Forderung des Kapitals: EFSF-Fonds soll auf 2 Billionen Euro Steuergelder erhöht werden

Von Daniel Neun | 26.September 2011, radio utopie

 Zentralbanker und internationaler Banken-Verband IIF mit seinem Vorsitzenden Josef Ackermann, die Regierungen aus den 20 reichsten Industriestaaten der Welt (“G20″), der “Internationale Währungsfonds” (IWF), die “Weltbank”, die Regierungsräte und Kommissare der “Europäischen Union” und alle anderen Teilnehmer der Konferenz des Kapitals in Washington haben sich geeinigt. Nachdem der Bundestag, dank der Stimmen der Parteien “SPD” und “Bündnis 90/Die Grünen”, am Donnerstag auf jeden Fall der Erhöhung des Tributs an die luxemburgische Aktiengesellschaft EFSF auf real über 250 Milliarden Euro deutsche Staatsgelder abnicken wird, soll der EFSF-Fonds insgesamt nicht wie bislang angegeben auf 750 Milliarden Euro, sondern auf 2 Billionen Euro Steuergelder ansteigen. (1)

Das beweist wieder einmal, daß Radio Utopie als einzige Online-Zeitung wieder einmal voll daneben gelegen hat. Immerhin um eine halbe Billion. (12.August, Szenario: Karlsruhe nickt EFSF ab, Bundestag nickt EFSF ab, Schäuble verlangt Erhöhung auf 1.5 Billionen Euro)

Nomenklatura akzeptiert Verfassung: Volksabstimmung vor neuem EU-Vertrag

Von Daniel Neun | 25.September 2011, radio utopie

Verfassungsrichter Peter Michael Huber, der ehemalige Präsident von Republik und Verfassungsgericht Roman Herzog, der derzeitige Präsident des Bundesverfassungsgerichts Andreas Vosskuhle und der SPD-Bundesvorsitzende der SPD Sigmar Gabriel konstatieren die verfassungsgemäß zwingende Notwendigkeit einer Volksabstimmung in Deutschland zum geplanten neuen EU-Vertrag und einer weiteren Machtverschiebung hin zur neunzehn Jahre alten “Europäischen Union”.

Dazu ein kleines Essay.

Am 7.Mai 2010 beschloss der Bundestag die erste Griechenland-Gläubiger-Hilfe in Höhe von 22.4 Milliarden Euro. Am 21.Mai 2010 beschloss der Bundestag die Ermächtigung des Finanzministeriums einer “Zweckgesellschaft”, die zu diesem Zeitpunkt noch nicht einmal gegründet war und über die dem Parlament kein Vertragsentwurf vorgelegt wurde, insg. 148 Milliarden Euro deutsche Steuergelder zur Verfügung zu stellen. Das Bundesverfassungsgericht wies alle von Staatsbürgern gestellten Eilanträge gegen beide Gesetzesbeschlüsse ab, verschleppte alle Verfahren über ein volles Jahr, fasste dann alle Verfahren zusammen und setzte schließlich, nach einer einzigen mündlichen Verhandlung, die Verkündung des Urteils für den 7.September 2011 fest.

Laßt die Griechen pleite gehen!

Erstellt am September 25, 2011

Ein Gastkommentar von Walter Lüftl

Da behaupten Fachleute*, dass man Griechenland nicht pleite gehen lassen könne weil das jedem EU-Bürger € 8000 kosten würde. Dazu eine Rechnung: 500 Mill EU-Bürger x 8000 € sind 4 Billionen €. Die Griechen haben aber nur 350 Milliarden Staatsschulden. Das sind bei 350 Millionen EU-Steuerzahlern nur € 1000 pro Kopf bis 2020! Da gibt es 3,650 Billionen Differenz. Wo ist das Loch? Zinsen auf die Staatsschulden? Subvention der Banken zu Lasten der EU-Steuerzahler? Oder Alimentation der Griechen über zehn Jahre wie es Schäuble und Leitl verkündet haben (letzterer, weil sonst die österreichischen Exporte um 500 Million nach Griechenland einbrechen, d.h. wir stecken den Griechen Milliarden zu, damit sie dann mit geringen Anteilen aus diesem Transfer um ein paar Millionen bei uns einkaufen? Dümmer geht es nicht!).

Catastrophic Success

24. ‎September ‎2011, ‏‎21:50:00 

400 Billion Yellow Aspirins
The US Government Is in the “No-Money-Down” Mortgage Business
Crash Alert?
Is Social Security a Ponzi?
Catastrophic Success
Europe, and Breaking the Light-Speed Barrier

Breathes there a man with brain so dead
Who never to himself hath said,
“Social Security looks like a Ponzi Scheme?”

- With apologies to Sir Walter Scott

Today we look at Social Security. In the US, Texas Governor Perry touched the third rail of Social Security and called it a Ponzi scheme, which of course immediately made him the leading candidate in the “shoot the messenger” category. Behind the rhetoric, we look at some actual numbers. No, not the unfunded liabilities, that’s too easy. Let’s look at what a heartless, uncompassionate man President Roosevelt was when he started Social Security (and that’s what many will call me after reading this!). Behind the tongue in cheek, there are some very real issues that do not get addressed when we talk about Social Security, but that need to be part of the discussion. And of course, we must start off with the results of the FOMC meeting, which has me feeling not at all amused. What are they thinking? Apparently, they are seeing the results from another, alternative universe.

The EU’s Dysfunctional Adjustment.

Date: 25-09-2011
Source: The Wall Street Journal

The post-crisis European Union offers insight into a contentious economic question: How fast do wages fall in the face of high unemployment? The question is far from academic. Millions of Europeans who lost their jobs in countries hard-hit by the crisis won’t see their prospects improve until companies believe labor is cheap enough to start hiring again.

