Föhrenbergkreis Finanzwirtschaft

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Archive for 27. März 2018

Vorsorgekassen müssen Sicherheitsnetz knüpfen

Posted by hkarner - 27. März 2018

Bettina Pfluger, 27. März 2018, 17:59 derstandard.at

Die Finanzmarktaufsicht sorgt mit der neuen Bilanzverordnung dafür, dass auch Vorsorgekassen für mögliche Bedrohungen abgesichert sind

Wien – Nach den Banken und Versicherungen zieht die Finanzmarktaufsicht FMA nun bei den Vorsorgekassen quasi ein Auffangnetz ein, das die Branche durch holprige Zeiten bringt. Mit der Bilanzverordnung müssen die Vorsorgekassen künftig eine Kapitalgarantierückstellung bilden. Diese soll als Vorsorge für geplante künftige Aufwände dienen. Was für Laien nach wenig Aufwand klingt, stellt die Branche aber durchaus vor Herausforderungen. Denn unklar ist, in welcher Höhe die Rückstellung zu bilden sein wird. Den Rest des Beitrags lesen »

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Die Revolution des Donald Trump

Posted by hkarner - 27. März 2018

Joschka Fischer was German Foreign Minister and Vice Chancellor from 1998-2005, a term marked by Germany’s strong support for NATO’s intervention in Kosovo in 1999, followed by its opposition to the war in Iraq. Fischer entered electoral politics after participating in the anti-establishment protests of the 1960s and 1970s, and played a key role in founding Germany’s Green Party, which he led for almost two decades.

BERLIN – Donald Trump macht Ernst, auch wenn Europa erst Mal von den Strafzöllen ausgenommen bleibt.  Mit seiner Entscheidung, Strafzölle auf Stahl- und Aluminiumeinfuhren aus China und Europa in die USA zu erheben, und mit seiner Androhung, sollte die EU ihrerseits amerikanische Einfuhren mit Strafzöllen belegen, dann zu eskalieren und Strafzölle auf Automobile von Daimler-Benz und BMW zu erheben, legt er Hand an das System des freien Welthandels.

Statt multilateraler Regeln für den Welthandel soll es fortan „America first!“ heißen. Die Folgen werden in der Realität zu besichtigen sein und werden auch das transatlantische Bündnis nicht unbeschädigt lassen. Aber auch ein Handelskrieg zwischen den USA und China, die beiden wichtigsten Exportmärkte des alten Kontinents, wird Europa in eine unersprießliche Lage bringen. Den Rest des Beitrags lesen »

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Saving the Shrinking Middle

Posted by hkarner - 27. März 2018

Mohamed A. El-Erian, Chief Economic Adviser at Allianz, the corporate parent of PIMCO where he served as CEO and co-Chief Investment Officer, was Chairman of US President Barack Obama’s Global Development Council. He previously served as CEO of the Harvard Management Company and Deputy Director at the International Monetary Fund. He was named one of Foreign Policy’s Top 100 Global Thinkers in 2009, 2010, 2011, and 2012. He is the author, most recently, of The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse.

From the anchoring role in society of the middle class to the agility and resilience of mid-size firms, the middle has long been regarded as consistent with both individual and collective wellbeing. Yet, in recent years, the middle has become less stable, less predictable, and more elusive.

LONDON – There was a time when many regarded being in the middle of the distribution – socially, politically, and in the business world – as a favorable, stabilizing, and desirable outcome. From the anchoring role in society of the middle class to the agility and resilience of mid-size firms, the middle was seen as consistent with both individual and collective wellbeing. Yet, in recent years, the middle has become less stable, less predictable, and more elusive, and its primacy – in economics, politics, business, asset management, and even sports – has become increasingly unsustainable. Den Rest des Beitrags lesen »

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Can Mike Pompeo Save US Foreign Policy?

Posted by hkarner - 27. März 2018

Ana Palacio, a former Spanish foreign minister and former Senior Vice President of the World Bank, is a member of the Spanish Council of State, a visiting lecturer at Georgetown University, and a member of the World Economic Forum’s Global Agenda Council on the United States.

After more than a year of struggling to engage constructively with US President Donald Trump’s administration, the world should start thinking realistically, instead of hopefully. Mike Pompeo’s takeover as Secretary of State could provide an ideal opportunity to do just that.

MADRID – Rex Tillerson’s tenure as US Secretary of State was one of the shortest, most turbulent, and most ineffectual in the history of that illustrious post. Not only did he gut the State Department; he was also out of the loop in President Donald Trump’s administration. Will his replacement – outgoing CIA Director Mike Pompeo, an “America First” true believer who has Trump’s ear – fare any better?

Tillerson’s departure comes at a time when Trump seems to be seeking to separate himself from a national security team that has often acted as check on the president’s worst instincts, at times even ignoring his more impulsive declarations. That effort is exemplified by the recent appointment of firebrand John Bolton to replace the embattled H.R. McMaster as National Security Adviser.

This new phase carries significant risks; the selection of Bolton, in particular, has raised fears that the US may be headed for a destabilizing conflict. But it may also amount to an opportunity for a kind of reset: with a secretary of state who is unlikely to say what the international community wants to hear, a more open and candid dialogue might be possible, opening the way for realistic, mutually beneficial action. Den Rest des Beitrags lesen »

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China’s Attempts to Supplant Dollar Face Historic Difficulties

Posted by hkarner - 27. März 2018

Date: 26-03-2018
Source: The Wall Street Journal

Capital controls and investors’ concerns over Chinese government policy mean the yuan remains a minnow in international finance

The world’s first yuan-denominated oil contracts launched Monday, as part of China’s drive to turn its currency into a global force in markets.

The history of international currency markets suggests that may be a difficult task, though not impossible if Beijing eases the capital controls that make it hard for foreigners to buy up domestic assets, economists say.

Those capital controls and investors’ concerns over the opaqueness of Chinese government and central bank policy mean that the yuan remains a minnow in international finance, despite China being the world’s largest exporter.

The dollar and euro are global currencies because central banks hold them in their reserves and they are used to buy services and goods both in and outside their home markets.

In launching new yuan-denominated crude-oil futures, Beijing hopes to create an oil benchmark to rival those in New York and London and challenge the dollar’s role as the dominant commodity-pricing currency by making it possible for crude exporters to sell oil in another currency. Den Rest des Beitrags lesen »

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Richard Murphy – It’s time to tax wealth

Posted by hkarner - 27. März 2018

Thanks to M.R.

Richard Murphy once again proposes to reform a tax system, which is already biased towards capital and is regressive.

Richard Murphy is Professor of Practice in International Political Economy, City University of London. He campaigns on issues of tax avoidance and tax evasion, as well as blogging at Tax Research UK

There has been some welcome discussion of wealth taxation of late. Given the scale of wealth inequality in society this is overdue. But in this context, it is important to discuss the subject appropriately.

There is, of course, an economic concept of wealth. This, in my opinion, explains stores of value. What this concept does not do is explain capital, which is something quite different.

There is also a legal concept of wealth. This is the claim, backed by law, to exercise control over an asset.

And there is a metahysical concept of wealth. This relates to the power that the exercise of wealth affords to the person in possession of it, and the consequent reaction amongst those impacted by the decisions of those with that power.

What all three concepts make clear is that wealth is not a thing: it is instead a human construct that could not exist without the support of the society that sustains it. Den Rest des Beitrags lesen »

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