Persönlich: Markus Krall – Der epochale Kampf um die Welt

Summary

In an interview with Susanne Gerlach, economist and author Markus Krall reflects on his life and explains his critiques of modern economic and political systems.

Early life and career

Krall describes growing up in a traditional Catholic family, attending a Benedictine boarding school, and developing an early interest in gold, technology, and how markets work. He recalls having long discussions with his father and says he came to believe in the importance of incentives and private property before formally studying economics.

He later studied economics in Freiburg and researched Japan’s stock market for his doctorate. Japan remains a place he greatly admires. Afterward, he worked in finance and risk management in several countries, including at Oliver Wyman and McKinsey.

Economic and political views

Krall argues that the 2007–08 financial crisis was not simply a failure of free markets. In his account, government-backed housing policies, Fannie Mae and Freddie Mac, rating-agency arrangements, and state-owned German banks all helped create or sustain risks.

He also argues that years of very low interest rates kept unviable firms afloat, creating “zombie” businesses and delaying bankruptcies. He links the resulting economic strain and deindustrialization to both monetary policy and excessive regulation.

Krall defines freedom in libertarian terms—as the absence of coercion—and regards the state as a major instrument of coercion.

Controversies

Krall recounts several personal and professional controversies. He says he was dismissed from Degussa after its ownership changed, while accepting that the owners had the right to choose a different direction.

He also describes a 2022 police search of his home, during which he says he was treated as a witness rather than a suspect. He alleges that his data was improperly shared with the press and that an official document falsely suggested he had improperly received COVID relief. He says the state later withdrew that claim.

Krall also discusses a cancelled lecture in Chur following accusations of antisemitism. He says the dispute ended with an apology and a settlement.

Faith and worldview

Faith remains central to Krall’s worldview. He identifies as a Catholic and a Knight of the Holy Sepulchre, but says he is troubled by what he sees as the Church’s departure from its traditional teachings, including during the COVID period and in its political messaging.

His book Götterdämmerung examines what he sees as a global struggle over political power, unipolarity and multipolarity, and the role of the dollar. Krall frames the deepest conflict in spiritual terms as a struggle between good and evil. He condemns socialism as fundamentally hostile to individual freedom and makes stark claims about its aims and historical consequences.

Krall predicts further severe economic and social disruption in Europe, but says he remains optimistic because he believes God is stronger than evil. His advice to his children is to develop a firm moral compass and clear values.

Presenters and contributors

• Susanne Gerlach: Interviewer
• Markus Krall: Guest