George Soros‘ INET: An institute to improve the world or a Trojan horse of the financial oligarchy?

Let’s assume that there is a financial oligarchy which exerts strong political influence due to the vast amounts of money it controls. Let’s further assume that this financial oligarchy has succeeded in having financial markets deregulated and that this has enabled the financial industry to expand their business massively. Then, in some near or far future, their artfully constructed financial edifice breaks down, because it cannot be hidden any more that the accumulated claims cannot be serviced by the real economy.

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Don’t blame the victims, Mr.Weidmann!

 A working paper published by the European Central Bank (ECB) shows that strong wage increases have not been the cause for troubles of the euro zone’s crisis countries. Rather, capital flows have caused bloated house and asset prices and exaggerated construction activity and unsustainable economic activity in general, which in turn has pushed up wages. This diagnosis flies in the faceof the of the story often retold by the ECB and

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Despite some BIS-economists: Deleveraging does matter

Outstanding credit to the private sector in the euro area has been shrinking for a long time. It is shrinking fast in several peripheral countries and the European Central Bank (ECB) seems unable or unwilling to do anything about it. Given that the economy of the euro area is barely crawling out of recession and that inflation is predicted to be significantly below the central bank’s target rate for the next two years at least, this seems troublesome. Two economists of the Bank for International Settlements (BIS) help out

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Saving might be a virtue for people, but it is a vice for economies

Fabian Lindner of the German macro-economic research institute IMK has submitted a very timely and well-argued piece to the World Economic Reviw: “Does Saving Increase the Supply of Credit? A Critique of Loanable Funds Theory”. He takes on influential theses of luminaries from Larry Summers, over Ben Bernanke to Hans-Werner Sinn by tracing them back to the loanable-funds-fallacy – a fallacy which still rules standard textbooks. His main proposition is simple and not refutable: firms and economies do not operate at full capacity. All research and surveys show that

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CV

 (Last updated in May 2017)

 E-Mail: norbert.haering@posteo.de

Norbert Haering (born 1963) lives with his family in Frankfurt am Main, Germany. He grew up on a farm in southern Germany. He studied economics in Heidelberg and Saarbrücken. In Saarbrücken he obtained a Ph.D. in economics with a thesis on the political economy of regional subsidies.

 At Commerzbank he worked for three years, first in the economics department, then as a speach writer and Managing Editor of the annual and quarterly reports. In 1997 he moved over to economic journalism. He worked for Börsen-Zeitung and Financial Times Deutschland, before joining Handelsblatt in 2002 as a correspondent for monetary affairs. In 2002 he convened the Shadow ECB Council, a Group of 15 eminent economists from financial institutions, universities and research institutes, for which he served as (non-voting) chairman until 2015. Since 2012 he is in charge of economic science reporting.

Norbert Häring is author (with Olaf Storbeck) of the best-selling book „Ökonomie 2.0“, which won the title economics book of the year 2007 by getAbstract and was translated into English (Economics 2.0) and four other languages, as well as the author of several more popular books on economics. In 2014 he was awarded the Keynes-Prize for Economic Writing 2014 by Keynes-Gesellschaft (Keynes-Society).

He is co-founder and co-director of the World Economics Association WEA. Founded in 2011, it is the second largest association of economists worldwide with about 15.000 members. Its Goal is to promote pluralism in economics, in the regional Dimension as well as with regard to the methods and objects of study. From 2012 to 2015 he served as co-editor of the WEA-journal World Economic Review.

Publications and presentations in English

(For a full list of publications, see Lebenslauf)