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Money Creation in the Modern Economy

Monday, February 5, 2018
Zurich, Switzerland

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Event Detail

Money Creation in the Modern Economy

Switzerland is the most prominent semi-direct democracy today, with regularly occurring, publicly initiated and then binding referenda. In 2018, a referendum will be held to change the national constitution mandating a change in the monetary/banking system into a Chicago-Plan-Stil (Vollgeld). Although this has been studied for decades, no jurisdiction has yet taken action. The purpose of the conference is to examine this topic from all viewpoints and create a discussion among global experts as to the impact of this change in today’s economic environment.

  • How is money created in the general economy today?
  • Have the measures introduced since the global crash of 2007/2008 stabilized our banking system?
  • Why are debt levels increasing exponentially?
  • How has the structural monetary/banking system fundamentally changed over the last 50 years?
  • What are the social ramifications of this fundamental change?
  • Is a radical rethinking of our system feasible or is it only a pipe dream?


Attendees of Money Creation in the Modern Economy can receive credit from the following organizations:

  • AFCPE Post Certification (5 credits
  • CFP Board (5 CE credit hours)
  • CFA Institute (5 CE Credits)



8:00 | Registration and Welcome Coffee

9:00 | Conference Introduction and Overview

  • Uli Kortsch, Author, Economist and Expert on Monetary Policy

9:20 | Trends in Money

  • David Bosshart, CEO, Gottlieb Duttweiler Institute (GDI)

9:50 | Panel Introduction: The Current Monetary System

  • Today’s source of money creation
    Richard Werner, Chair in International Banking, University of Southampton, England
  • Banking instability due to investment structures and history of banking runs
    Larry Kotlikoff, Professor of Economics, Boston University, former Snr. Economist, President’s Council of Economic Advisers, USA
  • Banking stabilization efforts: Basel III, Dodd-Frank, …
    William White, former Chief Economist, Bank for International Settlements, Basel, Switzerland
  • Role of central banks: including QE, negative interest rates, …
    William Dunkelberg, Chief Economist, National Federation of Independent Business, former Chair, Economics Dept., Temple University, Philadelphia, USA

10:45 | Coffee Break

11:15 | Panel: The Current Monetary System

  • Richard Werner
  • Larry Kotlikoff
  • William White
  • William Dunkelberg
  • Moderated by Uli Kortsch

11:50 | Overview of Current Global Situation

  • Martin Wolf, Chief Economic Commentator, Financial Times

12:30 | Lunch

13:45 | Panel: The Chicago Plan (Vollgeld): YES

  • Referendum overview
    Sergio Rossi, Chair of Macroeconomics and Monetary Economics, University of Fribourg, Switzerland
  • Implementation
    Joseph Huber, Chair of Economic and Environmental Sociology, Martin Luther University, Germany
  • Social results
    Katharina Serafimova, Lecturer at the University of Zurich, Institute of Banking and Finance, Switzerland

14:30 | Coffee break

15:00 | Panel: The Chicago Plan (Vollgeld): NO

  • Practitioner’s Outlook
    Jürg Müller, Economics Editor, Neue Zürcher Zeitung
  • Academic’s Outlook
    Aleksander Berentsen, Professor of Economic Theory, University of Basel, Switzerland
  • Politician’s Outlook
    Ruedi Noser, Member of the Council of States, Switzerland

15:45 | Panel of all speakers for an open discussion

17:15 | Networking Apéro

17:30-18:30 | Shuttle to Thalwil Railway Station


GIC is delighted to partner with the CFA Society Switzerland and the Gottlieb Duttweiler Institute on this conference just outside of Zurich, in Rüschlikon.

Event Location

Date: Monday, February 5, 2018 Time: 08:00 AM - 05:30 PM City: Rüschlikon Download iCal


Aleksander Berentsen

Professor of Economic Theory, University of Basel.

Aleksander Berentsen is Professor of Economic Theory at the University of Basel.

