It's fascinating how this graph reflects the business performance of my small event agency in Innsbruck on a one-to-one basis:
founded in 2001 & built up
2005-08 good years
2008-10 total slump (economic & euro crisis)
2011-17 our best years (liquidity bubble)
2018-19 rather poor
2020-22 Covid shutdown
2022-24 weak (recession)
I've learned that our event business runs 6-12 months ahead of the economy, both in downturns and upswings.
Nevertheless, it always surprises me that we, as a small agency in the Tyrolean mountains, are experiencing the decline of German industry so closely and that we are so directly linked to the big stage of the global economy.
This almost cost my father our farm in the remotest South Tyrolean mountain farming village when he built stables in 1981, needed a small loan of 25 million lire (the equivalent of EUR 12,500) from the local bank and suddenly interest rates rose to 25% because in faraway New York the Fed had to defend the dollar against high inflation and Paul Volcker had to raise the key interest rate to over 20%.
How much damage has been caused worldwide by Keynesian economic policy and soft money central banks for decades.
How unfair that the poor countries on the periphery and the little people are always hit first and hardest.
Hope comes from the Austrian School & #bitcoin
