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User:Sumaya AkterBD/Markus Krall

< User:Sumaya AkterBD
Markus Krall (2019)

Markus Krall (* 10 October 1962 in Aschaffenburg) is a German Business Consultantr and Author. He became known to a wider audience in the 2010s through several bestsellers and his activities on social media. He is recognized as a representative of the Austrian School and as a "crash prophet" with controversial societal demands.

Academic and Professional Career edit

Krall holds a degree in economics and studied at the Albert-Ludwigs-University in Freiburg. After a postgraduate study at Nagoya UnivUersity he earned his doctorate in 1993 from the University of Freiburg with a dissertation on price formation in the Japanese stock market.

Afterward, he worked in risk management at Allianz, for the Boston Consulting Group und Oliver Wyman as well as at McKinsey and Roland Berger. In 2012/13, he was involved as a managing director in the foundingEuropean credit rating agency. The project was abandoned in April 2013 due to a lack of funding.[1] Krall was Managing Director at Goetzpartners from 2014 to 2019.

In September 2019, Krall was appointed by August von Finck as a member and spokesperson of the executive board of Degussa Sonne/Mond Goldhandel.[2] According to the Federal Gazette, the company's annual net profit grew during Krall's management in 2020, with revenues of 2 billion euros, from 5.8 million euros to 43.3 million euros.

In 2021, however, profits fell again to less than 16 million euros according to the annual financial statements in the Federal Gazette. After August von Finck's death, August François von Finck became Degussa's owner, who, according to his own statements, does not share his father's libertarian world view.[3] At the end of November 2022, the company dismissed Krall with immediate effect without publicly stating the reasons. Krall had previously polarized opinion with numerous political theses. Among other things, he questioned climate change, called for a liberal gun law and the restriction of voting rights for recipients of social benefits. In April 2024, it became known that Krall now lives in Switzerland.[4]

Politics edit

Krall was a member of the CDU until 2012 and remained non-affiliated after leaving the party.[5]

Due to a meeting with members of the allegedly right-wing terrorist Patriotic Union, including the "Reichsbürger" Heinrich XIII. Prince Reuss, Markus Krall's house was also searched in December 2022 in connection with the ongoing investigations, according to the weekly magazine Die Zeit .[6]

In July 2023, he joined the Werteunion as an extraordinary member.[5] On February 20, 2024, he announced on his personal account on the microblogging service X that he had left the Werteunion. During his membership in the Werteunion, he participated in plans to transform the Werteunion into an independent party. A political goal was, among others, to establish the Werteunion as a majority provider for the AfD since the CDU had so far rejected cooperation with the AfD. According to Krall, "majorities to the right of the old left-wing party bloc" are needed to "reform Germany".[7] Initially, Krall was also considered for a leading position in the new party, but this was rejected by Hans-Georg Maaßen.

Positions edit

Economy edit

Through his contributions, especially his 2017 bestseller "The Der Draghi-Crash" Krall became known as a critic of Keynesianism and the Zero interest-rate policy of the European Central Bank (ECB). He predicted that by 2019/20 at the latest, there would be a global financial collapse.

According to Krall, due to the European Central Bank's low-interest rate policy and based on Zero-interest offers from commercial banks, many companies that were no longer operating profitably had become accustomed to cheap Refinancing and had increasingly incurred debt. He estimates that the volume of loans taken on by these companies is greater than the volume of Equity capital of the banks in the Eurosystem. Krall argues that if the Key interest rate were raised even minimally or if Credit rationing occurred, these "Zombie companies" would go bankrupt immediately and, as a result of Credit risk loan defaults, drag many creditor banks into the abyss as "Zombie bank", whose business model is already being called into question by low margins and increased Compliance-costs as a result of the low interest rate policy. In an interview in January 2020, Krall criticized the ECB's Monetary policy as "Purely Planned economy" and "monetary socialism", and the ECB itself as the "engine room of genocide".[8][2]

