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Archive for 13. Juni 2019

Amerikas ungewöhnliche Konjunkturerholung ist jetzt auch seine längste

Posted by hkarner - 13. Juni 2019

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.

LONDON – Im Laufe der kommenden Monate zur Veröffentlichung anstehende Daten werden zeigen, dass die derzeitige wirtschaftliche Expansion in den USA die längste seit Beginn der Aufzeichnungen ist. Doch obwohl die Wirtschaftsentwicklung in den USA die anderer hochentwickelter Volkswirtschaften nach wie vor übertrifft, hat dieser Erfolg das von vielen Amerikanern empfundene anhaltende Gefühl wirtschaftlicher Unsicherheit und Frustration bisher nicht vertrieben, und auch die Sorgen über politischen Spielraum zur Reaktion auf die nächste Rezession oder finanzielle Erschütterung mildert es nicht.

Die aktuelle Wirtschaftsexpansion begann Mitte 2009 nach der Finanzkrise von 2008 und der „Großen Rezession“. Beflügelt zunächst durch außergewöhnliche fiskalpolitische Interventionen und eine zuvor undenkbare Geldpolitik, schuf die Konjunktur eine ausreichend starke Grundlage für die Rückkehr des Verbrauchervertrauens und die Erholung der Unternehmensbilanzen. Im Verbund mit sich beschleunigenden Fortschritten bei neuen Technologien ging die weitere Expansion dann weitgehend von Technologie- und Plattformunternehmen aus, die über eine neue „Gig Economy“ präsidierten. Einen zusätzlichen Schub erhielt sie durch wachstumsfreundliche Maßnahmen, zu denen Deregulierungsmaßnahmen und Steuersenkungen gehörten.Angesichts einer US-Arbeitslosenquote von 3,6% ist bei den (inflationsbereinigten) Reallöhnen nun ein Wachstum von 1,6% zu verzeichnen. Und laut den jüngsten Quartalsdaten, die an annualisiertes BIP-Wachstum von 3,1% zeigen, übertrifft die US-Wirtschaftsaktivität jene in Europa und Japan erheblich. Den Rest des Beitrags lesen »

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The Self-Destruction of American Power

Posted by hkarner - 13. Juni 2019

Date: 12-06-2019
Source: By Fareed Zakaria, Foreign Affairs

Washington Squandered the Unipolar Moment

Sometime in the last two years, American hegemony died. The age of U.S. dominance was a brief, heady era, about three decades marked by two moments, each a breakdown of sorts. It was born amid the collapse of the Berlin Wall, in 1989. The end, or really the beginning of the end, was another collapse, that of Iraq in 2003, and the slow unraveling since. But was the death of the United States’ extraordinary status a result of external causes, or did Washington accelerate its own demise through bad habits and bad behavior? That is a question that will be debated by historians for years to come. But at this point, we have enough time and perspective to make some preliminary observations.

As with most deaths, many factors contributed to this one. There were deep structural forces in the international system that inexorably worked against any one nation that accumulated so much power. In the American case, however, one is struck by the ways in which Washington—from an unprecedented position—mishandled its hegemony and abused its power, losing allies and emboldening enemies. And now, under the Trump administration, the United States seems to have lost interest, indeed lost faith, in the ideas and purpose that animated its international presence for three-quarters of a century.

A STAR IS BORN Den Rest des Beitrags lesen »

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Democracy Demotion

Posted by hkarner - 13. Juni 2019

Date: 12-06-2019
Source: Foreign Affairs By Larry Diamond

How the Freedom Agenda Fell Apart

For three decades beginning in the mid-1970s, the world experienced a remarkable expansion of democracy—the so-called third wave—with authoritarian regimes falling or reforming across the world. By 1993, a majority of states with populations over one million had become democracies. Levels of freedom, as measured by Freedom House, were steadily rising as well. In most years between 1991 and 2005, many more countries gained freedom than lost it.

But around 2006, the forward momentum of democracy came to a halt. In every year since 2007, many more countries have seen their freedom decrease than have seen it increase, reversing the post–Cold War trend. The rule of law has taken a severe and sustained beating, particularly in Africa and the postcommunist states; civil liberties and electoral rights have also been declining.

Adding to the problem, democracies have been expiring in big and strategically important countries. Russian President Vladimir Putin, for example, has long been using the power granted to him through elections to destroy democracy in Russia. More recently, Turkish President Recep Tayyip Erdogan has gone down a similar path. Elected executives have been the principal agents of democratic destruction in some countries; in others, the military has. The generals seized control of the government in Egypt in 2013 and in Thailand in 2014, and they continue to wield de facto power in Myanmar and Pakistan. Across Africa, the trend has been for elected autocrats, such as President Uhuru Kenyatta of Kenya and President John Magufuli of Tanzania, to manipulate elections, subvert independent institutions, and harass critics and political opponentsto ensure their continued grip on power. Den Rest des Beitrags lesen »

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Unconventional Thinking about Unconventional Monetary Policies

Posted by hkarner - 13. Juni 2019

Barry Eichengreen is Professor of Economics at the University of California, Berkeley, and a former senior policy adviser at the International Monetary Fund. His latest book is The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era.

Defenders of central-bank independence argue that quantitative easing should have been avoided last time and is best avoided in the future, because it opens the door to political interference with the conduct of monetary policy. But political interference is even likelier if central banks shun QE in the next recession.

KONSTANZ – The policy interest rates of advanced-country central banks are stuck at uncomfortably low levels. And not just for the moment: a growing body of evidence suggests that this awkward condition is likely to persist. Inflation in the United States, Europe, and Japan continues to undershoot official targets. Measures of the “natural” rate of interest consistent with normal economic conditions have been trending downward for years.

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