Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for September 2017

EU Leaders Look for Reform, Greater Unity Ahead of Brexit

Posted by hkarner - 30. September 2017

Date: 30-09-2017
Source: The Wall Street Journal

Leaders ‘pretty much all on the same page’ on the need for reforms, says Juncker

TALLINN, Estonia—The European Union is officially out of crisis mode,  EU leaders signaled at a summit in the Estonian capital on Friday, where they addressed overhauls to reshape the bloc once Britain leaves in two years time.

Over the past seven years, EU leaders have stumbled from emergency summit to emergency summit, initially caused by the global financial crisis and later, by Russia’s intervention in Ukraine, terrorist attacks and the unprecedented wave of migrants and refugees from the Middle East who entered the bloc in 2015.

Last year, the U.K.’s vote to leave the bloc and the rise of nationalist, anti-EU politicians seemed to leave the EU on the brink.

But at a four-hour dinner on Thursday night and discussion Friday on fostering the bloc’s digital innovation, the mood had visibly changed even if different views remained on the bloc’s future.

Leaders “were pretty much all on the same page, so I was very pleased with the debate,” said European Commission President Jean-Claude Juncker. Den Rest des Beitrags lesen »


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Remembering Black Monday: ‘It Was Relentless’

Posted by hkarner - 30. September 2017

Date: 30-09-2017
Source: The Wall Street Journal By Jason Zweig

Next month is the 30th anniversary of the crash of “Black Monday,” Oct. 19, 1987, when U.S. stocks dropped nearly 23% in a single day. My “Intelligent Investor” column this weekend looks back at the crash; here are some additional thoughts from (and about) people who lived through it.

Peter Low, a trader on the floor of the New York Stock Exchange, had started his career there just before John F. Kennedy was assassinated. On that day in 1963, he recalls, “there was this groundswell of noise and mayhem that came up out of nowhere on a quiet, orderly afternoon.” But that was nothing compared to Oct. 19, 1987.

On Black Monday, Mr. Low kept getting orders from an institutional client to sell stocks, not a couple hundred shares at a time, but in huge blocks of tens of thousands of shares.

He remembers racing back and forth across the trading floor to sell Tandy Corp. (then the parent of RadioShack) in 50,000-share lots. Every time he got back to his post, the phone would ring again with another order to sell 50,000 more shares of Tandy.

“It was relentless,” recalls Mr. Low. “There was no letup. The sheer volume of selling was terrorizing. The pressure of doing so many orders all telescoped into such a short period of time filled us all with the fear of making a mistake. My undershirt was dripping with sweat.” Den Rest des Beitrags lesen »

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How Big Banks Became Our Masters

Posted by klausgabriel - 29. September 2017

Financial scandal and wrangles over financial rule-making still dominate the headlines. The cyberhacking at Equifax compromised personal records for half of the adult population of the United States. At SoFi, a one-time fintech darling that crowd sources funding for student loans and other types of credit, the chief executive was forced to resign after revelations of sexual harassment and risky lending practices (the company misled investors about its finances and put inexperienced customer service representatives in charge of credit evaluations). The White House and Republicans in Congress in the meantime are trying to roll back hard-won banking regulations in the Dodd-Frank financial oversight law.

All of it brings to mind an acronym familiar to financial writers like myself — BOB, or “bored of banking.” Even some of us that cover the markets for a living can find ourselves BOB. Over the last 10 years, there has been so much financial scandal, so many battles between regulators and financiers, and so much complexity (more liquidity and less leverage with your tier one capital, anyone?) that a large swath of the public has become numb to the debate about how to make our financial system safer. Den Rest des Beitrags lesen »

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Trump on the Warpath

Posted by hkarner - 29. September 2017

Jeffrey D. Sachs, Professor of Sustainable Development and Professor of Health Policy and Management at Columbia University, is Director of Columbia’s Center for Sustainable Development and of the UN Sustainable Development Solutions Network. His books include The End of Poverty, Common Wealth, The Age of Sustainable Development, and, most recently, Building the New American Economy.

