The Philadelphia Society

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«Big Questions Facing the Free Society»


Meetings with representatives of the United States congress, university professors and corporate leaders of different States at the quarterly Philadelphia Society Meeting in Philadelphia, PA.

Daniel Lacalle´s dissertation was based on the risks of monetary policy and the importance of defending sound money, balanced budgets and the promotion of capital investment.

The Philadelphia Society is a membership organization of scholars, educators, journalists, business and professional leaders, clergy–thoughtful analysts of current trends and public policy–all dedicated to the goal of deepening the intellectual foundations of a free and ordered society and to broadening the general understanding of its basic principles among the public at large.

The purpose of this Spring Meeting was to «examine several “Big Questions” that will increasingly influence the prospects for human freedom and flourishing in the U.S. and around the world. We will take up important matters about culture, religion, technology, education, and the future of freedom in the United States and abroad.»


6-8th April 2018, Philadelphia Pennylvania.

Turkish Lira Decline a ‘Symptom’ of EM Fiscal Imbalances (Bloomberg TV)

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Watch the video here .

In this interview we comment on the risks of emerging markets, rising imbalances, and a consensus bet on a weak US dollar and low rates that has led to large fiscal and, in some cases, trade deficits.

It could be the arrival of a “sudden stop”. As I explain in Escape from the Central Bank Trap (BEP, 2017), a sudden stop happens when the extraordinary and excessive flow of cheap US dollars into emerging markets suddenly reverses and funds return to the U.S. looking for safer assets. The central bank “carry trade” of low interest rates and abundant liquidity was used to buy “growth” and “inflation-linked” assets in emerging markets. As the evidence of a global slowdown adds to the rising rates in the U.S. and the Fed’s QT (quantitative tightening), emerging markets lose the tsunami of inflows and face massive outflows, because the bubble period was not used to strengthen those countries’ economies, but to perpetuate their imbalances.

Daniel Lacalle-Washington

Escape from the Central Bank Trap:

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Escape from the Central Bank Trap: How to Escape from the $20 Trillion Monetary Expansion Unharmed.

Central banks do not print growth. 

The financial crisis was much more than the result of an excess of risk. The same policies that created each subsequent bust are the ones that have been implemented in recent years. In Escape from the Central Bank Trap, Dr. Daniel Lacalle offers solutions for the threat of zero-interest rates and excessive liquidity.

He argues that the United States needs to take the first step, defending sound money and a balanced budget, recovering the middle-class by focusing on increasing disposable income. The rest will follow. Our future should not be low growth and high debt. Cheap money becomes very expensive in the long run.

Dr. Lacalle also analyzes the many fallacies associated with modern, activist, inflationist central banking and misguided economic policies more generally.