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Philipp Bagus

Tags Financial MarketsMoney and BanksBusiness CyclesMonetary TheoryMoney and Banking

Works Published inSpeeches and PresentationsMises Daily ArticleThe Journal of Libertarian StudiesQuarterly Journal of Austrian EconomicsThe Free MarketLibertarian Papers

AwardsO.P. Alford III Prize in Political Economy

Philipp Bagus is professor of economics at Universidad Rey Juan Carlos. He is a Fellow of the Mises Institute, an IREF scholar, and was awarded the 2011 and 2017 O.P. Alford III Prize in Libertarian Scholarship, the Ron Paul Liberty in Media Award 2003, the Templeton Fellowship Award of the Independent Institute in 2008, and the Ludwig-Erhard-Forderpreis 2016. He is the author of The Tragedy of the Euro and coauthor of Deep Freeze: Iceland's Economic CollapseThe Tragedy of the Euro has so far been translated and published in Greek, German, French, Slovak, Polish, Italian, Romanian, Finnish, Spanish, Portuguese, British English, Dutch, Brazilian Portuguese, Bulgarian, and Chinese. He is also author of In Defense of Deflation, and co-author with Andreas Marquart of Blind Robbery: How the Fed, Banks and Government Steal Our Money and of the German language book Wir schaffen das alleine - warum Kleinstaaten einfach besser sind. Visit his website at

All Works

The Tragedy of the Euro

Financial MarketsGlobal EconomyMoney and Banking

Bagus explains that the Euro is not what the older classical liberals had hoped for, but instead is a politically managed money that is destined for failure.
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The Irish Subjugation

Global EconomyWorld HistoryInterventionismOther Schools of Thought

11/30/2010Mises Daily Articles
Before the financial crisis, Portugal, Italy, Ireland, Greece, and Spain had been able to finance their deficits at artificially low interest rates. They all assumed that their governments would be bailed out by other countries of the eurozone in order to preserve the holy European Union.
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The Social Function of Credit-Default Swaps

Financial MarketsGlobal EconomyFiscal TheoryInterventionism

06/29/2010Mises Daily Articles
"By anticipating the future, speculators may bring about events earlier and reduce their potential harm."
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Have We Crossed the Point of No Return?

Booms and BustsThe FedGlobal EconomyMoney and Banks

05/20/2010Mises Daily Articles
It is likely that with the bailout of Greece we have already passed this point of no return.
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The Bailout of Greece and the End of the Euro

Global EconomyInterventionismMonetary TheoryOther Schools of Thought

02/11/2010Mises Daily Articles
"The future of the euro is dark because there are such strong incentives for reckless fiscal behavior, not only for Greece but also for other countries."
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