Politics edit

Krall holds a number of radical political positions. As a consequence of the global financial crisis he anticipates, Krall expects a Currency reform, but more significantly, a reform or rather a revolution of the Political Systems. He considers the current Party Democracy to be obsolete.[9]

Krall asserts that there is a systemically founded dysfunctional "negative selection" of the Political class due to two effects: He argues that since income and intelligence are Correlated, the less capable individuals tend to be found in politics, because the more capable are active in the private sector. Furthermore, he claims that the List system used in candidate selection promotes conformity and spinelessness, as candidates require the support of their party to secure their political positions. According to Krall, becoming a politician is therefore the ideal job for someone who has failed in "real life." In Krall's constitutional draft outlined in 2021, only individuals who are not members of any political party are allowed to run for elections; the Bundestag should only convene for 60 days a year, and there should only be four federal ministries.[10][11]

Krall advocates for the abolition of universal and equal suffrage: To strengthen the interests of taxpayers and contributors in Germany, he suggests that the right to vote should be revoked from recipients of Transfer payment. For instance, he proposes that individuals who receive financial aid such as Bafög (student grants and loans) Social assistance or who work in a subsidized business, should not be granted the right to vote in the future.[12] In his book The Bourgeois Revolution, Krall also proposes the institutionalization of an elected "king" ("Wahlkönig"). This king should be elected for life and have a right of veto on all[13] "fundamental issues".[6][10]

Krall advocates for the liberalization of German gun laws.[14] According to his view, Western states are currently moving towards State monopoly capitalism characterized by a new "state belief,"Statism , Planned economy, and a strong suppression of liberal ideas.[15]

Climate change edit

Krall doubts the existence of human-caused Climate change.[16] In December 2022, he shared a climate graph by Richard Alley on Twitter, commenting: "The temperature development of the last 9,500 years. (...) Climate change exists, but it is neither new nor man-made." Indeed, the graph does not show global temperature data, nor does it allow conclusions about the current global warming. Instead, it represents a local data series from Greenland, showing only the temperature development in Greenland and ending in the year 1885, many decades before the start of the current temperature rise. According to Correctiv, the graph has been used for many years by climate change deniers to dispute human-caused global warming. Krall's tweet was shared approximately 3000 times,[17] by SVP National Councillor Yvette Estermann among others.[18]

Reception and Counterstatement edit

Krall is recognized as a representative of the Austrian School. The publicist Andreas Kemper characterized him as a proponent of libertarianism.[19] Several of his books, starting with the 2017 publication "The Draghi-Crash," became Bestseller. For his predictions that the Eurosystem and the global economy would collapse in 2019/20, as well as for his popular science writings with further explanations of an allegedly imminent collapse of the financial system, Krall was labeled a "crash prophet" by various media, alongside figures like Marc Faber, Marc Friedrich, Florian Homm, Dirk Müller, Max Otte, Jim Rogers, Nouriel Roubini, Paul Singer, and Matthias Weik. It was noted that many of these authors also promote investment products through their companies, which have shown poor performance.[20][21][22][23][24]

According to views presented in the magazine Der Spiegel, Krall is said to harbor "right-wing revolutionary fantasies." Krall is known for holding "extremely right-wing positions," including publicly advocating for the AfD(Alternative for Germany).

Memberships edit

Krall is a member of the Pontifical Equestrian Order of the Holy Sepulchre.[25]

