Economic Event: Participation of IBC Deputy Chairman & Secretary General in a Dialogue By Prince Michael of Liechtenstein on the “Economy after the Pandemic”
At a personal invitation by the Leading Summit of the Alternative Investment Management (AIM), the Deputy Chairman & Secretary General of the Iraqi Business Council Dr. Saad Naji participated in an interview with His Highness Prince Michael of Liechtenstein, who is the founder of the “Brainstorming Centre” – the European Centre for the Austrian Economic Foundation.
The dialogue was managed by the well-known Economic Analyst Mr. David Moore.
During the meeting, His Highness the Prince of Liechtenstein spoke about a number of topics amongst which; the potential future trends of the public and private financial markets, current levels of government spending under inflation of the public sector debts and the repercussions of the inflation resulting from companies’ profits and consumption, along with some potential social and political consequences of the current economic events.
His Highness the Prince of Liechtenstein finds that the world Central Banks will find themselves forced to create a stock of digital currencies that they would deal with just as they deal with their gold reserve stock.
He also finds that the major companies will eventually have to deal with digital currencies in terms of investment and trading.
His Highness also finds that economy recovery after the Pandemic will last for many years and that the government financial support for companies will destabilize liberal democracy due to the potential impacts on the recipients of support.
His Highness the Princes also finds that free trade is far more important than globalization, with a clear difference between the two.
In response to Dr. Saad Naji’s question as to whether government support to various sectors in the third world countries, due to the Pandemic, will lead to more corruption and more centralization of governments.
His Highness the Prince responded that the political form expected in all parts of the world will encounter a form, or forms, of negative changes worthy of in-depth study, that change will be greater in the countries whose economy has been severely affected, and that the Central Banks Authorities will be more influential in the countries’ financial, monetary and political policies.
