivism-socialism-Marxism are systematically drummed into people’s (especially impressionable children’s) heads, when the theories of freedom, free marketplace and free society, plus capitalism are hardly delete word at all imparted to the youthful generation?

Who will explain to people the uncomfortable truth that even a minimal state will become a maximal state? That states’ monopolies over money will result in a single world currency and therefore world tyranny?

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

However , it would be rather shortsighted to obtain pessimistic.

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

Or: please remember the  Enlightenment   movement in the eighteenth centuries. At that time, the Prussian thinker Immanuel Kant explained the particular “ unheard of” to the people, namely that there is this kind of thing as “ autonomy of reason. ”

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

People back then grasped Kant’s message. Why should this kind of an  intellectual trend — triggered by the writings and words of a free thinker— not be capable to repeat itself in the future?

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

When it comes to thinking about  changes for that better , it is important to remember that it is not the  bulk of people   that matters, but the individual.

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

They are— in terms of Tolkien’s  Lord of the Bands — the  companions . They give all of us the intellectual firepower as well as the courage to fight plus defeat  evil .

I don’t know if Ludwig von Mises knew Tolkien’s  Lord of the Rings . Yet he was certainly well aware of the struggle between good and evil that will continues throughout human history.

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

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

I want to close my interpretation with a quote from Samwise Gamgee, the devoted friend and companion associated with Frodo Baggins.

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

So if we want to fight for the good in this world, we know what we have to do: we have to guard property and freedom and 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 community of property and independence!


  • one Ludwig von Mises,   The Ultimate Foundation of Financial Science: An Essay upon Method  (Princeton, NJ: G. Van Nostrand, 1962), l. 98.
  • 2 . Franz Oppenheimer,   The State: Its History and Development Viewed Sociologically  (B. W. Huebsch, 1922), p. 15.
  • 3. Frederick Stalin, The Foundations of 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. Electronic. Batson (Auburn, AL: Ludwig von Mises Institute, 2009), p. 409.

Dr . Thorsten Polleit is Main Economist of Degussa plus Honorary Professor at the College of Bayreuth. He furthermore acts as an investment advisor.

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