Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Trump and the “Deep State” : The Government Strikes Back

Posted by hkarner - 19. August 2017

Date: 18-08-2017
Source: Foreign Affairs By Jon D. Michaels

One of the strangest aspects of the current era is that the president of the United States seems to have little interest in running the country’s government. A political novice with no fixed ideology or policy agenda, Donald Trump took office as if orchestrating a hostile corporate takeover. In his first six-plus months as president, he has followed his own counsel, displaying open contempt for much of the federal work force he now leads, slashing budgets, rescinding regulatory rules, and refusing to follow standard operating procedures. This has cost him allies in the executive branch, helped spur creative (and increasingly effective) bureaucratic opposition, and, thanks to that opposition, triggered multiple investigations that threaten to sap party and congressional support.

Furious at what they consider treachery by internal saboteurs, the president and his surrogates have responded by borrowing a bit of political science jargon, claiming to be victims of the “deep state,” a conspiracy of powerful, unelected bureaucrats secretly pursuing their own agenda. The concept of a deep state is valuable in its original context, the study of developing countries such as Egypt, Pakistan, and Turkey, where shadowy elites in the military and government ministries have been known to countermand or simply defy democratic directives. Yet it has little relevance to the United States, where governmental power structures are almost entirely transparent, egalitarian, and rule-bound. Den Rest des Beitrags lesen »

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Donald Trump has no grasp of what it means to be president

Posted by hkarner - 19. August 2017

Date: 17-08-2017
Source: The Economist
Subject: After Charlottesville

U-turns, self-regard and equivocation are not what it takes

DEFENDERS of President Donald Trump offer two arguments in his favour—that he is a businessman who will curb the excesses of the state; and that he will help America stand tall again by demolishing the politically correct taboos of left-leaning, establishment elites. From the start, these arguments looked like wishful thinking. After Mr Trump’s press conference in New York on August 15th they lie in ruins.

The unscripted remarks were his third attempt to deal with violent clashes in Charlottesville, Virginia, over the weekend. In them the president stepped back from Monday’s—scripted—condemnation of the white supremacists who had marched to protest against the removal of a statue of Robert E. Lee, a Confederate general, and fought with counter-demonstrators, including some from the left. In New York, as his new chief of staff looked on dejected, Mr Trump let rip, stressing once again that there was blame “on both sides”. He left no doubt which of those sides lies closer to his heart. Den Rest des Beitrags lesen »

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Britain is slowly moving towards accepting harsh truths about Brexit

Posted by hkarner - 19. August 2017

Date: 17-08-2017
Source: The Economist

In this week’s papers on customs arrangements and Ireland, Theresa May’s government begins to accept some inconvenient truths

FOR months, as the clock has ticked towards a two-year deadline for Britain to leave the European Union in March 2019, Theresa May’s government has been criticised for being ill-prepared, divided and unrealistic in its approach to Brexit. And rightly so. However, this week it took a belated step towards reality in the first two of a series of Brexit papers, on future customs arrangements and on Northern Ireland. It accepted explicitly, for the first time, that a temporary transition, or interim period, will be necessary to avert a damaging cliff-edge exit in March 2019, and that in this interim period Britain should be in a customs union with the EU.

That is a big step forward. It is all the more surprising, because it came just days after Philip Hammond, the chancellor, and Liam Fox, the trade secretary, promised in a newspaper article that, even in an interim period, Britain would be out of the EU’s single market and customs union. The official Brexit paper acknowledges that this may happen eventually, and offers ideas for a new customs regime that, although burdensome and quite possibly impractical, at least tries to minimise the costs to traders (see article). Den Rest des Beitrags lesen »

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Hypo: Hohe Haftstrafe für Tilo Berlin

Posted by hkarner - 18. August 2017

18. August 2017, 18:04 derstandard.at

Schuldsprüche in Causa VCP – Pecina nahm Urteil an

Klagenfurt/Wien – Der Oberste Gerichtshof (OGH) hat am Freitag den Schuldspruch gegen Ex-Hypo-Vorstand Günter Striedinger wegen einer Kreditvergabe für ein Tourismusprojekt auf der kroatischen Insel Jakljan (18 Monate Zusatzstrafe) bestätigt. Tags zuvor hat das Landesgericht Klagenfurt im Hypo-Prozess VCP/Fairness-Opinion die früheren Hypochefs Josef Kircher, Tilo Berlin und Wolfgang Kulterer sowie Investmentbanker Heinrich Pecina von Vienna Capital Partners (VCP) der Untreue schuldig gesprochen. Kircher, Berlin und Pecina wurden zudem wegen Betrugs verurteilt.

