Föhrenbergkreis Finanzwirtschaft

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Archive for 8. Januar 2018

Wir trauern um einen lieben Freund – einen von uns!

Posted by hkarner - 8. Januar 2018

IndustriellenvereinigungLorenz Fritz war mit einer von 4 Gründungsmitgliedern des Föhrenbergkreises. 1992.

Analytisch scharf, kompromisslos anständig. Aufrecht.

Mutig. Immer einen Schritt voraus, im Management wie in seinen öffentlichen Funktionen. Freute sich auf /über Neues.

Vordenker. Nachdenker. Immer anregend, aufregend. Neugierig bis zuletzt. Hat noch „Schweres“ gelesen. Reflexiv. Tiefsinnig. Hat viel unserer Denke einfließen lassen, in seine Firma, in die IV, in die Politik.

Hatte Freude am Leben, auch in der Pension, auch in der Beschwerlichkeit. Kultur des Geniessens.

Familienmensch. Ehemann seit fast 5 Jahrzehnten, Vater, Grossvater. Freund. Ein besonders lieber und enger.

RIP, lieber Lorenz!

Dein hfk. Und viele Freunde vom Föhrenbergkreis

Zur Erinnerung ein Text von ihm zum Thema „Spurensuche nach einer nachhaltigen Wirtschaftsordnung: wirtschaft-und-nachhaltigkeit-podcast-text-2008

Industrie trauert um Lorenz Fritz

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Bitcoins: Wie aus einer Chance Unfug wird

Posted by hkarner - 8. Januar 2018

Kommentar der anderen, Raimund Dietz   7. Jänner 2018, 17:59 derstandard.at

Kein Politiker wagt heute noch, auf die Illegitimität der Geldschöpfung durch Private und Privatbanken zu verweisen. Dabei ist ganz klar: Je luftiger das Geld, desto fester muss die Hand des Staates sein. Ein Plädoyer für das Vollgeld

Modernes Geld ist Symbolgeld. Papiergeld kann man mit ein paar Cent herstellen, Buchgeld kostet gar nichts mehr. Da die Erzeugung von Symbolgeld keine Kosten verursacht, kann es daher in beliebiger Menge erzeugt werden. Geld leistet seine Dienste allerdings nur dann, wenn es hinreichend knapp gehalten wird. Es gibt gute Argumente dafür, die Verantwortung dafür einer unabhängigen Zentralbank zu übertragen. Aber die Angelegenheit hat auch noch einen Gerechtigkeitsaspekt. Die Bürgergesellschaft funktioniert nach dem Prinzip: Wer sich etwas leisten will, muss etwas dafür leisten. Geldschöpfung ist die große Ausnahme. Daher sollte Geldschöpfung durch Private konsequent unterbunden werden.

Schwindeliger Charakter

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Does Europe Really Need Fiscal And Political Union?

Posted by hkarner - 8. Januar 2018

Date: 08-01-2018
Source: www.socialeurope.eu by Dani Rodrik

Greece’s combative former finance minister, Yanis Varoufakis, and his nemesis, former German finance minister Wolfgang Schäuble, were at loggerheads on Greek debt throughout Varoufakis’s term in office. But they were in full agreement when it came to the central question of the eurozone’s future. Monetary union required political union. No middle way was possible.

This is one of the interesting revelations in Varoufakis’s fascinating account of his tenure as finance minister. “You are probably the one [in the Eurogroup] who understands that the eurozone is unsustainable,” Varoufakis quotes Schäuble as telling him. “The eurozone is constructed wrongly. We should have a political union, there is no doubt about it.”

Of course, Schäuble and Varoufakis had different ideas regarding the ends that political union would serve. Schäuble saw political union as a means to impose strong fiscal discipline on member states from the center, tying their hands and preventing “irresponsible” economic policies. Varoufakis thought political union would relax creditors’ stranglehold on his economy and create room for progressive politics across Europe.

