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Archive for 6. Dezember 2011

Europe Shudders at Germany’s New-Found Power

Posted by hkarner - 6. Dezember 2011

Date: 06-12-2011
Subject: A Controversial Paragon

Europe Shudders at Germany’s New-Found Power
 Many across Europe resent Germany’s influence in the current euro crisis.

Germany, admired and envied for its economic success, has become a model for Europe in the debt crisis. The Continent is becoming more German as countries get serious about fiscal discipline. But the nation’s new dominance is also stirring resentment, and old anti-German sentiments are  returning. Den Rest des Beitrags lesen »


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Gott sei Dank! Wenigstens der Bundespräsident steht über der Verfassung und den Parteien!

Posted by hkarner - 6. Dezember 2011

orf.on, 6/12

Nachdem sich die Opposition auf ein Nein zur Schuldenbremse in der Verfassung festgelegt hat, hat Bundespräsident Fischer am Dienstag an alle Parteien appelliert, dem Gesetzesvorschlag bei der entscheidenden Abstimmung doch noch zuzustimmen. Fischer mahnte „Verantwortungsbewusstsein“ ein und schlug der Opposition vor, den Antrag nicht zu bremsen – notfalls per „Hintertür“, nämlich durch einen Auszug aus dem Plenum….

An die Opposition appellierte Fischer, den Beschluss der Schuldenbremse im Verfassungsrang auf indirektem Wege zu ermöglichen: Abgeordnete, die dem Gedanken einer Schuldenbremse im Verfassungsrang grundsätzlich positiv gegenüberstehen, aber der Regierung keinen ausdrücklichen Vertrauensvorschuss geben oder einzelnen Formulierungen nicht explizit zustimmen wollen, hätten auch die Möglichkeit, sich der Stimme zu enthalten bzw. an der Abstimmung nicht teilzunehmen, so der Bundespräsident. Den Rest des Beitrags lesen »

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The Euro Debate Gets Philosophical

Posted by hkarner - 6. Dezember 2011

John Mauldin | December 5, 2011

Europe is rapidly approaching the denouement, the Endgame, of its currency experiment. The outcome is not clear, at least to your humble analyst, as the debates rage and there are huge pluses and minuses the 17 nations must decide upon. But the proverbial road down which the can is tumbling and clattering, kicked along haphazardly, is coming to its end, and soon a rather sharp turn, either to the left or to the right, will be required. Let us hope they choose wisely.

Today’s Outside the Box is a rather philosophical debate between my friends at GaveKal, which they have graciously shared with us. It is important to note that Charles Gave, Louis-Vincent Gave and Francois-Xavier Chauchat are French. Louis served in the French army, studied at Duke, and has lived in Hong Kong for over a decade. Charles (his father) is the quintessential French patriot and patrician right from central casting, whose voice has the authority of God. Anatole Kaletsky is supremely British and one of the most influential economic thinkers in Europe. He is Editor-at-Large and Principal Economic Commentator of The Times, for which he writes a thrice-fortnightly column on economics, politics, and financial markets. These are Europeans vigorously debating the European future as only good friends can.

What we have is an email exchange among them on the future of the euro and the inherent philosophical tensions that are faced by European leaders. I have read it three times and will read it several times more. (Do not feel bad if you need Google to keep up with some of the references. When Anatole refers to Sedan, for instance, he is not talking about cars but a major battle the French lost to the Germans in 1870. Interesting Wikipedia page for you history buffs.) Den Rest des Beitrags lesen »

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Why don’t they just leave?

Posted by hkarner - 6. Dezember 2011

Date: 05-12-2011
Subject: Blocking Tactics: UK Infuriating Partners by Obstructing EU Foreign Policy

British Prime Minister David Cameron — under pressure from euro-skeptics in his party.

Britain is obstructing attempts to forge a common EU foreign policy with British representatives having prevented joint EU statements on a number of issues. Tensions between Britain and its European partners have been mounting during the euro crisis.

The British government is trying to obstruct the establishment of a common EU foreign and security policy. The formation of an autonomous military headquarters failed last week after Britain alone resisted the move. The government of Conservative Prime Minister David Cameron has also been preventing the EU from issuing joint statements in international organizations. Den Rest des Beitrags lesen »

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Ein vertraulicher Brief an Standard & Poors

Posted by egloetzl - 6. Dezember 2011

Vorerst im Entwurf:

Paris, Brüssel, Frankfurt, Berlin                                                                                                    6.12.2011

Sehr geehrter Herr Standard&Poor´s!

