“There was this wonderful book called "The Hitchhiker's Guide to the Galaxy" and there's a chapter in it where there's a planet where another planet sends all of its lunatics to do no more damage at home. And on this lunatic planet, the Keynesian economists have come to power and decided that they can abolish the scarcity of goods by abolishing the scarcity of money. They then declared the leaves of trees to be money, which of course immediately led to hyperinflation. This was then countered with a forest defoliation program. And let me tell you, ladies and gentlemen, some of these "foliage faction" have made it here. They're sitting in the central banking worlds today, in the Governing Council of the ECB and at the Fed, and they're telling us with their Modern Monetary Theory that it's possible in all seriousness to overcome the scarcity of goods by abolishing the scarcity of money and being able to buy everything, anything, everything, if we just print enough money.”
Dr. Markus Krall
Markus Krall is a German economist, entrepreneur, and author known for his critical views on monetary policy and economic systems.
This quote strongly warns of the risks of monetary policies that believe scarcity can be overcome by money creation. It calls for critical reflection on modern economic theories and their impact on real markets.
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Markus Krall explains: Why Modern Monetary Theory and Money Creation are Dangerous
Markus Krall warns about the dangers of Modern Monetary Theory: scarcity cannot be overcome by unlimited money creation.
Markus Krall is a German economist, business consultant, and author who gained recognition for his critical analyses of monetary policy and the financial system. He has worked in senior positions within the financial industry and regularly publishes books and lectures on economic topics and crisis forecasts.
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