The US suffers from an arrogance of military power disconnected from today’s geopolitical realities. The US is on this path again, heading for a collision with a nuclear-armed adversary, and it will remain on it unless other countries, other American leaders, and public opinion block the way.
NEW YORK – Fifteen years after George W. Bush declared that Iraq, Iran, and North Korea formed “an axis of evil,” Donald Trump, in his maiden address to the United Nations, denounced Iran and North Korea in similarly vitriolic terms. Words have consequences, and Trump’s constitute a dire and immediate threat to global peace, just as Bush’s words did in 2002.

Den Rest des Beitrags lesen »

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Trump’s UN Hypocrisy

Posted by hkarner - 29. September 2017

Christopher R. Hill, former US Assistant Secretary of State for East Asia, was US Ambassador to Iraq, South Korea, Macedonia, and Poland, a US special envoy for Kosovo, a negotiator of the Dayton Peace Accords, and the chief US negotiator with North Korea from 2005-2009. He is currently Dean of the Korbel School of International Studies, University of Denver, and the author of Outpost.

US President Donald Trump’s tone in his maiden address to the United Nations was that of a dissatisfied tenant, blaming the landlord for his home’s poor state of repair. But the UN is only as good as those who inhabit it, not least the US itself.

DENVER – US President Donald Trump’s first address to the United Nations General Assembly will be remembered, above all, for its bizarre language, and its descriptions of North Korea as “depraved,” Iran as “murderous,” and Cuba and Venezuela as “corrupt.” And, beyond calling out miscreant member states by name, Trump also offered a fervent defense of his “America First” agenda.

But while Trump’s particular choice of words was new to the UN, his arguments were not. He pointed out, with some justification, that other countries also put their own national interests first. And he reprised a longstanding complaint within US foreign-policymaking circles: that it is somehow excessive and unfair to expect American taxpayers to pay for 22% of the UN’s total budget.

After calling on the General Assembly to do its part to implement and then enforce sanctions against North Korea, Trump said, “Let’s see how they do.” But referring to the UN as “they” implies that it is something apart from the US. Trump’s tone was that of a dissatisfied tenant, blaming the landlord for his home’s poor state of repair. But the UN is only as good as those who inhabit it, not least the US itself. Den Rest des Beitrags lesen »

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The spotlight shifts from Germany to France

Posted by hkarner - 29. September 2017

Date: 28-09-2017
Source: The Economist

A dynamic Emmanuel Macron and a diminished Angela Merkel point to a new order in Europe

WHO leads Europe? At the start of this year, the answer was obvious. Angela Merkel was trundling unstoppably towards a fourth election win, while Britain was out, Italy down and stagnating France gripped by the fear that Marine Le Pen might become the Gallic Donald Trump.

This week, it all looks very different. Mrs Merkel won her election on September 24th, but with such a reduced tally of votes and seats that she is a diminished figure. Germany faces months of tricky three-way coalition talks. Some 6m voters backed a xenophobic right-wing party, many of them in protest at Mrs Merkel’s refugee policies. Having had no seats, Alternative for Germany, a disruptive and polarising force, is now the Bundestag’s third largest party. Den Rest des Beitrags lesen »

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Wie Macron den Steuerwettlauf in der EU entschärfen will

Posted by hkarner - 28. September 2017

Diese Reform hätte Symbolcharakter: Frankreichs Präsident Emanuel Macron will die Unternehmensteuern in der EU vereinheitlichen. Was spricht dafür, was dagegen? Der Überblick.

Ideenarmut kann man Emanuel Macron und seinen Mitarbeitern wirklich nicht vorwerfen. Bei einer Rede an der Sorbonne-Universität hat der französische Präsident ein umfassendes Konzept für EU-Reformen vorgelegt, das von einem gemeinsamen Haushalt der Euroländer bis zu einer europäischen Geheimdienst-Akademie reicht.

Macrons Vorschläge wurden besonders von SPD und Grünen gelobt. Gerade seine Vorschläge zur Finanzpolitik stoßen in Deutschland aber auch auf Kritik.

