Föhrenbergkreis Finanzwirtschaft

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Archive for 7. Juli 2011

„Greece clearly has more debt than it can handle, by a factor of three“

Posted by hkarner - 7. Juli 2011

June 30, 2011, 9:00 , Business Week

Charlie Rose Talks to Arminio Fraga

The former Brazilian central banker and founder of Gávea Investimentos, now owned by JPMorgan, talks about emerging nations and the pain facing Greece—and the U.S.

By Charlie Rose

You’ve been given a lot of credit for piloting your country through rough waters into strong growth. What do you think is fueling the world’s emerging markets?
They’re all so different. We used to say emerging and submerging, because they go up and down. There’s a feeling some lessons may have been learned. And maybe a notion that the standards of living in the world’s heavily populated areas are converging. They’re moving toward higher standards. It’s very exciting. It’s really a historical event. There are a lot of challenges, and each country has to deal with its own. Some have political challenges. Some have environmental challenges, just like you imagine with China and India. … These are not smooth rides, but it’s happening.

Is population growth, and the boost it gives to domestic demand, a factor?
Right now the fashion is to say that the good demographics are the ones where the population is growing. And for the life of me I can’t see why having more people in India is a good thing. Some population growth can be helpful in some situations. Having a large population that can be educated—that can save and work hard—is possibly a plus, but it’s also a real managerial challenge. I’d like to see the world converging to a population that fits on our planet in the end.

What do you think will happen to Greece?
Greece is in dire straits.

Will it default?
Probably, in the end. Den Rest des Beitrags lesen »


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Austria Doesn’t See Capital Surcharge for Nation’s Top Banks

Posted by hkarner - 7. Juli 2011

Wir auf der Insel der Seligen brauchen dies ja nicht. Vor allem ist unsere Ost-Exposure ja unter Kontrolle! (hfk)

Business Week, 6/7

Austrian regulators won’t pursue a capital surcharge for the country’s biggest banks as European policymakers debate how to adapt at the national level new rules to make global “too- big-to-fail” lenders safer.

In an effort to prevent another financial crisis, the Basel Committee on Banking Supervision said last month that banks deemed too big to fail must hold as much as 2.5 percentage points in additional capital. As many as 30 banks worldwide may face such surcharges. The debate is now turning to banks whose collapse could unsettle a particular country’s banking system even if they are too small to cause global havoc.

Helmut Ettl and Kurt Pribil, co-chairmen of Austrian financial supervisor FMA, said nations should have leeway to apply capital surcharges and other rules selectively Den Rest des Beitrags lesen »

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Government does not matter any more

Posted by hkarner - 7. Juli 2011

Aus meiner Sicht eine gute Erklärung der tiefgreifenden Veränderung: Eigentlich haben die Staaten – auch durch ihr Missmanagement der Krise – ihre Rolle verspielt, und das (leider) in Zeiten einer „Reset Economy“, wo die Staaten dringend benötigt würden, um die (nicht funktionierenden) Märkte zu regulieren. (hfk)
Business Week, June 30, 2011,

Does Government Matter?

Washington’s fight over the debt ceiling has obscured a larger reality: Government has lost its ability to influence the economy

By Zachary Karabell

As Americans celebrate the 235th anniversary of their independence, the country is embroiled in a typically noisy debate. This time, the argument centers around whether Congress should raise the ceiling on national debt in the interest of preventing a potential government default. The issue has proved to be partisan catnip. The GOP opposes any new taxes to pay down the U.S. debt, which is close to 95 percent of the country’s gross domestic product, on the basis that government has created this problem and that more government cannot be the answer. The U.S. debt burden, House Speaker John Boehner says, “can be traced to a misguided belief by politicians that the American economy is something that can be … influenced positively by government intervention and borrowing.” Den Rest des Beitrags lesen »

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Innovation Depends on a Robust Manufacturing Sector

Posted by hkarner - 7. Juli 2011

Date: 07-07-2011
Source: Technology Review

When too many companies outsource their manufacturing, the industrial ecosystem can suffer long-term consequences.