Nevertheless, it is remarkable that these two officials from opposite ends of the political spectrum arrived at an identical diagnosis about the euro. The convergence is indicative of the growing sense of the need for fiscal and eventual political union if the euro is to be maintained without damage to economic performance or democratic values. French President Emmanuel Macron has advanced similar ideas. And the leader of Germany’s Social Democrats, Martin Schulz, has also thrown his weight behind a “United States of Europe” in recent days. Den Rest des Beitrags lesen »

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Year of the Octopus, Part 1

Posted by hkarner - 8. Januar 2018

In last week’s letter, “Economy on a Roll,” I gave you my own fairly upbeat 2018 forecast. I think the US economy and markets will probably hold up well, thanks to tax cuts and deregulation – assuming the Federal Reserve gets no more hawkish than it already has. That assumption may be a stretch, given the Fed’s changing composition, but I’m feeling optimistic anyway.

The one real potential wrench in the works that I did not mention last week was Trump’s actually enacting significant tariffs or tearing up NAFTA, which would cost millions of jobs and cause significant backlash. I am hopeful that mistake won’t be made.

This week and next we’ll look at forecasts from some of my most trusted friends and colleagues. I have so many that our project may even stretch into a third week. Some disagree with my own views – and that’s perfectly fine. I want you to see all sides so you can make good decisions for your own family and portfolio. I’ll let these forecasters speak for themselves in longer quotes than I usually allow, then add my own comments. Den Rest des Beitrags lesen »

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Trump Rejects Assertions in Book, Calling Self a ‘Very Stable Genius’

Posted by hkarner - 8. Januar 2018

Date: 07-01-2018
Source: The Wall Street Journal

President also laments nation’s ‘weak’ libel laws that he said allowed ‘Fire and Fury’ to be published

President Donald Trump on Saturday continued to assail a new book that features sharp criticism of his administration from close advisers, and lamented what he called the nation’s “weak” libel laws that he said allowed the book to be published.

“I consider it a work of fiction, and I think it’s a disgrace that somebody’s able to … do something like that,” Mr. Trump said at a news conference at Camp David, following the conclusion of a retreat with Republican congressional leaders there. “The libel laws are very weak in this country. If they were strong, it would be helpful—you wouldn’t have things like that happen where you can say whatever comes to your head.”

The new book, “Fire and Fury: Inside the Trump White House,” has become a focal point of Mr. Trump’s return to Washington this week, following a 10-day Christmas vacation at his Florida resort, Mar-a-Lago. Den Rest des Beitrags lesen »

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Breaking Bannon

Posted by hkarner - 8. Januar 2018

Elizabeth Drew

Elizabeth Drew is a contributing editor to The New Republic and the author, most recently, of Washington Journal: Reporting Watergate and Richard Nixon’s Downfall.

A new book on Donald Trump’s White House has brought matters to a head between the US president and his former chief strategist, Stephen Bannon. But the book mostly tells us what we already knew: that Trump is unqualified to be president and incapable of staffing his administration with competent aides.

WASHINGTON, DC – The just-released book about Donald Trump and his dysfunctional presidency (Fire and Fury: Inside the Trump White House) has left much of Washington reeling. Despite the White House’s constitutionally dubious threat to try to quash the book, the publication date was moved up four days. But the bulk of Fire and Fury’s disclosures, though deeply disquieting, aren’t all that surprising.1

It’s not yet clear how Michael Wolff, the book’s controversial author, obtained some of his information, but it must be assumed that he taped many of his interviews, particularly those used for the long conversations found throughout the book. What Wolff has achieved is to get attributed quotes from high officials about how the president functions, or doesn’t. 1 Den Rest des Beitrags lesen »

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Four Things Sure to Happen in Markets During 2018

Posted by hkarner - 8. Januar 2018

Date: 06-01-2018
Source: The Wall Street Journal By Jason Zweig

You can’t be certain about anything in this market, except this

Forget Dow 25000. Every year is full of surprises, but there are a few things every investor should expect to see happen in 2018.

With companies moving less in lockstep, professional investors will declare this a “stock pickers’ market.” Asset managers will proclaim that the impending rise in interest rates means you need bond funds that can hold any kind of debt. After years of smooth increases, even a 5% decline will set off cries of panic. And reported returns will shoot upward as the financial crisis of 2008 is jettisoned from 10-year track records. A look at these trends now should help keep you from overreacting — or acting at all — when they transpire.

Correlations, or the extent to which companies move up or down together, are at their lowest in more than 25 years, according to T. Rowe Price.

Whenever stocks rise and fall independently like this, portfolio managers say beating the market becomes easier. Den Rest des Beitrags lesen »

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