Beitragstäter Pecina muss eine Geldstrafe von 288.000 Euro zahlen und erhielt 22 Monate bedingt – er hat das Urteil angenommen. Berlin bekam eine Haftstrafe von drei Jahren und zehn Monaten; zwei Monate wurden ihm und den anderen Verurteilten wegen der langen Verfahrensdauer von ihren Strafen abgezogen. Kulterer bekam eine Zusatzstrafe von zehn Monaten, Kircher 16 Monate. Die Anwälte der Exbanker meldeten Rechtsmittel an, die Urteile sind also nicht rechtskräftig.

Fairness-Opinion

In der Causa ging es um das Gutachten (Fairness-Opinion), das die Investmentbank HSBC für den Verkauf der Hypo-Anteile an die Bayern LB erstellt hat. Die Hypo-Verkäuferin Kärntner Landesholding hätte es zahlen müssen, tatsächlich hat die 4,3 Mio. Euro aber eine Hypo-Tochter an die VCP bezahlt. Die hatte den Deal abgewickelt. Pecina gestand und bezahlte drei Mio. Euro Wiedergutmachung. Er sei aufgefordert worden, Scheinrechnungen zu stellen und habe das auch getan, hatte er erklärt.

Die anderen Angeklagten bestreiten jede Schuld, es gilt die Unschuldsvermutung. Auch Berlin, der die Hypo von Juni 2007 bis April 2009 führte, hat bereits mehrere Strafen ausgefasst. Wegen der Vorzugsaktien wurde er zu 14 Monaten Haft (vier davon unbedingt; die Strafhöhe ist nicht rechtskräftig), wegen der Ausschüttung einer Sonderdividende zu acht Monaten (zwei davon unbedingt) verurteilt. Auch das Urteil ist nicht rechtskräftig. Die staatliche Heta hat in der Causa übrigens das Nachsehen. Sie hat sich dem Verfahren mit einer Forderung von rund einer Mio. Euro angeschlossen, ist aber kein Opfer im strafrechtlichen Sinn. Das Geld bekam sie daher nicht, das muss sie sich nun am Zivilrechtsweg holen. (gra, APA, 18.9.2017) – derstandard.at/2000062853210/Hypo-Hohe-Haftstrafe-fuer-Tilo-Berlin

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Nearly three-quarters of Britons think their country is on the wrong track.

Posted by hkarner - 18. August 2017

Date: 17-08-2017
Source: The Economist
Subject: Britons mellow on migration

Health, terrorism and poverty replace migration as the public’s main worries

A year after they plumped for Brexit and two months after they voted to take away the government’s majority, nearly three-quarters of Britons think their country is on the wrong track. That is the most in nearly five years, and the eighth-highest of 26 countries surveyed by Ipsos, a polling firm.

Health care and terrorism are Britons’ main worries, along with poverty. Concern over immigration—the biggest beef of 2016, and a powerful driver of the vote to “take back control” from the EU—has halved.

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Are Nazis as American as Apple Pie?

Posted by hkarner - 18. August 2017

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A Development Investment for the Ages

Posted by hkarner - 18. August 2017

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The Lost Lesson of the Financial Crisis

Posted by hkarner - 18. August 2017

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EU-turn: calls for a Brexit exit

Posted by hkarner - 18. August 2017

Date: 17-08-2017
Source: The Economist

Could Britain find Breverse gear?

In the summer lull, whispers that the referendum could be overturned have become a louder hum. Brexit is a “stitch-up”, says David Miliband, a former foreign secretary; Parliament is “deadlocked”, says Vernon Bogdanor, Britain’s foremost constitutionalist; a new party should derail the process, suggests a disgruntled former chief of staff to the Brexit secretary.

They and others want a second referendum on whatever deal the government cuts in Brussels. They face three obstacles. Den Rest des Beitrags lesen »

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Can Sterling Hit Parity With the Euro?

Posted by hkarner - 18. August 2017

Date: 17-08-2017
Source: The Wall Street Journal

The British pound is already reaching seven-year lows against the euro, but some analysts believe the move has much further to run.

The British pound reached seven-year lows against the euro this week, with some analysts now projecting that sterling will fall to parity with the common currency—or further.

The pound has risen by around 4% against the dollar this year, climbing to nearly $1.30, but against the euro it is down by more than 6% to below €1.10. Sterling reversed a little of that move Wednesday, rising 0.2% against the euro. Den Rest des Beitrags lesen »

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