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by Thorsten Polleit
Podcast by Thorsten Polleit
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Smart money doesn’t treat “the market,” “the state,” or “society” as living things. Those labels are shortcuts for people acting. Treat the labels as real and you get bad models, index worship, “the market is crazy” talk, and forecasts that can’t work. Same trap with “fair value”: useful as your estimate of cash flows, dangerous if you treat it as an objective number the market must obey. Recorded 18 September 2026 (helped by AI). If you want to learn more, read Dr. Polleit’s BOOM & BUST REPORT. Details at boombustreport.com.
The Great Taking“, ins Deutsche übersetzt: „Die große Enteignung“, ist ein Buch (und auch ein Dokumentarfilm) aus dem Jahr 2023 des ehemaligen Hedgefonds-Managers David Rogers Webb. Darin wird ein angeblich geplantes Szenario ausgebreitet, bei dem im Zuge eines großen Finanzkollaps alle Wertpapiere, Bankguthaben und schuldenfinanzierten Vermögenswerte von normalen Bürgern auf eine kleine Elite (vor allem große Banken, „abgesicherte Gläubiger“) übertragen werden. Wie stellen in diesem Podcast einige Gedanken an, wie Webbs Theorie einzuordnen ist. Aufgenommen am 14. September 2026. Wenn Sie das ganze Bild interessiert, wenn Sie als Geldanleger nach umsetzbaren Handlungsempfehlungen suchen, dann besuchen Sie meine Website: https://www.boombustreport.com/
Die Europäische Union (EU) will das Geld der Sparer „mobilisieren“, es für politische Wunschprojekte der EU verausgaben. Entsprechende Pläne hat die EU-Kommission bereits im März 2025 veröffentlicht (siehe hierzu Dr. Polleits BOOM & BUST REPORT, 20. März 2025). Das Ganze trägt die Überschrift „Spar- und Investment-Union“ (kurz: SIU). In der Sprache der EU-Bürokraten heißt es, die Bürger würden von einer SIU profitieren: Sie erhielten mehr einfache(re) und günstige(re) Anlagemöglichkeiten. Auch die Unternehmen stünden angeblich auf der Gewinnerseite: Ihnen werde die SIU einen leichteren Zugang zum Kapitalmarkt eröffnen, mehr Kapital zur Verfügung stellen. Und nicht zuletzt soll die SIU die EU insgesamt voranbringen: Wichtige Politik-Projekte „Klima“, Digitalisierung, Verteidigung etc. würden so finanzierbar(er). Die SIU sei folglich die natürliche Weiterentwicklung der ohnehin schon angestrebten „Kapitalmarktunion“. Was von der SIU zu halten ist, welche Konsequenzen mit ihr verbunden sind, dazu einige Gedanken in diesem Video. Aufgenommen am 14. September 2026. Wenn Sie das ganze Bild interessiert, wenn Sie als Geldanleger nach umsetzbaren Handlungsempfehlungen suchen, dann besuchen Sie meine Website: https://www.boombustreport.com/
Einer der schlimmsten Feinde des klaren Denkens das „Hypostasieren“ sei. Was bedeutet das Wort „Hypostasieren“? Es bedeutet, dass ein abstrakter Begriff (gegen dessen Verwendung zunächst einmal überhaupt nichts einzuwenden ist) sich quasi verselbstständigt; und zwar dergestalt, dass man dem Begriff unberechtigterweise eine Realität zuspricht, ihn verdinglicht, wie ein reales, eigenständiges Ding behandelt, so als wäre er etwas mit eigenem Willen und eigener Existenz — obwohl er all das gar nicht ist! Auch Immanuel Kant kannte das Problem der „Hypostase“. Er schrieb: „Das bloße Denkding aber für ein wirkliches Wesen zu halten, ist eine unerlaubte Hypostasierung.“ Aber auch und gerade für Investoren kann das Hypostasieren schnell zum Problem werden. Warum und wieso, das erfahren Sie in diesem Podcast. Aufgenommen am 12. September 2026. Wenn Sie mehr wissen wollen, dann besuchen Sie am besten meine Website: https://boombustreport.com
Preview-Podcast: Dr. Polleit's BOOM & BUST REPORT, 63rd ed., 10 Sep '26 by Thorsten Polleit