Die Menschen Europas haben folgenden Beschluss gefasst und wir als deren Repräsentanten wollen Ihnen diesen Beschluss zur Kenntnis bringen:

„Wir, die Menschen Europas, werden uns das zur Finanzierung unseres Staatswesens notwendige Geld ab sofort nicht mehr gegen Bezahlung von Zinsen von denjenigen ausleihen, die so viel Geld haben, dass sie es verleihen möchten. Aus Kostengründen werden wir uns das notwendige Geld von diesen über Steuern direkt holen oder selbst durch die EZB drucken lassen“

Diese Entscheidung ist für Ihr Unternehmen und alle Europäer eine Win-Win-Situation. Sie ersparen sich die Kosten zur Herstellung der Ratings für europäische Staaten und wir Europäer ersparen uns die Bezahlung der Zinsen. Den Rest des Beitrags lesen »

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Wird nun Nowotny doch nicht Bundeskanzler?

Posted by hkarner - 6. Dezember 2011

…wenn Österreich wegen operettenhafter Schuldenbremse und Banken-Crashes in Osteuropa unter Aufsicht der EU-Troika gestellt wird. Stolpert er über die OEBS?

Notenbanker Nowotny im Visier der Justiz (sueddeutsche.de)

„Jeder wusste, worum es geht“

Im Vertrieb der Gelddruckerei soll (OeBS) – bevor 2006 Venkoy ins Spiel kam – Ratlosigkeit geherrscht haben. 2004 hätten die Drucker gegen 20 Prozent Kommission einen Riesenauftrag aus Aserbaidschan bekommen. Die Vertriebsmitarbeiterin laut „Standard“ zum Staatsanwalt: „Das Wort Schmiergeld ist nicht gefallen, aber jeder wusste, worum es geht.“ Den Rest des Beitrags lesen »

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No, It’s Not The Welfare State

Posted by hkarner - 6. Dezember 2011

Paul Krugman blog, 5-12

Dean Baker takes on a favorite pet peeve of mine — the incessant claim that Europe’s woes are being caused by the burden of the welfare state.

This really isn’t hard to check. Take government spending as a percentage of GDP from the IMF Fiscal Monitor (I use 2009 for Ireland because 2010 is distorted by bank bailouts), and October 10-year interest rates from the ECB. Plot them, and here’s what you get:

There’s no relationship; some high-spending countries, notably Sweden and Denmark, have very low rates, while as Dean says, Spain was a relatively low spender. Den Rest des Beitrags lesen »

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The British are furious about German dominance in Europe.

Posted by hkarner - 6. Dezember 2011

Date: 05-12-2011
Source: The Washington Post
Subject: Britain Becomes Even More Wary of Unity

The United Kingdom moved cautiously on EU integration, retaining the pound and rejecting the euro as common currency. By opting out of the euro, Britain maintained the ability to print money and set interest rates. “Yet, as a member of the bloc, Britain has agreed to bind itself to regional regulations, employment laws and legal rulings, in exchange for a stronger voice in European affairs and privileged access to hundreds of millions of continental consumers,” reports Anthony Faiola for the Washington Post. Some British lawmakers urged a referendum on the nation’s exit from the union. The move was blocked, but is part of anti-EU sentiment adding pressure for Prime Minister David Cameron; he urges a relationship that’s more network than integrated bloc, reports Faiola. Resentment and isolationist pressures are building in France, Denmark and other European nations, too. One observer notes the crisis is socially and culturally divisive even while forcing integration for financial rescue. – YaleGlobal

Strong regional regulations could ease debt crisis, but isolationist and anti-EU sentiments are emerging in Britain and elsewhere Den Rest des Beitrags lesen »

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The Hour of the Technocrats

Posted by hkarner - 6. Dezember 2011

Author: Jeffrey Frankel · December 5th, 2011 · RGE EconoMonitor
The Hour of the Technocrats has arrived. In desperation from debt crises that their gridlocked political systems have created, Italy and Greece both in November chose new Prime Ministers who are technocratic economists rather than politicians: Mario Monti and Lucas Papademos, respectively. One can even describe them as professors: Monti has been president of the prestigious Bocconi University when not a European Commissioner in Brussels, and Papademos has been my colleague at Harvard Kennedy School in the year since he finished his term as Deputy Governor of the European Central Bank (even teaching a class I usually teach).
No doubt, whatever happens, pundits who evaluate their performance will soon be writing: “Professors Earn ‘A’ in Economics, but Flunk Politics.” This will be unfair. It is not lack of political ability that will stymie them, but lack of political power in the mandates they have been given. Mario Monti, despite very strong popular support among Italians for his technocratic government, does not have a parliamentary majority that he can rely on. Berlusconi, in boasting that he can pull the plug on Monti anytime he wants, has made it clear that he still will not lay aside his personal political interests for the good of the country even when everyone understands what he is doing. Den Rest des Beitrags lesen »

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