Manufacturing matters: Willy Shih, a Harvard business professor and a former manager at IBM and Kodak, argues that there are ripple effects throughout an industry when a company hands off manufacturing of its products.

It’s called moving up the economic value chain: U.S. companies are increasingly conceiving and creating products that are built elsewhere. Prosaic manufacturing, with its razor-thin profit margins and ruthless competition, has been outsourced to Asia. But researchers who study innovation are starting to see a worrisome after-effect: the ability to innovate sometimes disappears with the manufacturing.

Harvard Business School professors David Pisano and Willy Shih set many businesspeople to rethinking whether manufacturing matters with a 2009 Harvard Business Review article titled „Restoring American Competitiveness.“ Besides lamenting that outsourcing manufacturing reduces U.S. job prospects and worsens the trade imbalance, the academics argued that economies where manufacturing skills vanish are less likely to harbor future innovation. Because American companies stopped making LCD displays, for example, there was no domestic expertise to build screens for Amazon’s Kindle reader, even though its crucial technology was developed in Cambridge, Massachusetts. Because expertise in thin-film deposition has moved to Asia with most semiconductor production, Chinese companies have a leg up in solar panel manufacturing.

The academics characterize the ecosystem of innovation as a kind of industrial commons. Every company shares the skills and knowledge that underpin an industry. „The tragedy of the commons is that when a company takes the short-term view, they don’t worry about the value of the commons,“ Shih says. Den Rest des Beitrags lesen »

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With Little Notice, Globalization Reduced Poverty

Posted by hkarner - 7. Juli 2011

Date: 05-07-2011
Source: YaleGlobal

A major success in a poverty-reduction goal for the new millennium – halving the proportion of people whose income is less than $1.25 per day – largely went unnoticed. The World Bank estimates poverty levels, but the most recent data is from 2005. By combining the recent country survey data of household consumption with latest figures on private consumption growth, Brookings Institution researchers Laurence Chandy and Geoffrey Gertz generated poverty estimates to the present day. They conclude that the world – even stubborn Sub-Saharan Africa – is in the midst of rapid poverty reduction; they credit economic growth and widespread development brought by globalization. Poverty reduction was one part of a key UN Millennium Goal, and global observers may sit up and take notice after two other key parts are achieved: full and productive employment for all and halving the proportion of people who suffer from hunger. In the meantime, the authors promise far-reaching consequences from rapid poverty reduction via growth. – YaleGlobal

UN millennium goal to halve poverty may have been achieved Den Rest des Beitrags lesen »

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Gefühlsgemeinschaft der Unzufriedenen

Posted by stgara - 7. Juli 2011

Finanzkrise. Die Regierenden haben keinen Plan, die Regierten feiern ihre Empörungspartys. Motto: Etwas soll anders werden – irgendetwas. Aber das gemeinsame Gefühl der Unzufriedenheit kann die Politik nicht ersetzen. 

„Empörung“ ist wohl das Wort dieses Frühsommers. Die jungen Spanier, die die Hauptplätze ihrer Städte besetzt haben, nennen sich selbst „Indignados“ („Die Empörten“), ein paar hundert Kilometer weiter nördlich rufen die „Indignés“ von Frankreich: „Paris, wach auf!“. Und in Griechenland halten die „Empörten Bürger“ den Syntagma-Platz besetzt, Gewerkschaften streiken gegen das Sparpaket, und die wilden Demos sind nur Illustration dafür, dass das Land am Rand einer sozialen Explosion steht.
„Empört Euch!“, die dünne Protestfibel des 93jährigen französischen Resistance-Veteranen Stèphane Hessel hat buchstäblich das Stichwort geliefert für eine Gemengelage aus wütendem Protest, Rebellion oder einfach nur Unbehagen. Den Rest des Beitrags lesen »

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