Lower wages are needed in the troubled euro-zone periphery and in countries such as Latvia that peg their currencies to the euro to reverse years of lost competitiveness. Without the ability or desire to devalue their currencies, nominal wages in those countries must fall significantly relative to Germany and the other countries of the euro-zone core for employment outside the core to rise.

Suppressing Financial Instability Increases Risk of Market Breakdown

 

By Washingtons Blog – September 24th, 2011, 1:00AM

Financial analyst and author Nassim Taleb demonstrated that suppressing market volatility in the short-run leads to much more violent bursts of dislocation and chaos in the long run.

Taleb learned many of his ideas from mathematician Benoit Mandelbrot (who discovered fractals). As Scientific American noted in 2008:

One of those long-time market watchers is fractal pioneer Benoit Mandelbrot. In 1999, Scientific American​ published an article by Mandelbrot that showed how fractal geometry can model market volatility, while revealing the intrinsic deficiencies of a cornerstone of finance called modern portfolio theory (for which there has been awarded more than one Nobel Prize in Economics).

Mandelbrot, 83, contends that portfolio theory, which tries to maximize return for a given level of risk, treats extreme events (like, say, yesterday’s market shockers) with “benign neglect: it regards large market shifts as too unlikely to matter or as impossible to take into account.” The faulty assumption of modern portfolio theorists, in Mandelbrot’s view, is that price changes do not drift far from the mean when observing daily ups and downs—so extreme events are exceedingly rare. “Typhoons, in effect, are defined out of existence,” he wrote.

The ECB v. Germany

Marshall Auerback: The ECB v. Germany

Author: Marshall Auerback · September 23rd, 2011 · Naked Capitalism

By Marshall Auerback, a portfolio strategist and hedge fund managerI’ve been in Amsterdam and met some people very well connected with the ECB. The topic de jour is the apparent split between the Germans and the ECB, especially in light of the resignation of Jürgen Stark last week from the ECB executive board. This has been a move hailed as a German protest of the errant ways of the ECB, and Stark is now touting his conservative ideas around Europe in a hope to undermine the central bank’s current interventions. That’s the public line.

But the people to whom I’ve spoken here contend that Stark’s resignation does reflect the reality that the Germans are losing out as far as the ECB goes. The profound objections to what the ECB is becoming on the part of Germany is also accompanied by a realisation that it is the only supranational game in town and has little choice but to take on this quasi-fiscal function that it is now undertaking.

Erlöst endlich Griechenland!

24. September 2011 in Allgemein, Querschüsse

Die Realitätsverweigerung der TINA- (There Is No Alternative) Fraktion der Euro-Retter nimmt abenteuerliche Züge an. Trotz der dramatischen Situation Griechenlands, gibt es keine Strategie hin zu Wachstum, Jobs und Steuereinnahmen, sondern alternativlose Rettungspakete, die den Gläubigern nutzen aber nicht den Griechen, gekoppelt mit Austeritätsmaßnahmen für Griechenland, die zur weiteren Schrumpfung der Wirtschaft, mehr Arbeitslosen und Steuerausfällen führen. Eine Strategie der Versager von der Troika und Wegbereiter einer deflationären Spirale mit Ansteckungsrisiken bereits über die Südperipherie der Eurozone hinaus. In Hinblick auf die nicht vorhandenen Wachstumsaussichten der Volkswirtschaft, der immensen Summen an faulen Krediten in den Bankbilanzen und einer bereits weit fortgeschrittenen Kapitalflucht senkte die Ratingagentur Moody’s die Kreditwürdigkeit von 8 griechischen Banken um weitere zwei Stufen.

Greece: Enter the Reaper

 

Author: Walter Molano · September 22nd, 2011 · RGE EconoMonitor

The Greek economy is past the point of no-return. Greek bonds are quoted at 30 cents on the dollar, and they are poised to go lower. Trading volumes are very thin. Many institutional players already sold down their positions, while others refuse to take any additional losses until they see the final outcome. The Greek economy is also collapsing. The €109 billion rescue package that was agreed a few months ago assumed that the Greek economy would decline 3% y/y in 2011, but it will probably contract more than 5% y/y. In other words, Athens will miss its tax revenue targets by a wide margin. One of the country’s main problems is the loss of competitiveness. Despite the gut-wrenching recession, the Greek economy is expected to post a current account deficit of more than 9% of GDP this year. The situation has been compounding for a long time. Since 2000, the German deflator rose an accumulated 11%, while the Greek deflator surged 34%. This is why the country has such a large external gap. This also suggests that the new Greek currency will need to devalue at least 24% against the euro in order to regain competitiveness against the largest exporter of the Eurozone.

Signs of Stress Grow at European Banks

Date: 23-09-2011
Source: Businessweek

What the Continent’s banks need most is cheap funding. Nervous investors cause rates to rise, and can trigger exactly the troubles they fear

Europe’s debt mess has been festering for so long it sometimes feels more like a chronic condition than a life-or-death crisis. But as negotiations to prevent a Greek default drag on, investors and lenders increasingly are concerned that a banking crisis could break out, dragging down the Continental economy before Greece even has a chance to default. On Sept. 21 the International Monetary Fund estimated that Europe’s banks face more than $400 billion in losses and said that weak banks need to raise capital quickly.

The core of the problem? As the charts on these pages show, some European banks are in peril of losing what they need most: cheap funding. Banks profit by borrowing money for short periods—rolling over some of their debt as often as nightly—to fund long-term loans at higher rates. As concern about their exposure to a sovereign default grows, European banks are paying more to borrow.