Publications edit

  • The Price-Earnings Ratio in the Japanese Stock Market." (= Writings on Regional and Transportation Problems in Industrial and Developing Countries. Volume 60). Duncker & Humblot, Berlin 1994, ISBN 3-428-08121-8 (also a dissertation at the University of Freiburg im Breisgau, 1993).
  • "Basel II – A Contribution to Value Creation in Banks?" In: Thomas A. Lange, Heiko Schulze (eds.): Value Management in Banks. Gabler, Wiesbaden 2005, ISBN 3-409-14244-4, pp. 215 f.
  • As Diogenes Rant (pseudonym): "Gambled Freedom. Fight Back! Politicians and Financial Elites are Gambling with Our Future." FinanzBuch Verlag, Munich 2014, ISBN 978-3-89879-854-9.
  • "The Draghi Crash: Why Unrestrained Monetary Policy Leads Us to Financial Catastrophe." FinanzBuch Verlag, Munich 2017, ISBN 978-3-95972-072-4.
  • "When Black Swans Have Offspring: Why We Need to Reorganize Our Society." FinanzBuch Verlag, Munich 2018, ISBN 978-3-95972-151-6.
  • With Florian Homm, Moritz Hessel, et al.: "The Crash is Here. What You Need to Do Now! Investments, Real Estate, Savings, Work." FinanzBuch Verlag, Munich 2019, ISBN 978-3-95972-231-5.
  • "The Bourgeois Revolution: How We Preserve Our Freedom and Our Values." Langen Müller Verlag, Stuttgart 2020, ISBN 978-3-7844-3550-3.
  • "Freedom or Downfall: Why Germany Now Faces a Decision." Langen Müller Verlag, Stuttgart 2021, ISBN 978-3-7844-8387-0.

Weblinks edit

  • Literature by and about Sumaya AkterBD/Markus Krall in the German National Library catalogue
  • Claudia Laszczak (2011-08-31). "Porträt Markus Krall Made in Germany" (Video auf YouTube; 4:43 Minuten). DW-TV. Retrieved 2021-08-25. {{cite web}}: Unknown parameter |abruf-verborgen= ignored (|access-date= suggested) (help)
  • "Dr. Markus Krall". goetzpartners.com. Archived from the original on 2019-04-12. Retrieved 2021-08-25. {{cite web}}: Unknown parameter |abruf-verborgen= ignored (|access-date= suggested) (help)"Dr. Markus Krall". goetzpartners.com. Archived from the original on 2019-04-12. Retrieved 2021-08-25. {{cite web}}: Unknown parameter |abruf-verborgen= ignored (|access-date= suggested) (help)
  • "Kurzprofil". Junge Freiheit. Retrieved 2021-08-25. {{cite web}}: Unknown parameter |abruf-verborgen= ignored (|access-date= suggested) (help)"Kurzprofil". Junge Freiheit. Retrieved 2021-08-25. {{cite web}}: Unknown parameter |abruf-verborgen= ignored (|access-date= suggested) (help)
  • Dominik Lenze (2021-08-24). "Goldgräber am rechten Rand". Zeit Online. Retrieved 2021-08-25. {{cite web}}: Unknown parameter |abruf-verborgen= ignored (|access-date= suggested) (help)
  • Markus Krall, Kurzbiografie bei perlentaucher.de

