With considerable delay, the European Central Bank has begun to fight rampant inflation with interest rate hikes. The public debate now revolves around the impact of higher interest rates on savers and businesses. But that is not all.

The ECB's so-called "Transmission Protection Instrument" bears a certain resemblance to the defeat device for exhaust gas purification in internal combustion engines. The defeat device functioned perfectly until it was discovered. This is questionabl ...

Interest rates have fallen over the last 700 years. Medium term, a return to trend values for the real rate of around four percent and the nominal rate of somewhat below six percent is likely.

In a new era, the Eastern dictatorships of Russia and China compete with Western democratic civil societies. The West is clearly superior both economically and militarily, but only if it stands together.

Those who restrict the investment universe - and who, moreover, do so in numerous companies and on the instructions of state authorities - must pay a price for their virtuousness in the form of lower returns.

So now Vladimir Putin has made real what US President Joe Biden has been predicting for some time: The invasion of Ukraine. Here are a few preliminary thoughts.