la escuela austríaca frente al euro
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La Escuela Austríaca Frente al Euro
Jesús Huerta de Soto Vs. Philipp Bagus
The tragedy of the
commons
The solution…
or…
Back to the Eurozone…
…there’s the European
central Bank…
Debt
Collateral
“Fresh” Money
20002001
20022003
20042005
20062007
20082009
20102011
-32.0
-27.0
-22.0
-17.0
-12.0
-7.0
-2.0
3.0
Deficit Spending / GDP (%)
EU 17GermanyEstoniaIrelandGreeceSpainItalyLithuaniaPortugal
2000Q1
2000Q4
2001Q3
2002Q2
2003Q1
2003Q4
2004Q3
2005Q2
2006Q1
2006Q4
2007Q3
2008Q2
2009Q1
2009Q4
2010Q3
2011Q2
2012Q10.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
Total Public Debt to GDP (%)
EU17GermanyEstoniaIrelandGreeceSpainFranceItalyLithuaniaPortugal
2000M01
2000M11
2001M09
2002M07
2003M05
2004M03
2005M01
2005M11
2006M09
2007M07
2008M05
2009M03
2010M01
2010M11
2011M09-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Inflation
EU 17GreeceSpainGermany
1998
Q3
1999
Q1
1999
Q3
2000
Q1
2000
Q3
2001
Q1
2001
Q3
2002
Q1
2002
Q3
2003
Q1
2003
Q3
2004
Q1
2004
Q3
2005
Q1
2005
Q3
2006
Q1
2006
Q3
2007
Q1
2007
Q3
2008
Q1
2008
Q3
2009
Q1
2009
Q3
2010
Q1
2010
Q3
2011
Q1
2011
Q3
2012
Q1-12,000
-10,000
-8,000
-6,000
-4,000
-2,000
0
2,000
BoP: Greece
Net BoP (millions of euros)Moving average (Net BoP (millions of euros))
1998
Q3
1999
Q1
1999
Q3
2000
Q1
2000
Q3
2001
Q1
2001
Q3
2002
Q1
2002
Q3
2003
Q1
2003
Q3
2004
Q1
2004
Q3
2005
Q1
2005
Q3
2006
Q1
2006
Q3
2007
Q1
2007
Q3
2008
Q1
2008
Q3
2009
Q1
2009
Q3
2010
Q1
2010
Q3
2011
Q1
2011
Q3
2012
Q1-35,000
-30,000
-25,000
-20,000
-15,000
-10,000
-5,000
0
5,000
BoP: Spain
Net BoP (millions of euros)Moving average (Net BoP (millions of euros))
1998
Q3
1999
Q1
1999
Q3
2000
Q1
2000
Q3
2001
Q1
2001
Q3
2002
Q1
2002
Q3
2003
Q1
2003
Q3
2004
Q1
2004
Q3
2005
Q1
2005
Q3
2006
Q1
2006
Q3
2007
Q1
2007
Q3
2008
Q1
2008
Q3
2009
Q1
2009
Q3
2010
Q1
2010
Q3
2011
Q1
2011
Q3
2012
Q1-30,000
-20,000 -10,000
0 10,000 20,000 30,000 40,000 50,000 60,000
BoP: Germany
Net BoP (millions of euros)Moving average (Net BoP (millions of euros))
2005
-01-
0420
05-0
4-06
2005
-07-
0720
05-1
0-06
2006
-01-
1120
06-0
4-13
2006
-07-
1420
06-1
0-16
2007
-01-
1820
07-0
4-19
2007
-07-
2020
07-1
0-18
2008
-01-
2220
08-0
4-22
2008
-07-
2320
08-1
0-23
2009
-01-
2820
09-0
4-29
2009
-07-
2920
09-1
0-29
2010
-02-
0320
10-0
5-05
2010
-08-
0520
10-1
1-05
2011
-02-
1020
11-0
5-12
2011
-08-
1220
11-1
1-15
2012
-02-
1720
12-0
5-18
1.10
1.20
1.30
1.40
1.50
1.60
Dollars to One Euro
2005
-01-
0520
05-0
4-13
2005
-07-
2020
05-1
0-25
2006
-02-
0120
06-0
5-11
2006
-08-
1620
06-1
1-21
2007
-02-
2820
07-0
6-08
2007
-09-
1320
07-1
2-18
2008
-03-
2820
08-0
7-04
2008
-10-
0920
09-0
1-16
2009
-04-
2420
09-0
7-31
2009
-11-
0520
10-0
2-12
2010
-05-
2420
10-0
8-27
2010
-12-
0220
11-0
3-11
2011
-06-
2220
11-0
9-27
2012
-01-
0420
12-0
4-11
2012
-07-
19
300
500
700
900
1100
1300
Euros per Troy Ounce
In defense of the Euro
A proxy for the gold standard…
… as good as fixed exchange rates…
… as Hayek and Mises would like it
to be…
Agreement
• 100 % Reserve banking
• Money monopoly hurts people
• “Public Choice” argument
• Welfare state must be reformed
Means vs. Ends
Conclusion
• Bagus and Huerta de Soto are right
• Monetary nationalism not desirable
• Monetary “supranationalism”?
• We deserve better
F.A. Hayek - 1976“…both preferable and more practicable than the utopian scheme of introducing a new
European currency, which would ultimately only have the effect of more deeply
entrenching the source and root of all monetary evil, the government monopoly on the issue and control of money”
Iván C. CarrinoUniversidad Rey Juan Carlos
Fundación Libertad y Progresoivan.carrino@libertadyprogreso.org
@ivancarrino
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