Kurt Richebächer
Kurt Richebächer | |
|---|---|
| Born | 1918 Karlsruhe, Germany |
| Died | 2007-08-24 |
| Occupation(s) | Economist, banker, journalist |
| Known for | The Richebächer Letter, Austrian School of Economics |
Kurt Richebächer (1918 – 24 August 2007) was a German economist and banker originating from Karlsruhe. He pursued business economics studies in Berlin and obtained his doctoral degree from the University of Heidelberg in 1945. Beginning his career in journalism, he transitioned into roles as an international banker and economist, gaining recognition for his publication, "The Richebächer Letter," also known under the title "Currencies & Credit Markets." His economic philosophy was closely associated with the Austrian School of Economics.
Before World War II, Richebächer’s father arranged for him to study in Great Britain to enhance his English skills and acquire journalistic experience. During his time in London, he developed a keen interest in economics, subsequently returning to Berlin after the war to complete his doctorate.
Post-war years
Between 1945 and 1958, Richebächer worked as a journalist specializing in economic affairs. He reported on significant historical moments, including Konrad Adenauer’s 1955 trip to Moscow aimed at reestablishing diplomatic relations between West Germany and the Soviet Union. In 1957, he relocated to London where he provided analysis on British economic policies. By 1964, he had assumed the position of chief economist and managing director at Dresdner Bank in Frankfurt, where he advised clients and occasionally voiced critiques of government economic strategies during Helmut Schmidt’s administration. His direct superior, Jürgen Ponto, encouraged his independent economic viewpoints.
After Ponto was tragically killed in 1977 during a kidnapping attempt by the Red Army Faction, Richebächer departed from Dresdner Bank to pursue freelance work. His farewell gathering attracted notable personalities such as Paul Volcker, then head of the New York Federal Reserve, and John Exter, a consultant to central banks.
In 1980, he authored Im Teufelskreis der Wirtschaftpolitik, which examined financial crises and the movement away from free-market principles toward fiscal socialism.
Later in life, residing in France, Richebächer continued issuing "The Richebächer Letter" and contributed writings to libertarian outlets like "dailyreckoning.com." He was recognized for his pessimistic outlook on both U.S. and global economic conditions, expressing skepticism toward Wall Street speculation and drawing intellectual influence from Austrian economists such as Ludwig von Mises, Friedrich Hayek, and John Exter.
In 2006, anticipating the forthcoming Great Recession, he forecasted: "A recession and bear market in asset prices are inevitable for the U.S. economy... All remaining questions pertain solely to speed, depth and duration of the economy's downturn."
Richebächer passed away on August 24, 2007, at the age of 88.
Published Books
- Börse Und Kapitalmarkt. Frankfurt (am Main): Knapp, 1971. Fourth edition.
- Capital Markets Study: Functioning of capital markets. Paris & London: OECD H.M.S.O., 1968.
- Dermitzel, Günther; Walter Damm; Kurt Richebächer. Das Bankwesen Im Gemeinsamen Markt. Baden-Baden: August Lutzeyer, 1962.
- Richebächer, Kurt. Im Teufels Kreis Der Wirtschaftspolitik: Fiskalsozialismus Verdrängt Die Marktwirtschaft. Stuttgart: Aktuell, 1980.