Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 20. Dezember 2016

Warum die EU so sicher keine Zukunft hat

Posted by hkarner - 20. Dezember 2016

20.12.2016 | 18:25 | Josef Urschitz (Die Presse)urschitz

Bankenrettung: Schon wieder eine EU-Regel beim ersten Anwendungsfall gebrochen.

Anfang dieses Jahres ist EU-weit eine sehr sinnvolle Richtlinie in Kraft getreten: Bei Bankpleiten sollen künftig nicht mehr automatisch unbeteiligte Steuerzahler die Rechnung für die Aktionäre begleichen (Bail-out). Geht ein Geldinstitut über den Jordan, dann sollen vielmehr (in dieser Reihenfolge) Aktionäre, Anleiheninhaber und Einlagenbesitzer über 100.000 Euro zur Kasse gebeten werden (Bail-in). Der Steuerzahler käme als Letzter in dieser Reihe nur noch zum Handkuss, wenn das nicht reicht.

Das ist gut, weil es den in der Finanzwirtschaft weit verbreiteten Moral Hazard nicht mehr begünstigt. Dieser hat sich wegen der praktizierten speziellen Form des Bankensozialismus im vergangenen Jahrzehnt seuchenartig ausgebreitet: Verluste wurden ausnahmslos vergesellschaftet. Wurde eine Bank an die Wand gefahren, dann war das Schlimmste, das einem Bankmanager passieren konnte, ein fetter Golden Handshake. Aktionäre und Bondholder mussten auch nicht lang darüber nachdenken, wem sie da Geld geliehen hatten, denn die Rechnung ging am Ende jedenfalls an den Staat. Entsprechend sah das Risikoverhalten der Branche aus. Den Rest des Beitrags lesen »

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Bad News for America’s Workers

Posted by hkarner - 20. Dezember 2016

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Trump’s Global Strength

Posted by hkarner - 20. Dezember 2016

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Brace yourself: the most disruptive phase of globalization is just beginning

Posted by hkarner - 20. Dezember 2016

Date: 19-12-2016
Source: http://qz.com/

robot-bartender-ccRobot bartender

To properly understand globalization, you need to start 200,000 years ago.
Richard Baldwin skillfully takes on this daunting task in a new book, starting all the way back with the hunter-gatherers. For too long, he says, traditional analysis of trade has been too narrow, he argues.

The economist, who is a professor at the Graduate Institute in Geneva and president of the Centre for Economic Policy Research (CEPR) in London, has been researching globalization and trade for 30 years. As anti-globalization forces now sweep across the world, The Great Convergence: Information Technology and the New Globalization (Harvard University Press) is well timed.

Baldwin argues that globalization takes shape in three distinct stages: the ability to move goods, then ideas, and finally people. Since the early 19th century, the cost of the first two has fallen dramatically, spurring the surge in international trade that is now a feature of the modern global economy.

The standard line from politicians in recent times is that everyone wins from globalization. But the backlash from low-skilled workers who lost their jobs to cheaper labor abroad has forced a change in tone.

Mark Carney, the governor of the Bank of England, gave a candid speech on globalization in northwest England this week, where unemployment is among the highest in the country. He said: Den Rest des Beitrags lesen »

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U.S. Factories Are Working Again; Factory Workers, Not So Much

Posted by hkarner - 20. Dezember 2016

Date: 19-12-2016
Source: The Wall Street Journal

Donald Trump plans to reignite industrial job growth, but many low-skilled former factory workers are frozen out

Manufacturing output in the U.S. is nearing prerecession levels, but about 1.5 million factory jobs—roughly 20% of positions lost during the downturn—haven’t returned.

Factories were humming back to life even before a pledge to revitalize American manufacturing helped propel Donald Trump to the presidency.

But jobs aren’t returning in kind, a reality that will make it tough for Mr. Trump—or anyone—to significantly boost employment in the industrial heartland, as he has pledged to do. Technology and automation have given manufacturing companies the means to function, and even thrive, with fewer employees than ever before.

Manufacturing output is nearing prerecession levels. But about 1.5 million factory jobs—about 20% of positions lost during the downturn—haven’t returned. Manufacturers employed 12.3 million people in November, down from 13.7 million in December 2007, when the recession officially began. Den Rest des Beitrags lesen »

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Brexit: the people have spoken – but they didn’t have a clue

Posted by hkarner - 20. Dezember 2016

Date: 19-12-2016
Source: The Wall Street Journal
Subject: U.K. Weighs Cost of Brexit Nuclear Option

A threat to exit from the EU without a deal would only be credible if the U.K.  prepared for the hardest of Brexits—and incurred the very costs it is trying to avoid.
The U.K. wants a Brexit process that would allow it to negotiate both its formal divorce and its future trading relationship with the EU in tandem. But hardly anyone outside the British government believes this is realistic.

The U.K. has spent six months debating where it wants to go. But now, with just three months until Prime Minister Theresa May intends to formally start the Brexit process, it is grappling with a new question: How to get there?

In any negotiation, process is power—and there is growing anxiety in the British government that it may be forced to accept a Brexit process that will give the EU the upper hand. Some officials privately warn that under those circumstances, the U.K. could even abandon the process altogether, taking the nuclear option of walking away from the EU without any deal. Den Rest des Beitrags lesen »

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Why 2016 Was a Watershed Year for Tech

Posted by hkarner - 20. Dezember 2016

Date: 19-12-2016

Source: The Wall Street Journal

 

Companies sparred with governments globally as they faced criticism, unprecedented scrutiny

As 2016 nears an end, five of the seven most valuable companies in the world—including the three most valuable—are technology companies.

Beyond their worth in the eyes of investors, Apple Inc., Google parent Alphabet Inc., Microsoft Corp., Amazon.com Inc., and Facebook Inc. also are powerful forces in everyday lives. Tech can seem inescapable.

That helps explain why 2016 also was a difficult year for many of these companies. Collectively, they faced sharp criticism and unprecedented levels of scrutiny while clashing with governments around the world—including the future U.S. president.

It’s no coincidence, for example, that digital-ad spending in the U.S. has been projected to eclipse spending on TV ads in 2016, while Facebook battled concerns about its influence over politics and its role in spreading fake and distorted news. Those developments are two sides of the same coin—Facebook’s power. Den Rest des Beitrags lesen »

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