Markus Krall

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Markus Krall at the Frankfurt Book Fair in front of the “Junge Freiheit” stand (2019)

Markus Krall (born October 10, 1962 ) is a German economist , management consultant and author . Krall has been a member and spokesman for the management of Degussa Goldhandel GmbH since September 2019 . He represents an ordoliberal concept of the economy and is close to the Austrian School . He was received as a “crash prophet” with controversial social demands, for example the restriction or abolition of universal suffrage in the course of a “counter-revolution”. Several of his books became bestsellers.

Studies and professional career

Krall studied economics at the Albert-Ludwigs-Universität Freiburg from 1984 to 1989 . He received his doctorate from 1989/1990 as a Monbusho scholarship holder of the Japanese government in Freiburg and at the Imperial University of Nagoya and obtained the academic degree of Dr. rer. pole. His dissertation dealt with the price-earnings ratio in the Japanese stock market .

His professional career has taken him as a risk manager through a number of companies in the finance and insurance industry ( Allianz AG , Boston Consulting Group , Oliver Wyman & Company, McKinsey & Company , Converium Re). From 2007 to 2009 he was self-employed with the consulting company KDB Krall Demmel Business Consulting GmbH . From 2010 to 2012 he took on the role of Senior Partner at Roland Berger Strategy Consultants . From 2014 to 2019, Krall was Head of Risk Management and Head of Financial Institutions in the Frankfurt office of the Goetzpartners consultancy.

On September 16, 2019, the owner of Degussa Goldhandel GmbH , August von Finck , including majority shareholder of the Mövenpick hotel group, took him to the helm of the gold dealer.

European rating agency project

In view of the global financial crisis that began in 2007 , the Bertelsmann Foundation proposed in its feasibility study to found an international, independent and not-for-profit rating agency . As a result, a European rating agency based in Frankfurt am Main was to be founded in order to abolish the oligopoly of the rating agencies Fitch , Moody’s and Standard & Poor’s , which rated securitized securities unrealistically well and thus contributed to the crisis. This plan failed, however, because neither Roland Berger nor Krall, as heads of a project company founded for this purpose, were able to gain 300 million euros in private foundation capital .

Positions

Krall was a member of the CDU , however, occurred because of dissatisfaction with the energy policy under Angela Merkel in 2012, and since then no party affiliation. In recent years he has been a speaker on several occasions, for example at the Friedrich A. von Hayek Society , the AfD Saxony or at the New Hambach Festival organized by Max Otte . He also appeared as an interview partner u. a. in Focus , at Tichy's Insight and on various YouTube channels.

economy

Through his contributions, especially through his bestseller “The Draghi Crash” published in 2017, Krall became known as a critic of Keynesianism and the low interest rate policy of the European Central Bank (ECB). As a result of their policy of cheap money and on the basis of the commercial banks' zero interest rate offers, Krall believes that many companies that are no longer profitable have got used to cheap refinancing and are increasingly in debt. He estimates the volume of the loans entered into by these companies to be greater than the volume of the banks' equity in the Eurosystem . If the key interest rate were to be increased only minimally or if credit rationing were to occur, these “ zombie companies ” would suddenly go bankrupt and, as a result of loan defaults, many creditor banks would become “ zombie banks ”, whose business model has already been called into question as a result of the low interest rate policy due to low margins and increased compliance expenses tear into the abyss.

In an interview in January 2020, Krall criticized the monetary policy of the ECB as “purely planned economy ” and “monetary socialism”, and the ECB itself as the “engine room of genocide”. The journalist Jakob flower from Handelsblatt participated in the latter formulation impetus and pointed to the supply of concentration camps with Zyklon B during the Nazi era by Degussa out their name rights held've run by Krall companies.

The President of the Ifo Institute, Clemens Fuest, and Timo Wollmershäuser, Head of Economic Research at the Ifo Institute, analyzed the causes of the low interest rates in an article for the trade journal Wirtschaftsdienst . In this they contradict the claim that the ECB is guilty of “zombifying the European economy”, but “convincing empirical evidence for this zombification thesis [is lacking]”.

In an interview with the weekly newspaper Junge Freiheit , Krall repeated his prognosis in May 2018 that the “glut of money with which the European Central Bank and politicians try to conceal the systemic errors in the euro system” will turn into an 'epoch-making' around 2020 deflationary crisis "will lead", "which will cost about half of the savings of Germans". His thesis is based on calculations relating to the development of bank balance sheets .

