Most recent columns

Harry Geels: Piketty’s five fallacies

Tue, 09 Jun 2026 12:16:52 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

In his recent report, Thomas Piketty once again sets out an ambitious worldview. Climate change, inequality and economic structure are brought together in a single, overarching project. However, his solutions contain five systematic fallacies.

Harry Geels: Greece, from debt crisis to market darling

Tue, 02 Jun 2026 12:24:04 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

The country that, a decade ago, was synonymous with mismanagement, debt restructuring and political chaos is once again being embraced by investors. There are broadly four reasons to take a more positive view of Greece. Taken together, they provide an excellent case study for both economists and investors.

Harry Geels: Inflation isn’t just about the money supply

Tue, 26 May 2026 11:20:23 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

Milton Friedman often said: ‘Inflation is always and everywhere a monetary phenomenon’, a statement that is often misquoted as ‘inflation is a policy’. It is a powerful statement with a grain of truth, but the story of inflation is broader than that.

Harry Geels: Europe is saving itself into poverty

Tue, 12 May 2026 15:18:22 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels,

There is now more than €14 trillion in savings held at European banks. In doing so, households are eroding their purchasing power, boosting banks’ profit margins and limiting the investment capacity needed for Europe to catch up with the US. The culture of saving has become too institutionalised in Europe.

Harry Geels: Four monetary mechanisms that exacerbate inequality

Tue, 05 May 2026 15:22:36 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

In our society, there are various structures that perpetuate inequality. The monetary system is one of them. It favours the ‘haves’ over the ‘have-nots’ through inflationary policies, support for financial markets, and financial repression. Monetary policy also supports banks, including through monetary bailouts.