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David Bosshart

CEO of the GDI Gottlieb Duttweiler Institute for Economic and Social Studies

CEO of the Gottlieb Duttweiler Institute, one of Europe’s leading think tanks for business and society. The focuses of David Bosshart’s work are trade, consumption, management and social change.

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Bill Dunkelberg, Ph.D.

Chief Economist, NFIB

William Dunkelberg is professor emeritus of economics at the School of Business and Management, Temple University, where he served as dean from 1987 through 1994 and as director of the Center for the Advancement and Study of Entrepreneurship.

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Joseph Huber

Professor emeritus of economic sociology

Joseph Huber is a Professor emeritus of economic sociology whose main fields of research are Monetary system analysis and Modernization and innovation processes, with a focus on industrial ecology.

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Ulrich (Uli) Kortsch

Founder and President of Global Partners Investments, Ltd.

Ulrich Korstch is the founder and president of Global Partners Investments, Ltd. He founded the company to create financial secondary markets for the micro-enterprise and small-scale-enterprise sectors of US inner cities and developing nations. In his capacity as president, Mr. Korstch has written a bill for Congress, which was reviewed by the Congressional Legal Services, as well as Treasury, and the Senate and House Banking Committee staffs, and conferred with approximately 15 presidents, ministers of finance and ministers of commerce during the course of business.

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Laurence J. Kotlikoff, Ph.D.

William Fairfield Warren Professor and Professor of Economics at Boston University

Laurence J. Kotlikoff is a William Fairfield Warren Professor at Boston University, a Professor of Economics at Boston University, a Fellow of the American Academy of Arts and Sciences, a Fellow of the Econometric Society, a Research Associate of the National Bureau of Economic Research, and President of Economic Security Planning, Inc., a company specializing in financial planning software. An active columnist, Professor Kotlikoff’s columns and blogs appear in the Financial Times, Bloomberg, Forbes, Vox, the Economist, Yahoo.com, and the Huffington Post. Professor Kotlikoff received his B.A. in Economics from the University of Pennsylvania in 1973 and his Ph.D. in Economics from Harvard University in 1977.

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Jürg Müller

Economics Editor, Neue Zürcher Zeitung

Jürg Müller is an economics editor at Neue Zürcher Zeitung, covering the financial system, the digital transformation of the economy, and economic policy.

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Ruedi Noser

Shareholder and Member of the Board of Directors, Noser Management AG

Ruedi Noser is the sole shareholder and member of the board of directors of Noser Management AG, the parent company of the Noser Group companies.

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Sergio Rossi

Professor of Economics, University of Fribourg, Switzerland

Sergio Rossi is Full Professor of Economics at the University of Fribourg, Switzerland, where he holds the Chair of Macroeconomics and Monetary Economics, and Senior Research Associate at the International Economic Policy Institute at Laurentian University in Canada.

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Katharina Serafimova

Head of Renewable Resources at Ernst Basler + Partner

After graduating from environmental natural sciences at ETH Zürich in 2004, Katharina has been working as Head of Renewable Resources at Ernst Basler + Partner, a Swiss Engineering and Consulting firm, and as Head of Corporate Sustainability for a Swiss Private Bank.

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Richard Werner

Chair in International Banking, Director, Centre for Banking, Finance and Sustainable Development, Southampton Business School at the University of Southampton

Professor Richard Werner is Chair in International Banking , Director, Centre for Banking, Finance and Sustainable Development; within Southampton Business School at the University of Southampton.

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William White

Chairman of the Economic and Development Review Committee, OECD

William (Bill) White has been the Chairman of the Economic and Development Review Committee of the OECD in Paris since 2009. This Committee, made up of representatives of member countries of the OECD, reviews economic developments and the effectiveness of policies in both member countries and other countries wishing to deepen relationships with the OECD.

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Martin Wolf

Associate Editor and Chief Economics Commentator, Financial Times, London

Martin Wolf is Associate Editor and Chief Economics Commentator at the Financial Times, London. He was awarded the CBE (Commander of the British Empire) in 2000 for services to financial journalism.

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