Public companies

Krall criticizes the "decoupling" of ownership and control in the stock corporations . The shareholders no longer controlled the actions of the “managerial caste” and supervisory boards. BlackRock, for example, exercises voting rights for shareholders. The "managerial caste" consists of bureaucrats and administrators who have no business skills.

politics

As a result of the financial crisis, Krall expects a currency reform , but above all a reform or even a revolution of the political system . He regards the previous party democracy as obsolete. Krall states that there is a systemically based dysfunctional “negative selection” of the political class due to two effects: Since income and intelligence correlate , the less able are more likely to be found in politics. In addition, the list system reinforces conformity and spinelessness in the candidate list, since the candidates need the support of their party for their political posts. To become a politician is the ideal job for someone who fails in “real life”. The actual model of democracy is Switzerland, with its opportunities for citizens to participate .

He advocates the abolition of universal suffrage: in order to strengthen the interests of taxpayers and contribution payers in Germany, recipients of transfer payments should be deprived of the right to vote. For example, anyone who receives student loans or social assistance or who works in a subsidized company should not be given the right to vote in the future. In his book The Bourgeois Revolution , Krall also proposes the institutionalization of an elected “king” (“elected king”). This should be elected for life and given a veto right in "fundamental questions".

Krall advocates a "bourgeois revolution" and a change in gun law . He is the chairman of the Atlas Initiative eV association.

Christian churches

Krall, a professed Christian, accuses the churches of failure. They would conform to the mainstream instead of representing the core of Christian teaching. He accuses the church representatives of not knowing their own religion and of making themselves an appendage of the state. For him, religion, first and foremost Christianity, is the guarantor of freedom, philanthropic care and property management alongside the family. In his opinion, these basic values ​​are betrayed by the churches:

“The result of this dependency is that the churches are making common ground with the mainstream. You are only one particularly fat link in the long chain of NGOs ... which in truth ... are the tentacles of the Leviathan, the all-encompassing and all-powerful state. "

ethics

He sees a moral crisis and criticizes the hedonistic orientation of the elites and society. People grow in challenges and in coping with risks, while avoiding problems leads to slackening and decadence. Hedonism corresponds to a “socialist” or “cultural Marxist” view of the economy and society. Krall counts gender research, climate protection and, in his opinion, the wrong understanding of asylum law as decadence. Other points of criticism are the alleged sexualization of society, the release of abortion, the state as a “family surrogate”, state upbringing, alienation of children, media manipulation, political correctness, anti-religious propaganda, campaigns to make people ridiculous. The opposite pole of hedonism and the “seven deadly sins” of the modern elite is freedom.

socialism

Krall sees socialism as the ideology of the losers who, driven by greed for power, want to compensate for their inferiority complex. Her deep-seated psychological disorder ultimately drives her, despite humanitarian statements to the contrary, driven by the death instinct ( Igor Schafarewitsch ), to genocide . Socialist governments are necessarily corrupt and incapable, spiritually " evil ". In his view, western countries are developing in the direction of a planned economy state monopoly capitalism through excessive redistribution .

Works and reception

The price-earnings ratio in the Japanese stock market (1994)

In his dissertation, Krall shows that, despite the peculiarities of the Japanese market, the price-earnings ratio (P / E) "can be understood as the result of a rational price-finding process", the conditions, instruments of company valuation and investor calculation are comparable to other industrialized countries.

The result of his investigations in the summary and evaluation is that the real P / E ratios hardly differ from those of other comparable structured countries; the nominal differences with a factor of 3.5 to 4 were based on "endogenous accounting factors". The key element is the different handling of accounting regulations .

Gambled Freedom (2014)

Krall's first publication is subtitled Defend Yourself ! Politicians and the financial elite are jeopardizing our future and referring to Cicero in the motto "Freedom seems even more valuable to us when we remember bondage". In his foreword, Abbot Primate Notker Wolf compares Kralls 'book with Pope Francis' statement "This economy kills". Notker Wolf sees Krall's main merit in defending freedom and securing it “by concept ” against paternalism and failure of decision-makers. For him it takes outrage and an uprising against the principle of panem et circenses . Freedom can only be preserved by constantly fighting for it anew.

Krall's Prologue Outrage! and the epilogue fights! criticize that freedom has been replaced by a false security; Property, the expression and guarantee of freedom, has been separated from control over property and responsibility for it. Krall calls on the citizens to actively oppose this development.

The first chapter presents the development of the financial crisis, chapter two the banking crisis in its course, chapter three the euro crisis . The fourth and final chapter analyzes the causes under the heading The seven deadly sins against freedom . These showed up in the elite and their failure, they acted as destructive driving forces of the economy: Superbia , Avaritia , Luxuria , Ira , Gula , Invidia , Acedia .