References edit

  1. ^ Michael Hedtstück (2013-04-29). "Europäische Ratingagentur gescheitert". FINANCE (in German). Retrieved 2023-11-06.
  2. ^ a b "Goldhandel: Degussa-Chef Markus Krall: Provokateur mit Kalkül". Retrieved 2020-01-30.
  3. ^ "Degussa-Chef Markus Krall: Abgang eines Untergangspropheten" (in German). 2022-11-30. Retrieved 2023-11-06.
  4. ^ Erich Aschwanden (2024-04-18). "Libertärer Autor Markus Krall verlässt Deutschland und zieht in die Schweiz". nzz.ch. Retrieved 2024-04-18.
  5. ^ a b "Neue Partei? Werteunion-Funktionäre fordern Klarheit von Hans-Georg Maaßen" (in German). 2023-09-21. Retrieved 2023-11-06.
  6. ^ a b Christian Fuchs, Martín Steinhagen (2023-05-05). "Der Crash-Prophet und die Putschisten". Zeit Online. Retrieved 2024-02-27.
  7. ^ Dominik Lenze. "Die Brandmauer niederreißen". Jungle World (in German). Retrieved 2024-01-20.
  8. ^ "Markus Krall: „Der Nullzins ist Ausdruck der Verachtung der Zukunft"". wallstreet online. 2020-01-29. Retrieved 2020-01-30.
  9. ^ Wenn schwarze Schwäne Junge kriegen. Warum wir unsere Gesellschaft neu organisieren müssen. FinanzBuch Verlag, München 2018.
  10. ^ a b Phil Göbel (2024-01-24). "Maassen's string-puller, "crash prophet" and interface to Reichsbürger - that's Markus Krall". Stern.de. Retrieved 2024-02-27.
  11. ^ Markus Krall 2021: "Freedom or Downfall," p. 216ff
  12. ^ Jakob Blume: Degussa CEO Markus Krall: Provocateur with calculation, in: Handelsblatt from January 16, 2020, see also: Markus Krall in an interview with Tichys Einblick, Youtube from December 29, 2019, from minute 20:10 https://www.youtube.com/watch?v=sVc3gsKiTaA
  13. ^ Markus Krall: The Bourgeois Revolution, Stuttgart 2020, p. 241 f.
  14. ^ "„Bürgerliche Revolution" : Nach Kritik: Pro Mittelstand verteidigt Rednerauswahl". RP. Retrieved 2020-02-29.
  15. ^ Christian Ortner. "Szenario einer Katastrophe". wienerzeitung (in German). Retrieved 2020-05-16.
  16. ^ Vertreter von Rechtsaußen-Positionen. Goldhändler Degussa trennt sich von umstrittenem Geschäftsführer Krall. In: Spiegel Online, 29. November 2022. Abgerufen am 27. Dezember 2022.
  17. ^ Nein, diese Grafik belegt nicht, dass es in den letzten 9.500 Jahren fast immer wärmer war als jetzt. In: Correctiv, 23. Dezember 2022. Abgerufen am 27. Dezember 2022.
  18. ^ SVP-Nationalrätin postet Fake News zum Klimawandel – und bekommt umgehend die Quittung. In: Watson, 15. Dezember 2022. Abgerufen am 27. Dezember 2022.
  19. ^ Libertarianism: In the fight against the state, Die Zeit, October 7, 2021, retrieved on May 8, 2023
  20. ^ Crash prophet Markus Krall: Zombie companies will trigger the next banking crisis. Article from August 26, 2019 in the portal wallstreet-online.de, retrieved on March 12, 2023
  21. ^ Harald Freiberger: Crash prophets in the crash test. Article from December 27, 2019 in the portal sueddeutsche.de, retrieved on March 12, 2023
  22. ^ Veronika Csizi: Max Otte, Dirk Müller & Co.: When crash prophets become crash pilots themselves. Article from January 23, 2020, retrieved on March 12, 2023
  23. ^ Alexandra Jegers: Crash prophets make profits with threatening scenarios. How to expose dubious investment gurus. Article from February 8, 2022 in the portal stern.de, retrieved on March 12, 2023
  24. ^ Markus Krall: "Special levy on old-age poverty for the ECB" - dubious? Article from January 30, 2023 in the portal finanzmarktwelt.de, retrieved on March 12, 2023
  25. ^ Erich Aschwanden und Simon Hehli: Krach im Bistum Chur: Deutscher Bestsellerautor wegen Antisemitismusvorwürfen und AfD-Nähe ausgeladen – jetzt droht ein Rechtsstreit. In: Neue Zürcher Zeitung, 12. November 2022. Abgerufen am 12. November 2022.

[[Category:Men]] [[Category:1962 births]] [[Category:German people]] [[Category:Members of the Order of the Holy Sepulchre]] [[Category:Austrian School economists]] [[Category:Christian Democratic Union of Germany politicians]] [[Category:Non-fiction writers]] [[Category:German business executives]] [[Category:Management consultants]] [[Category:21st-century economists]] [[Category:20th-century economists]] [[Category:Person (climate change denial and skepticism)]] [[Category:Bestselling author (Germany)]]

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