Kurt Richebächer
Encyclopedia
Dr. Kurt Richebächer (c. 1918–August 24, 2007) was an international banker and economist. He considered himself a follower of the Austrian School of Economics and was best known for his newsletter, "The Richebächer Letter," which at various times also circulated as "Currencies & Credit Markets."
Dr. Richebächer's father sent him to Great Britain
before World War II
to improve his fluency in the English language. He also wanted to gain an appreciation of what was required in a career in journalism. While in London, he developed a fascination with the study of economics
. He returned to study in Berlin, and received a doctorate in Economics after the ending of the war.
, in Frankfurt
. Dr. Richebächer provided economic advice to the clients of his employer. However, he was sometimes critical of the economic policy of the government of Helmut Schmidt
. His supervisor, Dr. Jürgen Ponto
, continued to support Dr. Richebächer's activities in researching and providing what he deemed to be accurate and correct economic commentary.
In 1977, Ponto was the victim of a kidnap attempt by the left wing organization known as the Red Army Faction
. This resulted in Ponto's murder. Some time after this event, Dr. Richebächer decided to leave DresdnerBank and offer his insight on a freelance basis. His farewell event at DresdnerBank, was attended by many prominent economists and bankers including Paul Volcker
who was then President of the New York Federal Reserve Bank, and John Exter
, a former member of the New York Fed, advisor to Central Banks and father of the Inverted Pyramid of Assets.
During the last years of his life, Dr. Richebächer lived in France. He published a financial commentary service to subscribers titled "The Richebächer Letter", and made occasional contributions to the libertarian
website "dailyreckoning.com". Dr. Richebacher was known for his frequently bearish views on the U.S. and global economies and his distrust of Wall Street's speculative excesses. He is considered a member of the Austrian Economists and owes a great deal to Ludwig von Mises
, Friedrich Hayek
and Exter.
Dr. Kurt Richebächer died on August 24, 2007, at the age of 88.http://www.safehaven.com/article-8300.htm
Dr. Richebächer's father sent him to Great Britain
Great Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...
before World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
to improve his fluency in the English language. He also wanted to gain an appreciation of what was required in a career in journalism. While in London, he developed a fascination with the study of economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
. He returned to study in Berlin, and received a doctorate in Economics after the ending of the war.
Post-war years
After returning to West Germany, Dr. Richebächer became a media commentator on economics. In 1957 he returned to London to become a commentator on British economic policy. In 1964, he was appointed to the position of post of chief economist and managing director of Dresdner BankDresdner Bank
Dresdner Bank AG was one of Germany's largest banking corporations and was based in Frankfurt. It was acquired by competitor Commerzbank in December 2009.- 19th century :...
, in Frankfurt
Frankfurt
Frankfurt am Main , commonly known simply as Frankfurt, is the largest city in the German state of Hesse and the fifth-largest city in Germany, with a 2010 population of 688,249. The urban area had an estimated population of 2,300,000 in 2010...
. Dr. Richebächer provided economic advice to the clients of his employer. However, he was sometimes critical of the economic policy of the government of Helmut Schmidt
Helmut Schmidt
Helmut Heinrich Waldemar Schmidt is a German Social Democratic politician who served as Chancellor of West Germany from 1974 to 1982. Prior to becoming chancellor, he had served as Minister of Defence and Minister of Finance. He had also served briefly as Minister of Economics and as acting...
. His supervisor, Dr. Jürgen Ponto
Jürgen Ponto
Jürgen Ponto, was a German banker and chairman of the Dresdner Bank board of directors. Previously, he had worked as a lawyer...
, continued to support Dr. Richebächer's activities in researching and providing what he deemed to be accurate and correct economic commentary.
In 1977, Ponto was the victim of a kidnap attempt by the left wing organization known as the Red Army Faction
Red Army Faction
The radicalized were, like many in the New Left, influenced by:* Sociological developments, pressure within the educational system in and outside Europe and the U.S...
. This resulted in Ponto's murder. Some time after this event, Dr. Richebächer decided to leave DresdnerBank and offer his insight on a freelance basis. His farewell event at DresdnerBank, was attended by many prominent economists and bankers including Paul Volcker
Paul Volcker
Paul Adolph Volcker, Jr. is an American economist. He was the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with ending the high levels of inflation seen in the United States in the 1970s and...
who was then President of the New York Federal Reserve Bank, and John Exter
John Exter
John Exter was an American economist, member of the Board of Governors of the United States Federal Reserve System, and founder of the Central Bank of Sri Lanka. He is also known for creating Exter's Pyramid....
, a former member of the New York Fed, advisor to Central Banks and father of the Inverted Pyramid of Assets.
During the last years of his life, Dr. Richebächer lived in France. He published a financial commentary service to subscribers titled "The Richebächer Letter", and made occasional contributions to the libertarian
Libertarianism
Libertarianism, in the strictest sense, is the political philosophy that holds individual liberty as the basic moral principle of society. In the broadest sense, it is any political philosophy which approximates this view...
website "dailyreckoning.com". Dr. Richebacher was known for his frequently bearish views on the U.S. and global economies and his distrust of Wall Street's speculative excesses. He is considered a member of the Austrian Economists and owes a great deal to Ludwig von Mises
Ludwig von Mises
Ludwig Heinrich Edler von Mises was an Austrian economist, philosopher, and classical liberal who had a significant influence on the modern Libertarian movement and the "Austrian School" of economic thought.-Biography:-Early life:...
, Friedrich Hayek
Friedrich Hayek
Friedrich August Hayek CH , born in Austria-Hungary as Friedrich August von Hayek, was an economist and philosopher best known for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought...
and Exter.
Dr. Kurt Richebächer died on August 24, 2007, at the age of 88.http://www.safehaven.com/article-8300.htm