Föhrenbergkreis Finanzwirtschaft

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Archive for 19. Januar 2018

Griechen machen Ernst mit dem Grundbuch

Posted by hkarner - 19. Januar 2018

Markus Bernath aus Athen, 19. Jänner 2018, 15:32 derstandard.at

Neue Behörde soll nach jahrzehntelangen Verzögerungen endlich ein nationales Kataster fertigstellen

Mit roten Farbbeuteln und mit Brandsätzen sind linksextreme Gruppen zu Wochenbeginn gegen die Polizei vor den Mauern des Parlaments in Athen angerannt. Vergeblich versuchten sie zusammen mit den Gewerkschaften die Neuregelung des Streikrechts und der Zwangsversteigerungen zu verhindern. Eine wichtige Reform in dem wohl letzten großen Sammelpaket von Gesetzen vor dem Ende von Griechenlands Kreditprogramm im August machte dafür wenig Aufsehen: der Aufbau einer neuen Katasterbehörde. Griechenland ist das einzige Land in Europa, das noch kein Grundbuch hat. Aber die Griechen arbeiten daran. Seit 23 Jahren. In der künftigen griechischen Katasterbehörde werden nun die bisherige nationale Agentur und knapp 400 lokale, privatwirtschaftlich organisierte Grundbuchbüros im Land zusammengeführt. Die neue Behörde soll einen ziemlich ambitionierten Endspurt hinlegen.

Offiziell bis 2020 – innerhalb von nur zwei Jahren – will Griechenland sein Kataster fertiggestellt haben. Dies wird Investitionen erleichtern. Weniger als ein Drittel des Grundbesitzes im Land, exakt 29,2 Prozent, sind seit Beginn der Kataster-Saga im Jahr 1995 erst kartografiert und rechtlich zugeordnet worden. Präsident der Kartografie-Agentur:

„Bei Null begonnen“

Den Rest des Beitrags lesen »

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Tales from the crypto: The rise and fall of bitcoin

Posted by hkarner - 19. Januar 2018

Date: 18-01-2018
Source: The Economist: Buttonwood

Investors in bitcoin are learning some very old lessons

THE great Sir Isaac Newton may have revolutionised our knowledge of the world but he still had his blind spots. He was sucked into the great mania of his day, the South Sea Bubble (pictured) and lost a lot of money. “I can calculate the motion of heavenly bodies but not the madness of people,” he ruefully reflected. In retrospect, he should have pondered the popular saying that was used to define his law of gravity: “What goes up, must come down.”

Investors in bitcoin are learning this old truth. The price of the cryptocurrency peaked last month at somewhere over $19,000 (there is a very wide spread, a problem in itself) but, at the time of writing (around 11am GMT), some exchanges now show a price below $10,000.

Perhaps the best way of understanding bitcoin is through a model of how bubbles operate. The classic model, developed by Hyman Minsky and elaborated by Charles Kindleberger, a historian who studied bubbles, has five stages: displacement, boom, euphoria, financial distress and revulsion. The displacement is some technological development that can be used to justify a “new era”—railways, canals, the internet or blockchain. A boom then occurs and drags in more and more investors; at some stage, we reach euphoria, where the boom is widely known to the public and there is talk about those who made millions from the trade. This stage had been reached in November, when there were adverts for cryptocurrencies on the train and discussions on popular radio programmes.   Den Rest des Beitrags lesen »

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Die gebrochenen Versprechen des Westens zur Bildungshilfe

Posted by hkarner - 19. Januar 2018

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.

NEW YORK – Die Global Partnership for Education (GPE), eine lobenswerte und fähige Initiative zur Ausbildungsförderung in 65 einkommensschwachen Ländern, durchläuft derzeit, was im Sprachgebrauch der Entwicklungshilfe als „Auffüllungsrunde“ bezeichnet wird; d. h., sie bittet Spenderregierungen, ihre Kasse wieder aufzustocken. Die Tatsache freilich, dass die GPE um lediglich eine Milliarde Dollar pro Jahr – bloße Almosen – bittet, entlarvt die Farce der Zusagen westlicher Regierungen zur globalen Bildungsagenda Education for All.

USA und Europäische Union haben von dieser Agenda nie viel gehalten. Im Bereich der Gesundheit waren sie manchmal zu Investitionen bereit, um Epidemien wie AIDS, Malaria und Ebola einzudämmen oder zu stoppen, um einerseits Leben zu retten und andererseits zu verhindern, dass diese Krankheiten ihre eigenen Länder erreichen. Doch was die Bildung angeht, sind viele westliche Länder stärker daran interessiert, Mauern und Internierungslager zu errichten als Schulen. Den Rest des Beitrags lesen »

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The Dow Can’t Keep Doing This Forever

Posted by hkarner - 19. Januar 2018

Date: 18-01-2018
Source: The Wall Street Journal

The Dow’s annualized gain between 25000 and 26000 is 244%

It’s official: the Dow Jones Industrial Average just achieved its fastest 1,000-point gain ever.

