Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for Mai 2009

This Way Be Dragons

Posted by hkarner - 31. Mai 2009

In fantasy novels the intrepid heroes come across a sign saying „This Way Be Dragons.“ Of course, they venture on, facing calamity and death, but such is the nature of fantasy novels. We live in a very real world, and if we don’t turn around there will be some very nasty dragons in our future. This week we look at three possible paths we can lead the world down. Den Rest des Beitrags lesen »

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European-wide Financial Regulation is Proposed: Is There Agreement?

Posted by hkarner - 29. Mai 2009

• European Commission proposed an overhauling of Europe’s system for supervising banks and insurers. The Commission’s proposals draw heavily on the two-tier approach suggested by Jacques de Larosiere (see de Larosiere Report). In particular, the commission is advocating the creation of a European Systemic Risk Council, to assess and warn about threats to financial stability in the region. Not all parties are in favor with the UK especially concerned about ceding binding authority to non-national bodies (Financial Times)

• May 27: European Commission’s Two-tiered Proposal – 1) European Systematic Risk Council (ESRC): To monitor and assess risks to the stability of the financial system as a whole and provide an early warning system. 2) European System of Financial Supervisors (ESFS): Supervision of individual financial institutions consisting of a robust network of national financial supervisors working in tandem with new European Supervisory Authorities

aus dem RGE Monitor

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Ein gutes neues Buch zum Thema: „Fools Gold“.

Posted by hkarner - 28. Mai 2009

Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a CatastropheVon der Award Winning Financial Times Journalistin Gillian Tett.

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Financial Collapse and Energy – Something Other than a NINJA Problem

Posted by hkarner - 28. Mai 2009

„Neither subprime lending, nor NINJA policies, nor any financial media is able to explain why banks around the world, which had been for decades very cautious in granting a credit without solid collateral, suddenly started to grant loans to insolvent people; or why the strict financial regulatory and supervisory entities started to look the other way. This is an attempt to offer a different perspective.“

Professor Albert Bartlett summarized the reason very well: “The greatest shortcoming of the human race is our inability to understand the exponential function.“

Ein gut durchdachter Artikel vom „Oil Drum“ Blog.

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Criticism about the FED

Posted by hkarner - 27. Mai 2009

Aus Wikipedia (27-05-09)


Da die Mitgliedsbanken gleichzeitig die Eigentümer der Federal Reserve sind, das Direktorium aber vom Präsidenten der Vereinigten Staaten ernannt wird, ist das Federal Reserve System teils privat und teils staatlich strukturiert.

Many kinds of criticisms have been directed against the Federal Reserve System over the years. One critique, typified by the heterodox Austrian School, is that the Federal Reserve is an unnecessary and counterproductive interference in the economy. Den Rest des Beitrags lesen »

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China’s Yuan: The Next Reserve Currency?

Posted by hkarner - 26. Mai 2009

BusinessWeek logoChina May 26, 2009, 12:01AM EST text size: TT

China’s Yuan: The Next Reserve Currency?

Skeptics have dismissed Beijing’s talk of de-emphasizing the U.S. dollar, but China is making moves that could soon lead to a convertible yuan

By Steve LeVine

Are the Chinese finally getting serious about loosening their ties to the dollar—and even replacing the greenback with the yuan as the global economy’s reserve currency? The evidence is mounting that they are. Den Rest des Beitrags lesen »

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China stuck in ‘dollar trap’

Posted by hkarner - 25. Mai 2009

Aus der Financial Times

By Jamil Anderlini in Beijing

Published: May 24 2009 23:30 | Last updated: May 24 2009 23:30

China’s official foreign exchange manager is still buying record amounts of US government bonds, in spite of Beijing’s increasingly vocal fear of a dollar collapse, according to officials and analysts.

Senior Chinese officials, including Wen Jiabao, the premier, have repeatedly signalled concern that US policies could lead to a collapse in the dollar and global inflation. Den Rest des Beitrags lesen »

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Estonian Government Collapses Over Budget Cuts: What’s Next?

Posted by hkarner - 25. Mai 2009


Estonian Prime Minister Andrus Ansip on May 21 fired all Social Democrat members from the three-party Cabinet following a dispute over substantial budget cuts. Estonia is keen to adopt the euro as soon as possible. Consequently, the government is aiming to keep the budget deficit within the 3% of GDP Maastricht Treaty limit. The government was the latest to fall in Eastern Europe as a result of the global financial crisis, after Hungary and Latvia

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The Detroit Three: GM’s Bankruptcy Filing Becomes Even More Likely

Posted by hkarner - 25. Mai 2009

GM on May 22 inched closer to a bankruptcy filing, when the company’s largest bondholders said they would reject an offer to convert their debt into GM stock. The decision by the bondholders threatens to derail GM’s efforts to eliminate $27 billion in debt before a June 1 deadline set by the Obama administration. GM has offered its bondholders 225 shares for each $1,000 worth of debt, which over all would give them a 10% stake in the company (New York Times)

GM and UAW on May 22 reached an accord to reduce retiree health-care obligations and labor costs, clearing a major hurdle in the car maker’s expected plan to rush through bankruptcy court in as little as 30 days. GM sought a UAW deal to cut by at least half the $20 billion in cash it owes for retiree health care, and shave at least $1 billion off annual hourly labor costs that reached $8 billion in 2008. Details of the agreement weren’t disclosed as the union wants to first present the pact to 60,000 GM workers starting on May 26. About one-third of those employees will lose their jobs under GM’s restructuring plan (Wall Street Journal)

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Bank Of Japan Stays at 0.1% But Expands Collateral Eligibility

Posted by hkarner - 25. Mai 2009

Bank of Japan board voted to hold policy rate at 0.1% on May 22 and will likely keep the rate there for the duration of the recession. BoJ also decided to expand collateral eligibility to include government bonds from the U.S., the UK, Germany and France „Like the Fed, the BOJ’s focus is not on rates but on buying debt and pumping cash into financial markets“ (Masaaki Kanno of JPMorgan Chase via Bloomberg)

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