Föhrenbergkreis Finanzwirtschaft

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Archive for 18. Dezember 2018

The Continuing Agony of Brexit

Posted by hkarner - 18. Dezember 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.

Those who are calling for a second referendum on the United Kingdom’s withdrawal from the European Union overlook an inconvenient truth: Leavers detest the EU more intensely than Remainers love it. So we must hope that Prime Minister Theresa May gets her amicable divorce when Parliament finally votes on it in January.

LONDON – So British Prime Minister Theresa May lives to fight another day. The Conservative Party in the House of Commons reaffirmed its confidence in her leadership by a far-from-resounding 200-117 vote. It is hard to think of another British prime minister whose leadership has been in such continuous crisis. Not so much an iron lady as a stubborn and dogged one, May has begun another round of effort to extract a few further concessions from European leaders to make her divorce agreement more palatable to her party, if not a majority of the public.

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If Macron Fails, Europe Fails

Posted by hkarner - 18. Dezember 2018

Date: 18-12-2018
Source: SPIEGEL A Commentary by Henrik Enderlein

Yellow Vests Protests

French President Emmanuel Macron has tried to calm protesters by raising the minimum wage, among other concessions. But if the yellow vests continue eroding his authority, it’s not just France that will suffer. And Germany is partly at fault.

The yellow vests in France are eroding President Emannuel Macron’s authority.

Famed German political sociologist Max Weber once argued that the two great drivers of revolutionary power were charisma and rationality. Charisma depends on enthusiasm, rationality on intellectualization. According to this blueprint, Emmanuel Macron would seemingly be the ideal revolutionary. He combines charisma and intellect like few others and believes in the need to change France, Europe and the world. The book about his campaign is called simply: „Révolution.“ Macron sees himself as a know-it-all in the best sense of the term, but precisely that is also his greatest weakness. Nowhere did Weber write that charisma and intellect magnify each other when combined. A glance at the trajectory of Macron’s popularity in France might lead to the assumption that the two qualities cancel each other out. Can a charismatic leader be a know-it-all? Can a know-it-all have charisma? Den Rest des Beitrags lesen »

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Unlocking Public Wealth

Posted by hkarner - 18. Dezember 2018

Dag Detter

Dag Detter, a former director at Sweden’s Ministry of Industry, is a co-author of The Public Wealth of Cities: How to Unlock Hidden Assets to Boost Growth and Prosperity.

According to the International Monetary Fund, the world’s public assets are worth at least twice global GDP. Instead of neglecting those assets, as most governments do today, countries should be using them to generate value.

NEW YORK – After World War I ended, Havana emerged as one of the world’s most vibrant cities. During the first half of 1920, rising sugar prices and a favorable global environment meant that credit and finance were flowing into Cuba, fueling the so-called Dance of the Millions. But, as David Lubin recalls in his book Dance of the Trillions, the party ended abruptly before the year was over, owing largely to US interest-rate hikes, which drew liquidity back into the United States. The Cuban sugar industry never recovered.

With US credit to non-bank borrowers in developing countries having more than doubled since the 2008 global financial crisis – reaching $3.7 trillion at the end of 2017 – Cuba’s experience should serve as a warning. But, for developing countries today, there is an additional complication: global finance is increasingly governed not by the Washington Consensus, which encourages transparency and adherence to rules that apply to all, but rather by an opaque and biased “Beijing Consensus.”

China is now the world’s second-largest national economy and the leading supplier of credit to emerging markets globally, having filled the gap left by retreating Western creditors. The terms of this lending are so murky that only China has information about the volume, maturity, and cost of outstanding loans, which are issued on a bilateral basis, often for political or strategic reasons. As a result, assessing debt sustainability is more difficult than ever. Den Rest des Beitrags lesen »

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