The global economy is facing the deepest recession since WWII. In order to mitigate the economic consequences of the lockdown, fiscal policy makers and central bankers put in place unprecedented packages. Particularly for central banks, it will be extremely difficult to withdraw the extraordinary measures.

Dr. Jürgen Michels has been Chief Economist and Head of Research at BayernLB in Munich since October 2013. Prior to joining BayernLB, he served as an economist in Citigroup's Investment & Research Analysis (CIRA) department in London from 2002 to 2013, and became chief euro-area economist in 2008. From 1997 to 2002 he worked at Sal. Oppenheim in Cologne, and from 1996 to 1997 at the Institute for International Economic Policy at the University of Bonn. Dr Michels studied economics at the University of Bonn. He was conferred his doctorate degree by the University of Frankfurt with a dissertation on
central bank strategies.

About Bitcoin he says:
"The value of Bitcoin is a relative price, determined by the trust in bitcoin on the one hand and the trust in the existing fiat money system."

This presentation was performed during the Value of Bitcoin Conference 2020 - on June 2nd 2020
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