Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 14. Dezember 2011

The maverick behind Merkel

Posted by hkarner - 14. Dezember 2011

Date: 14-12-2011
Source: Reuters

It was approaching midnight at a yacht club on the French Riviera, down the road from a G20 summit. German Chancellor Angela Merkel was telling reporters about her decision to block a loan to Greece, when suddenly her finance minister interrupted to set the record straight.

Wolfgang Schaeuble told the journalists that it had been his idea to stop the flow of aid to Athens. That move had helped convince Athens to drop its controversial plans for a referendum on new austerity steps, calming financial markets. Schaeuble had personally delivered the news in a phone call to his Greek counterpart Evangelos Venizelos, in hospital at the time with stomach pains.

„Yes, indeed it was the finance minister who stopped the payment,“ a somewhat startled Merkel acknowledged. „He was the one who reacted first.“

Reporters glanced at each other in surprise. Here was Europe’s most powerful leader being called out in public by one of her ministers. Instead of rebuking Schaeuble, Merkel had deferred to him, admitting he was right.

The unusual exchange in early November gives a glimpse into the complex relationship between Merkel and Schaeuble. Once his deputy, Merkel is now Schaeuble’s boss. Their bond has survived two decades of slights and reversals — and it is now central to the euro-zone debt crisis. Den Rest des Beitrags lesen »


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Karner Interview im Web-TV zur Schuldenkrise

Posted by hkarner - 14. Dezember 2011

Der Euro (48)

Wie sicher ist unser Geld und was wird man in Zukunft dafür noch kaufen können?
Helmut Schöllenbauer im Gespräch mit Helmut F Karner – Professor Management Consultant.

Link zum Video auf echtzeit-tv.

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Oligarchie der Finanz – Der Krieg der Banken gegen das Volk

Posted by egloetzl - 14. Dezember 2011

(Michael Hudson ist der ökonomische mastermind hinter der Occupy-Bewegung) empfehle ich besonders zum Lesen, es ist geradezu ein „MUSS“. Mit Abstand die beste Analyse der derzeitigen Situation. Dringend lesenswert. (EG)“03.12.2011 2011-12-03 FAZ.net.

Es gibt einen Weg, wie der Euro gerettet werden kann: Man muss nur der Europäischen Zentralbank erlauben, das zu tun, wofür Notenbanken gegründet worden sind: Geld drucken.

Von Michael HudsonMichael Hudson© PrivatMichael Hudson ist Professor der Wirtschaftswissenschaften an der Universität von Missouri. Im Jahr 2006 sagte er den Kollaps des Immobilienmarktes genau voraus.

Protest-Camp vor der EZB© dpaWarum sollte die Kreditvergabe Privileg der Privatbanken bleiben? Protestlager der Occupy-Bewegung vor der europäischen Zentralbank

Am einfachsten ist die europäische Finanzkrise zu verstehen, wenn man die Lösungsvorschläge betrachtet. Das ist der Traum eines jeden Bankers: ein Sack voller Geschenke, die bei einem demokratischen Referendum kaum Zustimmung finden würden. Bankstrategen haben gelernt, über ihre Pläne nicht demokratisch abstimmen zu lassen, nachdem die Isländer 2010 und 2011 es zweimal abgelehnt haben, der Kapitulation ihrer Regierung vor Großbritannien und den Niederlanden nach den massiven Verlusten isländischer Banken zuzustimmen. Und den Griechen, denen in diesem Herbst ein Referendum verwehrt wurde, blieb nichts übrig, als massenhaft auf die Straßen zu gehen, um ihren Widerstand gegen die von der Europäischen Zentralbank geforderten Privatisierungen zu zeigen.

Das Problem ist, dass Griechenland seine Schulden nicht zurückzahlen kann. Den Rest des Beitrags lesen »

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The Euro Zone’s German Crisis

Posted by hkarner - 14. Dezember 2011

Date: 13-12-2011
Source: The Wall Street Journal
Subject: The Euro Zone’s German Crisis

Blame Teutonic efficiency for what ails Europe. The other countries just can’t compete.


All financial eyes are fixed on the euro. Europe’s common currency actually has two gigantic problems. The debt and banking crisis hogs all the attention because of its immediacy, plus the high drama of all those summit meetings. But the other, slower-acting problem—lopsided competitiveness within the euro zone—is far more intractable.

First, the immediate problem. The euro was an audacious venture that put the cart before many horses. The fundamental problem is that the euro zone is not a country. Initially 11, and now 17, sovereign nations signed up for a currency union without first homogenizing their budget policies, their tax systems, their bank regulations or much else. And they did so without creating a central government strong enough to, for example, impose cross-border discipline or finance large cross-country transfers. To use an American analogy recently promoted by Nobel laureate and New York University economist Thomas Sargent, the 17 have been trying to fix their debt and banking problems under the equivalent of the Articles of Confederation, not the Constitution.

The great pitcher Lefty Gomez once said he’d rather be lucky than good. In order to succeed in their audacious gamble, the euro-zone countries would have to be both. And for about a decade, they were. But luck has a way of running out. What economists antiseptically call „asymmetric shocks“ are the Achilles‘ heel of a currency union—and they are bound to occur now and then. In plain English, if some countries do well (and/or pursue sound policies) while others do poorly (and/or pursue unsound policies), locking them into a single currency will squeeze some countries like an increasingly uncomfortable Procrustean bed. In this case, Procrustes claimed Greece first over the issue of sovereign debt. But it could have been something else and somewhere else.

Normally, a weak economy has three ways to fight back. It can loosen monetary policy, it can loosen fiscal policy, or it can let its currency depreciate. (If the currency is floating, the market will do this automatically.) But membership in the euro zone forecloses two of these escape hatches, leaving only fiscal policy. And once a member country stretches its borrowing capacity to the limit—as Greece did—that route is closed, too. Then what happens? Den Rest des Beitrags lesen »

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