The blue-chip index first touched above 26000 during intraday trading on Tuesday–just seven days after first closing above 25000– but fell below that level before the closing bell. Even with the extra day, Wednesday’s close at 26116 still smashes the record for the 121-year-old index’s fastest climb from one round-number milestone to the next.

The eight days it took for the Dow to add its latest 1,000 points easily tops the previous record of 23 days, which was how long it took for the index to finish its climb to 25000 from 24000 just two weeks ago.

One reason milestones are coming at a faster clip is that each is easier to achieve as the index rises. The climb from 25000 to 26000 required a gain of 4%, compared to a gain of 10% when the index went from 10000 to 11000 in 24 days in 1999. Den Rest des Beitrags lesen »

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How Economics Survived the Economic Crisis

Posted by hkarner - 19. Januar 2018

Robert Skidelsky, Professor Emeritus of Political Economy at Warwick University and a fellow of the British Academy in history and economics, is a member of the British House of Lords. The author of a three-volume biography of John Maynard Keynes, he began his political career in the Labour party, became the Conservative Party’s spokesman for Treasury affairs in the House of Lords, and was eventually forced out of the Conservative Party for his opposition to NATO’s intervention in Kosovo in 1999.

Unlike the Great Depression of the 1930s, which produced Keynesian economics, and the stagflation of the 1970s, which gave rise to Milton Friedman’s monetarism, the Great Recession has elicited no such response from the economics profession. Why?

LONDON – The tenth anniversary of the start of the Great Recession was the occasion for an elegant essay by the Nobel laureate economist Paul Krugman, who noted how little the debate about the causes and consequences of the crisis have changed over the last decade. Whereas the Great Depression of the 1930s produced Keynesian economics, and the stagflation of the 1970s produced Milton Friedman’s monetarism, the Great Recession has produced no similar intellectual shift.

This is deeply depressing to young students of economics, who hoped for a suitably challenging response from the profession. Why has there been none? Den Rest des Beitrags lesen »

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How to reconcile risk sharing and market discipline in the euro area

Posted by hkarner - 19. Januar 2018

Agnès Bénassy-Quéré, Markus K Brunnermeier, Henrik Enderlein, Emmanuel Farhi, Marcel Fratzscher, Clemens Fuest, Pierre-Olivier Gourinchas, Philippe Martin, Jean Pisani-Ferry, Hélène Rey, Isabel Schnabel, Nicolas Véron, Beatrice Weder di Mauro, Jeromin Zettelmeyer 17 January 2018, voxeu

PolicyInsight_Euroarea reform 91

While these problems have many causes, a poorly designed fiscal and financial architecture is an important contributor to all of them: Den Rest des Beitrags lesen »

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The “captivating” tightrope walker: what to expect from the new Eurogroup head

Posted by hkarner - 19. Januar 2018

João Paulo Batalha 

 Portuguese Finance minister Mário Centeno, hailed as the man who took on austerity and won, is taking over as Eurogroup head. What difference will he make?

João Paulo Batalha is a social activist and founding member of Transparency International Portugal

Reading the economic press, you might think some sort of quiet revolution – or, at the very least, substantive evolution – is about to take place at the Eurogroup. This is the informal, but increasingly powerful, gathering of euro-zone finance ministers who determine what our pocketbooks, and our lives, will look like in the future. The election last month of Portuguese finance minister Mário Centeno to head the group was seen as the triumph of the European left against the forces of austerity. Writing in Foreign Policy shortly after Centeno’s election about a month ago, the Berlin-based journalist Paul Hockenos argued that the German government’s support for the Portuguese minister may signal a quiet shift in policy by Chancellor Angela Merkel. She and Wolfgang Schäuble – until recently her finance minister – had been champions of EU-wide austerity.

After Centeno’s election, economists and analysts presented the Portuguese minister as something of a wizard, who has been able to reverse some of the most bruising measures taken at the height of austerity while maintaining tight controls on the deficit. Sceptical at first (even outright hostile), none other than Germany’s notorious fiscal hawk, Mr Schäuble, ended up praising Centeno as “the Cristiano Ronaldo of the euro zone” – probably not knowing that the Portuguese football star is dealing with a serious charge of tax evasion in Spain; so, probably not the most apt comparison. Den Rest des Beitrags lesen »

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