„Weder ein Euro-Budget noch die Schaffung des Amtes eines europäischen Finanzministers werden die Probleme der Eurozone lösen“, sagte FDP-Präsidiumsmitglied Alexander Graf Lambsdorff. Seine Partei hat ein Nein zu neuen EU-Gemeinschaftsbudgets zur roten Linie in den anstehenden Koalitionsverhandlungen erklärt. Der CSU-Politiker Hans Michelbach warnte ebenso vor einer „Transferunion“ wie der linke Europaabgeordnete Fabio De Masi. Den Rest des Beitrags lesen »

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Are the Sustainable Development Goals Achievable?

Posted by hkarner - 28. September 2017

Xiao Geng, President of the Hong Kong Institution for International Finance, is a professor at the University of Hong Kong.

The SDGs were always bound to meet strong headwinds, owing to technological disruption, geopolitical rivalry, and widening social inequality. But populist calls for nationalist policies, including trade protectionism, have intensified those headwinds considerably.

HONG KONG – US President Donald Trump’s recent speech at the United Nations has gotten a lot of attention for its bizarre and bellicose rhetoric, including threats to dismantle the Iran nuclear deal and “totally destroy” North Korea. Underlying his declarations was a clear message: the sovereign state still reigns supreme, with national interests overshadowing shared objectives. This does not bode well for the Sustainable Development Goals.

Adopted by the UN just a year before Trump’s election, the SDGs will require that countries cooperate on crucial global targets related to climate change, poverty, public health, and much else. In an age of contempt for international cooperation, not to mention entrenched climate-change denial in the Trump administration, is achieving the SDGs wishful thinking? Den Rest des Beitrags lesen »

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A Fiscal Union for the Eurozone

Posted by hkarner - 28. September 2017

Date: 27-09-2017
Source: Foreign Affairs By Pierpaolo Barbieri and Shahin Vallée

The Only Way to Save the EU

The German election is finally behind us. In spite of headlines about the rise of the extreme right, Chancellor Angela Merkel is headed for yet another term in power with pro-European partners. This means there is finally a window to discuss eurozone reform in earnest. But what is the goal? It is increasingly popular to argue that the creation of a budget for the eurozone is, in the words of the Financial Times’ Martin Sandbu, mere “federalist utopia.” He and Bruegel’s Andre Sapir, to name a few, argue that Europe should pursue a more pragmatic solution. Their suggestion is to “complete the banking union” and transform the existing European Stability Mechanism (ESM) into a European Monetary Fund (EMF). Past and likely future German Finance Minister Wolfgang Schäuble seems to agree with them.

Such an EMF would exist to provide conditional crisis lending to sovereign nations in trouble, as the ESM does today. It would thus perpetuate our current system of asymmetrical adjustments decreed to bailout recipients who face no parliamentary accountability or scrutiny. It features men in dark suits who arrive with foreign reform dicta. It would also enshrine the deflationary bias of the current framework, in turn deepening the corrosive political dynamics of austerity. Den Rest des Beitrags lesen »

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Posted by hkarner - 28. September 2017

Date: 27-09-2017
Source: Foreign Policy ARGUMENT
Subject: This Was the Worst Possible German Election for Europe

Angela Merkel’s final term was supposed to revive the EU. Now it might condemn the continent to permanent crisis.


Angela Merkel will have a fourth term in office, but not the way she wanted. In Sunday’s election, her Christian Democratic alliance polled at historic lows, and she will have to rely on an untested and difficult coalition or govern with an unprecedented minority government. Merkel will also face a much more fractious and angry opposition featuring the right-wing extremist Alternative für Deutschland (AfD), or Alternative for Germany, which made its parliamentary debut as the country’s third-largest party. By contrast, Merkel’s most likely coalition partners, now that the center-left Social Democrats have categorically ruled out participation in yet another grand coalition, placed fourth (the pro-business liberal FDP) and sixth (the Greens).

The result stands in stark contrast to recent elections in France, where Emmanuel Macron received almost two-thirds of the votes in the second round of the presidential contest held last May, and his new centrist party, together with its allies, got just over 60 percent of the seats in the National Assembly. Commentators and policy wonks were quick to point to Macron’s victory as evidence that the populist threat to European democracy had been vanquished. Many even claimed, after the French election, that Paris and Berlin would quickly revive the European Union’s traditional Franco-German engine and initiate overdue reforms to put the continent on a firmer economic and political foundation. Den Rest des Beitrags lesen »

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