The Draghi Crash (2017)

According to John Stanley Hunter in Business Insider, Krall wanted to "fuel the federal election campaign" and initiate the money debate with his bestseller, which reached its 8th edition in March 2019 . After a year and a half of analysis, colleagues urged him to publish. In the opinion of the reviewer, he comes to similar conclusions as Hans-Werner Sinn , but because of the dramatic situation he wanted to write a polemical rather than a scientific work: "I want to consciously show that it is the little man who pays the bill in the end" (...). "To do justice to the situation, you actually need a public outcry."

Markus Krall considers the strategy of the ECB to be counterproductive, reports Christoph Leisinger in the Neue Zürcher Zeitung , it leads to a " deflationary crash". The core inflation have always been about one percent, despite the anti-inflationary increase, the growth at 1.5 percent, which shows that the productivity is stagnating. Due to the zero interest rate policy , the ECB has built up a huge wave of bankruptcies from companies that would actually be insolvent under normal interest rates. In addition, they have further fueled the national debt , so that states are on the verge of insolvency. In his foreword to the 8th edition, Krall assesses the development that has taken place since 2017, among other things with regard to what he believes to be the incorrect accounting by the EBA as further evidence of the “resistance to learning of an entire bureaucratic class” in Europe.

When Black Swans Have Young (2018)

“ Black swans ”, unexpected events beyond ordinary imagination ( Nassim Taleb ), which only a few anticipate and usually conceal or conceal, this is how Krall describes the five “discontinuities” (abrupt changes in the framework conditions) caused by fear, risk avoidance and a lack of ability to learn by trial and error would arise.

According to Krall, these causes are based on the ideological belief that planning can eliminate risks and thus freedom processes. The problems accumulated, however, and one after the other would cause each other in sudden crises to a disruptive discharge. In all fields, political action suppressed the free play of forces with the help of the " mainstream media " due to systemic inability and ideological blinkers . The five areas of lack of “ volatility ”, in which the necessary flexible reaction to the challenges of change is avoided risk averse , are the monetary system , the Internet, party democracy, the corporate world and security policy .

  • By inflating the money supply and eliminating the interest rate, as already shown in the "Draghi Crash", the monetary system collapses (Chapter 1: The currency collapse).
  • Computer technology creates a "Technogeddon" through the development of the quantum computer . With the new technical means, the Internet turns people into transparent citizens who can be manipulated indefinitely, and the quantum computer will make any form of security impossible. Companies, especially stock corporations, would only survive if they react quickly and flexibly to technological developments (Chapter 2).
  • In the third chapter, Krall criticizes the "hostile takeover of the parties by less gifted careerists and pensioners", the "poisoning of society by the legacy of the 1968" revolt " , the Frankfurt School and the loss of cultural identity and orientation," he examines personal issues Autonomy and related property rights and freedom to act, his view of the downfall of the traditional family, the politics of what he believes is the destruction of our national identity , the "decoupling of decisions from the control of the sovereign in the EU" he perceived , the "death of the free press and the free media", he sees the establishment of a surveillance state and diagnoses the end of party democracy. Krall shows how the policies of the grand coalition destroy the rule of law and the democratic constitution with regard to Greece policy, the pension system, energy and migration policy, as well as the rent brake . Party democracy is obsolete .
  • A denial of reality due to ideological blindness is also evident in security policy , towards Great Britain on the Brexit issue, but especially in politics towards Russia, China and Iran. Russia in particular is the natural and necessary ally of the West. The real danger lies in Erdogan's pan-Turkish nationalism and in the movement of the Muslim Brotherhood .

The Bourgeois Revolution (2020)

The book started in March 2020 on the Spiegel bestseller list at number 2. Krall sees an erosion of freedom rights and the market economy, a collapse of the monetary system and a failure of the elites in the context of an emerging major crisis, which he had already described in previous bestsellers Germany. The country is sliding into a planned economy state monopoly capitalism through excessive redistribution . In this book he explains how the crisis can be used as an opportunity for a “bourgeois revolution” and how what he sees as the damaged “five pillars of values ​​of a free society” - family, property, individuality, religion and culture - can be saved. The starting point is that several thousand violent "foot troops" of the Antifa would revolt with an "army of Islamists" supporting them in the course of the "crash". Hence the question of “counterrevolution” arises. With a 100-day program, he makes suggestions. In this context, he particularly suggests a constitutional debate. One of his programmatic demands is the restriction or abolition of the general right to vote: Citizens who apply for and receive subsidies or transfer money (e.g. student loans , social assistance ) should be deprived of the right to vote. A kind of contract at the expense of third parties between politicians and transfer beneficiaries is to be avoided if politicians promise tax increases and social benefits in order to be elected. He also proposes the introduction of a "king" elected for life with the right of veto on fundamental issues.