Interest rates are rising worldwide. For example, the ten-year yield on U.S. Treasuries has reached 4.80 per cent, the highest level in 20 years, and the thirty-year yield 5 ½ per cent. Although interest rate levels differ (quite substantially) from one currency area to another, credit costs are climbing everywhere. We have repeatedly pointed to the extremely important “interest rate problem” in previous issues of Dr. Polleit’s BOOM & BUST REPORT. The reason: The interest rate is probably the most important variable for financial market activity. It is essentially embedded in every financial market price—whether stocks, bonds, real estate, or commodities: All these prices ultimately depend on the interest rate. And rising interest rates exert downward pressure on financial market prices. We take a look at future scenarios as far as interest rates and inflation are concerned. Visit my website: www.boombustreport.com
Visit my website: www.boombustreport.com
Lecture by Thorsten Polleit, 15 August 2026, F. A. v. Hayek Club Weimar. The main theses can be summarized as follows (thanks, AI): 1. The meaning of Enlightenment according to Kant Enlightenment is man’s emergence from self-incurred immaturity by having the courage to use his own reason (“sapere aude”). Freedom and independent thinking are not guaranteed and do not happen by themselves; they must be won against unfreedom and ideological paternalism (e.g. socialism, communism, and today’s political currents). 2. Kant’s epistemology as foundation Immanuel Kant (1724–1804) distinguishes between statements that depend on experience (a posteriori) and those that are independent of experience (a priori). Especially important here are synthetic a priori judgments: they expand our knowledge, yet they are not dependent on experience; they arise from the structures of our understanding. According to Kant, we impose on the objects of our experience properties that originate in our cognitive faculty (a priori categories). 3. Ludwig von Mises’s logic of human action Ludwig von Mises does not regard economics as an empirical science, but as an a priori science of human action. The central proposition: “Man acts” is an a priori, irrefutable starting point. From it, economic truths can be derived logically without their validity having to be subjected to empirical testing. Examples: Voluntary exchange makes all participants better off. Or: An increasing supply of goods lowers prices. Or: An expansion of the money supply lowers the purchasing power of the monetary unit. 4. Critique of the state and fiat money A priori praxeological thinking is, in the truest sense of the word, eye-opening: The state reveals itself as an apparatus of coercion and violence that is incompatible with the freedom, rights, and property of the individual. Or: The state’s fiat money system proves to be the cause of many economic and social ills (inflation, redistribution, growth of the state, crises). Or: The European Union and the social market economy are identified as forms of interventionism—and therefore as economically and socially harmful. 5. Libertarianism as consequence Libertarianism is built on the a priori logic of action. Its central principle is the a priori non-aggression principle: every person is the owner of himself and of his justly acquired property. The state as we know it today is incompatible with the non-aggression principle, because it rests on unwanted coercion and unwanted violence. In libertarian theory the state (as we know it today) has no place—on both economic and ethical grounds; the state must instead be rolled back as far as possible in favor of individual freedom. 6. Strategy for spreading liberty To regain liberty, Murray Rothbard recommends a dual strategy: building an intellectual elite to spread the theory, and a populist appeal to the masses to expose the state’s failings. Building on this, Polleit argues, a “firestorm of liberty” can be ignited that unmasks and removes the false foundations of state rule. SUMMARY: In this lecture a line was drawn from Kant’s epistemology to Ludwig von Mises’s logic of human action and on to the political philosophy of libertarianism—thereby delivering a comprehensive critique of the state (as we know it today) as well as a rational justification for individual liberty.
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