Warum anderen auf Ihre Kosten immer reicher werden

und welche Rolle der Staat und unser Papiergeld dabei spielen.
Testimonials:
»Das staatliche Geldmonopol als groß angelegter Betrug am Bürger? Der Wohlfahrtstaat als zutiefst demagogisches Projekt? Philipp Bagus und Andreas Marquart haben ein provokantes (und zugleich unterhaltsames) Buch geschrieben. Sie fordern die vermeintlichen Selbstverständlichkeiten unserer Zeit heraus, politisch wie ökonomisch. Und sie rufen dazu auf, Stellung zu beziehen. Ein Buch, das niemanden kalt lässt.«
Daniel Eckert, Autor von »Weltkrieg der Währungen« und »Alles Gold der Welt«

Bail-in or Bail-out: The case of Spain

In this article published in CESifo Economic Studies (2014) 60 (1): 89-106. with Juan Ramón Rallo and Miguel A. Alonso we discuss the possibility of a bail-in in the case of Spanish banks vis-a-vis the fateful decision to bail them out with tax payers money.

Working Paper Version.

Oil and water do not mix, or Aliud est credere, aliud deponere

In this article published in the Journal of Business Ethics with David Howden and Amadeus Gabriel we show that fractional reserve deposit banking is impossible and illegitimate. 10.1007/s10551-014-2087-x
Working paper version.

Some Ethical Dilemmas of Modern Banking

David Howden and I published "Some Ethical Dilemmas of Modern Banking" in Business Ethics: An European Review, Vol. 22, 3: 235-245.
Here is the link to the working paper.
And the abstract:

Deposits, loans and banking: Clarifying the debate

In this article published in the American Journal of Economics and Sociology Volume 72, Issue 3, pages 627–644, July 2013 with David Howden, Walter Block and we explain why fractional reserve banking contract are invalid in a free society.

A free market bailout alternative

In this article published in The European Journal of Law and Economics, Juan Rallo, Miguel A. Alsono and I discuss the private alternative to bank bailouts. The bailin does not hurt tax payers but only people who invested in banks. This alternative has been discussed recently. Hopefully, politicians adopt our approach.

Why and how to exit the Euro!

Here is my entry for the Wolfson contest with a foreword by Patrick Barron and an afterword by Godfrey Bloom.
I explain shortly all the problems of the euro, the future risks, and the continously rising costs. I discuss several alternatives to exit the Euro. Here is the link.

La tragedia del euro

Ahora La tragedia del euro, está disponible en español publicado por Unión Editorial. El libro ya está en 10 idiomas.

Die Tragödie des Euro - ein System zerstört sich selbst

Ab dem 18. August ist endlich mein Buch "Die Tragödie des Euro" im Handel erhältlich. Es scheint beim Finanzbuchverlag. Hier ist das erste Kapitel als Leseprobe zu finden.

The continuing continuum problem of deposits and loans

In this article forthcoming in Journal of Business Ethics with David Howden we respond to Walter Block and Bill Barnett on the ethics of maturity mismatching.

Fractional Reserve Free Banking: Some Quibbles

In this article, David Howden and I show the theoretical problems of fractional reserve free banking. It was published in The Quarterly Journal of Austrian Economics, 13 (4): 29-55, 2010.

The Term Structure of Savings, The Yield Curve, and Maturity Mismatching

In this article co-authored with David Howden and published in the Quarterly Journal of Austrian Economics 13 (3), pp. 64-85, 2010, we elaborate on the subject of maturity mismatching as set out in my awarded article: Austrian Business Cycle Theory: Are 100 percent reserves sufficient to prevent a business cycle.

Deep Freeze

My book Deep Freeze: Iceland´s economic collapse co-authored with David Howden is available. Watch my presentation at ASC (youtube), starting minute 12. In the book, we explain the economic collapse of Iceland caused by maturity and currency mismatching. Here is the store link. 12$.

The trade union cycle

In this article published in Procesos de Mercado: Revista Europea de Economía Política, 8 (1) 2011, pp. 255-274 I analyze the future of trade unions after the financial crisis in the context of globalization. I show that trade union power rise and falls along the business cycle. The long term trend of union power is to fall due to globalization.

Monetary equilibrium and price stickiness: Causes, consequences and remedies

In this article published in Review of Austrian Economcis, 24 (4), pp. 383-402 David Howden and I deal with the alleged necessity of credit expansion to restall monetary equilibrium due to price stickiness. William Luther and Alexander Salter wrote a response here. Our rejoinder titled: "Monetary equilibrium and price stickiness: a rejoinder" can be found here.

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