Publications

  • The price / earnings ratio in the Japanese stock market. (= Writings on regional and traffic problems in industrialized and developing countries. Volume 60). Duncker & Humblot, Berlin 1994, ISBN 3-428-08121-8 (also dissertation at the University of Freiburg im Breisgau, 1993).
  • Basel II - a contribution to value creation in banks? In: Thomas A. Lange, Heiko Schulze (ed.): Value management in banks . Gabler, Wiesbaden 2005, ISBN 3-409-14244-4 , p. 215 f.
  • as Diogenes Rant (pseudonym): Gambled freedom. Defend yourselves! Politicians and financial elites are putting our future at risk . FinanzBook Verlag, Munich 2014, ISBN 978-3-89879-854-9 .
  • The Draghi crash. Why the unleashed monetary policy leads us into financial catastrophe . FinanzBook Verlag, Munich 2017, ISBN 978-3-95972-072-4 .
  • When black swans have cubs. Why we need to reorganize our society . FinanzBook Verlag, Munich 2018, ISBN 978-3-95972-151-6 .
  • with Florian Homm , Moritz Hessel and others: The crash is here. What to do now! Investments, real estate, savings, work. FinanzBook Verlag, Munich 2019, ISBN 978-3-95972-231-5 .
  • The bourgeois revolution. How we maintain our freedom and our values . Langen Müller Verlag, Stuttgart 2020, ISBN 978-3-7844-3550-3 .

Award

  • On August 21, 2020, Markus Krall from the Hamburg Institute for Austrian Asset Management (IfAAM) received the Roland Baader award at the 10th Hamburg Mark Banco investor conference in Lübeck.

