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Archive for 2. Oktober 2017

Bank von England will Steuerzahler vor Bankpleiten schützen

Posted by hkarner - 2. Oktober 2017

Mit höheren Kapitalanforderungen will die Bank of England verhindern, dass bei einem Zusammenbruch einer britischen Bank erneut die Steuerzahler zur Kasse gebeten werden.

Bis 2022 müssten die britischen Institute für diesen Zweck insgesamt noch vier Milliarden Pfund (4,5 Milliarden Euro) an zusätzlichen Eigenmitteln und Anleihen einsammeln, teilte die Notenbank am Montag mit. Damit werde sichergestellt, dass selbst große Banken nicht mehr zu groß sind, um sie untergehen zu lassen („too big to fail“), sagte der Vize-Gouverneur der Bank of England, Jon Cunliffe. Allein zur Rettung der Royal Bank of Scotland sowie Lloyds waren während der Finanzkrise umgerechnet rund 74,7 Milliarden Euro an Steuergeldern geflossen.

Die europäischen Regeln zur Bankenabwicklung sehen vor, dass bei einem Banken-Kollaps Anteilseigner und Gläubiger zuerst für die Verluste gerade stehen müssen („bail-in“), bevor Geld der Steuerzahler fließt. Die Banken müssen deutlich machen, welches Eigen- und Fremdkapital im Pleitefall zur Verfügung steht. 116 Milliarden Pfund an Fremdkapital, das die Banken bereits aufgenommen haben, müssten klar als „bail-in“-Mittel (MREL) ausgewiesen werden, erklärte die Bank of England. Den Rest des Beitrags lesen »


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Global Retirement Reality

Posted by hkarner - 2. Oktober 2017

September 30, 2017

Today we’ll continue to size up the bull market in governmental promises. As we do so, keep an old trader’s slogan in mind: “That which cannot go on forever, won’t.” Or we could say it differently: An unsustainable trend must eventually stop.

Lately I have focused on the trend in US public pension funds, many of which are woefully underfunded and will never be able to pay workers the promised benefits, at least without dumping a huge and unwelcome bill on taxpayers. And since taxpayers are generally voters, it’s not at all clear they will pay that bill.

Readers outside the US might have felt smug and safe reading those stories. There go those Americans again, spending wildly beyond their means. You are correct that, generally speaking, we are not exactly the thriftiest people on Earth. However, if you live outside the US, your country may be more like ours than you think. Today we’ll look at some data that will show you what I mean. This week the spotlight will be on Europe.

First, let me suggest that you read my last letter, “Build Your Economic Storm Shelter Now,” if you missed it. It has some important background for today’s discussiion, as well as a special invitation to attend my Strategic Investment Conference next March 6–9 in San Diego. With so much change occurring so quickly now, next year’s conference is an event you shouldn’t miss. Den Rest des Beitrags lesen »

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The Lessons of Leonardo: How to Be a Creative Genius

Posted by hkarner - 2. Oktober 2017

Date: 01-10-2017
Source: The Wall Street Journal By Walter Isaacson

History’s most creative genius, Leonardo da Vinci, was not superhuman, writes Walter Isaacson—and following his methods can bring great intellectual rewards to anyone

Around the time that he reached the unnerving milestone of turning 30, Leonardo da Vinci wrote a letter to the ruler of Milan listing the reasons why he should be given a job. In 10 carefully numbered paragraphs, he touted his engineering skills, including his ability to design bridges, waterways, cannons and armored vehicles. Only at the end, as an afterthought, did he add that he was also an artist. “Likewise in painting, I can do everything possible,” he wrote.

Yes, he could. He would go on to create the two most famous paintings in history, the “Mona Lisa” and “The Last Supper.” But in his own mind, he was just as much a man of science and engineering, pursuing studies of anatomy, flying machines, fossils, birds, optics, geology and weaponry. His ability to combine art and science—made iconic by “Vitruvian Man,” his drawing of a perfectly proportioned man (possibly a self-portrait) spread-eagled inside a circle and square—is why so many consider him history’s most creative genius.
Fortunately for us, Leonardo was also a very human genius. He was not the recipient of supernatural intellect in the manner of, for example, Newton or Einstein, whose minds had such unfathomable processing power that we can merely marvel at them. His genius came from being wildly imaginative, quirkily curious and willfully observant. It was a product of his own will and effort, which makes his example more inspiring for us mere mortals and also more possible to emulate.

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