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25.10.2012
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Schwarzenberg
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Date end: 28.10.2012

19. Workshop

Denationalization of Money

The right monetary constitution is a central issue, the importance of which is widely underestimated, not only in economic policy but also in social policy. “He who rules money rules the world”, you could say.

Liberals are therefore doing everything they can to ensure that the discretionary scope of those who create and issue money remains strictly limited. This is especially true after the financial crisis. In the public debate, the focus was on the “bad” actors – and therefore on financial investors, hedge funds and speculators. All too little attention was paid to those who had set the framework conditions with the low interest rate policy, for example. The crisis has at least boosted criticism from the liberal side of any political influence on the monetary system. Nevertheless, this criticism does not really seem to have been heard.

At the 19th Progress Foundation workshop, academics from the USA, Great Britain, Germany, France, Spain and Switzerland met to discuss different variants of the denationalization of the monetary system on the basis of now almost classic texts by Milton Friedman, Anna J. Schwartz, James M. Buchanan and Friedrich A. von Hayek: the binding of independent but state-owned central banks to strict rules, denationalization through a common currency at a higher level or the complete privatization and demonopolization of money issuance and creation.

Translated in DeepL

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