Web links

Commons : Markus Krall  - Collection of images, videos and audio files

Individual evidence

  1. ↑ a b c d Gold trade: Degussa boss Markus Krall: Provocateur with calculation. Accessed January 30, 2020 .
  2. ^ A b "Bourgeois Revolution": After criticism: Pro Mittelstand defends speaker selection. Retrieved February 29, 2020 .
  3. ^ Markus Krall: The bourgeois revolution . Stuttgart 2020, p. 223
  4. ↑ beck-shop.de: Dr. Markus Krall, career
  5. ↑ Markus Krall: Dr. Markus Krall - CEO, Management Spokesman - Degussa Goldhandel GmbH. In: Xing . Retrieved October 12, 2019 .
  6. ↑ Markus Krall changes to Goetzpartners. In: finance-magazin.de. Retrieved August 17, 2019 .
  7. ↑ Twitter: Tweet. In: @Markus_Krall. September 19, 2019, accessed October 12, 2019 .
  8. ↑ Insider warns: "In two years the banking system will be flying around our ears" , focus.de , March 7, 2018, accessed on June 9, 2019.
  9. ↑ The "Draghi crash" is only a matter of time , nzz .ch , August 5, 2017, accessed on June 9, 2019.
  10. ↑ Notger Blechner: Das Dilemma der EZB , boerse.ard.de , December 14, 2017, accessed on June 9, 2019.
  11. ↑ Markus Krall: "The zero interest rate is an expression of the contempt for the future". January 29, 2020, accessed January 30, 2020 .
  12. ↑ Clemens Fuest, Timo Wollmershäuser: Low interest rates: causes and economic policy implications . In: Economic Service . tape 100 , no. 1 , January 2020, ISSN  0043-6275 , p. 9-12 , doi : 10.1007 / s10273-020-2552-3 ( springer.com [accessed January 30, 2020]).
  13. ↑ "Epochal deflationary crisis around 2020" , jungefreiheit.de , May 9, 2018, accessed on July 13, 2019.
  14. ↑ Markus Krall: Gambled Freedom: How the hubris of our elites gambled away the future of our continent . FinanzBook Verlag, 2019, ISBN 978-3-96092-613-9 ( com.ph [accessed on May 16, 2020]).
  15. ↑ When black swans have cubs. Why we need to reorganize our society. FinanzBook Verlag, Munich 2018
  16. ↑ Jakob Blume: Degussa boss Markus Krall: Provokateur mit Kalkül , in: Handelsblatt from January 16, 2020 , see also: Markus Krall in an interview with Tichys Insight, YouTube from December 29, 2019, from 8:10 pm
  17. ↑ Markus Krall: The bourgeois revolution , Stuttgart 2020, p. 241 f.
  18. ^ Atlas Initiative: Imprint. In: Atlas Initiative. Retrieved on March 26, 2020 (German).
  19. ↑ By Markus Krall Sa, June 15, 2019: The Failure of the Churches. June 15, 2019, accessed on May 16, 2020 (German).
  20. ↑ Diogenes Rant, Markus Krall: Gambled freedom: Defend yourself! Politicians and financial elites are putting our future at risk . FinanzBook Verlag, 2014, ISBN 978-3-86248-590-1 ( com.ph [accessed on May 16, 2020]).
  21. ↑ Markus Krall: When black swans have young: Why we have to reorganize our society . FinanzBook Verlag, 2018, ISBN 978-3-96092-275-9 ( com.ph [accessed on May 16, 2020]).
  22. ↑ Markus Krall: When black swans have young: Why we have to reorganize our society . FinanzBook Verlag, 2018, ISBN 978-3-96092-275-9 ( com.ph [accessed on May 16, 2020]).
  23. ↑ Christian Ortner: Scenario of a disaster. Retrieved May 16, 2020 .
  24. ↑ Markus Krall: The price-earnings ratio on the Japanese stock market . Duncker & Humblot, 1994, ISBN 3-428-48121-6 ( com.ph [accessed September 1, 2019]).
  25. ↑ Markus Krall: The price-earnings ratio on the Japanese stock market . Duncker & Humblot, 1994, ISBN 3-428-48121-6 ( com.ph [accessed September 1, 2019]).
  26. ↑ Rant Diogenes: Gambled Freedom: Defend yourself! Politicians and financial elites are putting our future at risk . FinanzBook Verlag, 2014, ISBN 978-3-86248-590-1 , p. 14th f . ( com.ph [accessed September 1, 2019]).
  27. ↑ Rant Diogenes: Gambled Freedom: Defend yourself! Politicians and financial elites are putting our future at risk . FinanzBook Verlag, 2014, ISBN 978-3-86248-590-1 , p. 17th ff . ( com.ph [accessed September 1, 2019]).
  28. ↑ Rant Diogenes: Gambled Freedom: Defend yourself! Politicians and financial elites are putting our future at risk . FinanzBook Verlag, 2014, ISBN 978-3-86248-590-1 ( com.ph [accessed September 1, 2019]).
  29. ↑ John Stanley Hunter: Dangerous Draghi Effect? Bank advisor warns of a new labor market collapse. Retrieved August 18, 2019 .
  30. ↑ Christof Leisinger: The "Draghi crash" is just a matter of time | NZZ . August 9, 2017, ISSN  0376-6829 ( nzz.ch [accessed on August 23, 2019]).
  31. ↑ Markus Krall: The Draghi Crash: Why the unleashed monetary policy leads us into financial catastrophe . FinanzBook Verlag, 2017, ISBN 978-3-96092-123-3 ( com.ph [accessed December 27, 2019]).
  32. ↑ Markus Krall: When black swans have young. P. 31 ff.
  33. ↑ Markus Krall: When black swans have young. P. 81 ff.
  34. ↑ Markus Krall: When black swans have young. P. 122 ff.
  35. ↑ Markus Krall: When black swans have young. P. 128 ff.
  36. ↑ Markus Krall: When black swans have young. P. 136ff.
  37. ↑ Markus Krall: When black swans have young. P. 146 ff.
  38. ↑ Markus Krall: When black swans have young. P. 155 ff.
  39. ↑ Markus Krall: When black swans have young. P. 161 ff.
  40. ↑ Markus Krall: When black swans have young. P. 170 ff.
  41. ↑ Markus Krall: When black swans have young. P. 176 ff.
  42. ↑ Markus Krall: When black swans have young. P. 200 ff.
  43. ↑ Markus Krall: When black swans have young. P. 269 ff.
  44. ^ Krall, Markus: Die Bürgerliche Revolution , website in the portal buchreport.de , accessed on August 29, 2020
  45. ^ Markus Krall: The bourgeois revolution . Stuttgart 2020, p. 21
  46. ↑ Ibid., P. 223
  47. ↑ Markus Krall: The bourgeois revolution: How we preserve our freedom and our values . Langen Müller Verlag, Stuttgart 2020, ISBN 978-3-7844-3550-3 , p. 241 f.
  48. ↑ Dr. Markus Krall receives the Raland Baader Award 2020 , website in the portal roland-baader.de , accessed on August 27, 2020
personal data
SURNAME Krall, Markus
BRIEF DESCRIPTION German economist, management consultant and author
DATE OF BIRTH October 10, 1962