Föhrenbergkreis Finanzwirtschaft

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Archive for 24. Oktober 2018


Posted by hkarner - 24. Oktober 2018

FURCHE-Kolumne 252 Wilfried Stadler

Seit 2011 steht Christine Lagarde an der Spitze des Internationalen Währungsfonds (IWF). Unter ihrer souveränen Führung leistete diese nach dem Zweiten Weltkrieg gegründete, globale Zentralbank entscheidende Beiträge zur Überwindung der Eurokrise. Aus den Reihen der für den Währungsfonds tätigen Ökonomen gehen immer wieder Wirtschafts-Nobelpreisträger hervor, wie zuletzt vor wenigen Wochen der US-Amerikaner Paul Romer und vor ihm schon 2001 Joseph Stiglitz.

Vor kurzem traten nun die die IWF-Experten mit einem neuen Thema an die Öffentlichkeit, von dem sie vielleicht insgeheim hoffen, wieder eine Grundlage für spätere Auszeichnungen zu schaffen. Es geht um den ambitionierten Versuch, Staatshaushalte nicht nur nach der Höhe des Schuldenstandes zu bewerten und danach, ob diese Schulden aller Voraussicht nach auch bedient werden können. Das höchst ehrgeizige Ziel ist, darüber hinaus eine Art Vermögensbilanz des öffentlichen Sektors zu erarbeiten. Den Rest des Beitrags lesen »

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The Curious Parallels Between Trump and Kaiser Wilhelm II

Posted by hkarner - 24. Oktober 2018

Date: 23-10-2018
Source: The Wall Street Journal By Joseph Epstein

The German leader might have been ‘bombastic and impetuous,’ but at least he didn’t have Twitter.

The other day, reading along in Ernst Pawel’s “The Labyrinth of Exile: A Life of Theodor Herzl, ” I had a Plutarchian moment. I refer of course to Plutarch (45-120), the Greek who wrote a series of parallel lives of famous figures from Greek and Roman history.

In Pawel’s book, the year is 1898. Herzl is rounding up support for his idea of a return to the Jewish homeland, hoping to enlist the influence of Germany on the sultan of Turkey, who controls the land. To this end a meeting has been arranged with Bernhard von Bülow, foreign minister of Germany under Kaiser Wilhelm II. Commenting on von Bülow’s subtlety and his reputation for frustrating the Kaiser’s good intentions, for which he “deserves credit and gratitude,” Herzl writes:

Frustrating Wilhelm’s intentions, good or bad but always equally foolish and impulsive, was in fact the prime concern of all his ministers, who soon after his coronation divided into two factions—those who considered him insane and wanted him deposed, and the others, who saw him as an unruly, emotionally retarded adolescent with the attention span of an eight-year-old and treated him accordingly.”
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Whar Governments Own and Owe

Posted by hkarner - 24. Oktober 2018

IMF, 23/10/2018

Your government has often lost track of its finances too.  While it keeps close tabs on debt, it is less clear on how much it owns: the assets.

Things like roads, bridges, and sewer pipes are assets for a country, as well as the money governments have in the bank, their financial investments, and payments owed to them by individuals and businesses.

Natural resource reserves in the ground are also part of assets, something that is particularly important for natural resource-rich countries like Nigeria and Norway. But assets also include state-owned enterprises such as public banks and, in many countries, utilities such as public electricity and water companies.

Our Chart of the Week from the new Fiscal Monitor analyzes public wealth using 2016 data from 31 countries—from The Gambia, to the United States, as well as Japan, Turkey, Brazil, the United Kingdom and China, to name a few. Their assets amount to $101 trillion, or 219 percent of GDP.


Who owns what

Let’s look at the United Kingdom. The research shows how its balance sheet expanded massively during the global financial crisis, when the government decided to rescue several large private sector banks. This rescue substantially contributed to the increase in the UK’s public sector net debt, which is the total amount of debt minus the government’s cash in hand.

Fiscal Monitor includes them on the balance sheet and shows that a US recession would erode net worth—the value of assets minus liabilities— by some 26 percent of GDP under stress. Den Rest des Beitrags lesen »

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