crisis of the automobile industry and as a consequence a global recession. The national governments analyzed very fast the … global recession will last but there are increasing indicators for an improvement of the situation. …

of a monetary theory of cycles - by malinvestment, caused by an excessive credit boom. If these investments are financed … through credits, their systematic liquidation leads not only to recession, but also to the development of unsound indebtedness … and to a massive credit non-reimbursement. If the credits are granted in the local currency, there develops an internal …