Institute for Austrian Asset Management (IfAAM)

The IfAAM Institute in Hamburg keeps you informed of the ongoing economic consequences of the prevailing government-run phoney-money system. In contrast to gold or silver coins this type of money can be brought into existence digitally or by printing paper. It is thus created out of thin air, with no limits to its being endlessly multiplied. In a monetary system that is subject to central planning the purchasing power of money rests solely on the fact that it has by law been declared the exclusive legal tender of the country. Throughout history socialist monetary systems have always turned out to be catastrophic for society. The Austrian School of Economics is key to the theoretical understanding of this phenomenon.

Ludwig von Mises, the doyen of the Austrian School, made the following observation as early as 1912, in his book The Theory of Money and Credit:

‘The repeated occurrences of boom periods followed by periods of depression is the necessary result of the recurring attempts to lower the market rate of interest by means of credit expansion. There is no possibility of preventing the ultimate collapse of a boom that has been driven by credit expansion. There is only one alternative: Either the crisis sets in earlier, with the voluntary termination of the expansion of credit—or it occurs later, as an ultimate and total catastrophe for the currency system.“


Lew Rockwell Awarded the Prestigious Roland Baader Award–by the Institute of Austrian Asset Management