Föhrenbergkreis Finanzwirtschaft

Nach den kristallklaren Aussagen des Föhrenbergkreises zur Finanzwirtschaft aus dem Jahr 1999 gibt es jetzt einen neuen Arbeitskreis zum Thema.

Archive for 9. November 2011

Italien – Ein “Stück Wahnsinn”

Geschrieben von hkarner - 9. November 2011

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Nicht nur Berlusconi’s Ende ist nahe

Geschrieben von hkarner - 9. November 2011

Ein neuer Rekordstand der Zinsen für italienische Staatsanleihen.

Das Austerity Budget für 2012 sieht schmerzhafte Einsparungen von 6 Mrd € vor: die Zinsbelastungen bei diesem Zinssatz hingegen würden für 2012 zusätzliche 20 Mrd € ausmachen (lt. Francesco Rutelli in der gestrigen “Porta a Porta “Sendung auf RAI1).

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How to restore trust in the ECB

Geschrieben von hkarner - 9. November 2011

by Guntram B. Wolff on 1st November 2011, Bruegel Institute

When Mario Draghi takes office on November 1, he will face tough choices. Should he be more “German” than the Germans or more “Italian” than the Italians? Should he increase or lower rates? More fundamentally, should he continue or discontinue the European Central Bank’s bond purchasing programme? Failure to steer the right course amid formidable obstacles could very well lead to the end of the euro; to a melt-down of the financial system and a severe recession; or to an end of German support for the ECB and the euro. The new ECB president will have to square the circle.

Regaining trust in debtor and creditor countries will be of central importance. Public trust in the ECB and the euro has drained away in the last three years: Eurobarometer data show it has fallen by more than 40 percentage points in Germany, Greece, Ireland, Portugal, Spain and the Netherlands. In France, it was and remains low. In countries under financial assistance programmes, trust has fallen because of the role the ECB played in their formulation. In Spain, the combination of fiscal austerity and rate increases has added to a sense of desperation about growth prospects. In creditor countries, trust has fallen because the ECB is seen as departing from its core mandate. In Germany in particular, the ECB’s bond purchasing programmes and the tough stance on restructuring have been deeply unpopular. A number of steps should be taken. Den Rest des Beitrags lesen »

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The Globalization of Protest

Geschrieben von hkarner - 9. November 2011

Date: 08-11-2011
Source: Project Syndicate: Joseph E. Stiglitz

A protest movement against corporate power, inequality and governments that do not serve citizens has gone global. From the Arab Spring protests that began in Tunisia to the Occupy Wall Street movement in New York, protesters question if the interests of a few trump the overall common good, explains Joseph E. Stiglitz in an essay for Project Syndicate. Stiglitz notes that “around the world, political influence and anti-competitive practices (often sustained through politics) have been central to the increase in economic inequality.” Protesters rally around the slogan “We are the 99 percent,” questioning the reinforcing cycle of inequality and tightening influence of the wealthy that destabilizes small communities and the global economy. Democratic rights have been over-regulated while banking and finance are under-regulated, Stiglitz concludes. The globalization of protest could portend new awareness and vigilance against abuse of power in many walks of life. – YaleGlobal

Protesters around the globe are frustrated with governments and financial systems that reinforce inequality, serving a few and denying needs of many

Joseph E. Stiglitz is University Professor at Columbia University, a Nobel laureate in economics, and the author of Freefall: Free Markets and the Sinking of the Global Economy. Den Rest des Beitrags lesen »

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Of the 1%, by the 1%, for the 1%

Geschrieben von hkarner - 9. November 2011

Vanity Fair,  May 2011, Joseph Stiglitz

Americans have been watching protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in our own democracy, 1 percent of the people take nearly a quarter of the nation’s income—an inequality even the wealthy will come to regret.

It’s no use pretending that what has obviously happened has not in fact happened. The upper 1 percent of Americans are now taking in nearly a quarter of the nation’s income every year. In terms of wealth rather than income, the top 1 percent control 40 percent. Their lot in life has improved considerably. Twenty-five years ago, the corresponding figures were 12 percent and 33 percent. One response might be to celebrate the ingenuity and drive that brought good fortune to these people, and to contend that a rising tide lifts all boats. That response would be misguided. While the top 1 percent have seen their incomes rise 18 percent over the past decade, those in the middle have actually seen their incomes fall. For men with only high-school degrees, the decline has been precipitous—12 percent in the last quarter-century alone. All the growth in recent decades—and more—has gone to those at the top. In terms of income equality, America lags behind any country in the old, ossified Europe that President George W. Bush used to deride. Among our closest counterparts are Russia with its oligarchs and Iran. While many of the old centers of inequality in Latin America, such as Brazil, have been striving in recent years, rather successfully, to improve the plight of the poor and reduce gaps in income, America has allowed inequality to grow. Den Rest des Beitrags lesen »

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It’s All Greek To Me

Geschrieben von hkarner - 9. November 2011

‎08. ‎November ‎2011, ‏‎| John Mauldin

Long-time readers will be familiar with Michael Lewitt, one of my favorite thinkers and analysts. He has gone off on his own to write his letter, and I am encouraging him to write even more. I call Michael a thinker because he really does. He reads a lot of thought-provoking tomes and then thinks about them. And then writes, making his readers think. The world needs more Michael Lewitts.

I am back from the Kilkenomics Economics Festival in Ireland, where there was a lot of attendee angst about their banks. They are not happy about taking on private debt with public money, and the mood in Ireland is to tell the ECB to take their debt and (insert your favorite personal expletive). Clearly, the rest of Europe wants the Irish to pay.

I told them to be patient. When the rest of European banks are upside down sometime next year and France, Spain, et al. have to pay, the mood among voters everywhere will be quite different. I said they could probably default on their bank debt at that point and no one would notice, amidst the massive debts that are going to implode on the Continent. My remarks excited a measure of schadenfreude-tinged laughter from the crowd. Den Rest des Beitrags lesen »

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Denying Imbalances, G20 Risks Chaos – Part II

Geschrieben von hkarner - 9. November 2011

Date: 08-11-2011
Source: YaleGlobal

Once again, the leaders of the world’s most powerful economies have procrastinated in coming together on a viable global strategy to end unsustainable imbalances. Overshadowing the G20 summit was the threat of a disorderly Greek default; the Greek government’s scrambled response; and rising bond prices and trouble for Italy’s debt. Eurozone leaders agreed to set up a rescue fund of at least $1 trillion for troubled members, but other countries are shuffling their feet, hesitating to contribute. This three-part YaleGlobal series analyzes efforts to stabilize the global economy. In the second article of the series, economist David Dapice contends that high government debt, slow growth and governments’ failure to provide a united response are the biggest, most immediate threats to the global economy. Governments recognize the need for global cooperation on reducing debts, austerity measures and tax increases, and gradual easing of global imbalances. But the gap between need and action is “khaos,” the Greek word for abyss. – YaleGlobal

Chaos isn’t just a Greek word as the G20 fails to address unmanageable debt Den Rest des Beitrags lesen »

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Habermas: Rettet die Würde der Demokratie

Geschrieben von klausgabriel - 9. November 2011

Anbei ein aufschlussreicher Artikel von Jürgen Habermas in der FAZ. Er macht deutlich, dass die Finanz- und Staatsschuldenkrise eine Krise der Demokratie und damit unserer Zivilisation ist.

habermas_rettet die wuerde der demokratie

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