Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 17. Juli 2019

EU expected to reject outright Johnson and Hunt’s backstop plan

Posted by hkarner - 17. Juli 2019

Next PM will be told in ‘no uncertain terms’ that axing backstop amounts to no deal

Boris Johnson and Jeremy Hunt’s Brexit plan to axe the Irish border backstop from the withdrawal agreement will be rejected outright by the European Union, EU sources have said.

Informed sources say it is doomed to failure and if the next prime minister goes to Brussels with such a proposal, he will be told in “no uncertain terms” that it amounts to a declaration of no deal.

Brussels had already rebuffed such a plan when the Brexit secretary, Steve Barclay, who is part of Johnson’s campaign, met the EU’s chief Brexit negotiator, Michel Barnier, last week.

In what was seen as “spinning for a Boris plan”, Barclay told Barnier five times during the meeting that the backstop was dead. Sources say he told Barnier they wanted a series of mini-deals and alternative arrangements for the Irish border.

He was told that was Brexit fantasy and a non-starter, and that the “mini-deals” outlined in EU contingency plans were temporary and covered only the “bare bones” such as aviation, mobile phone roaming and haulier driving licences. They did not include the major issues such as trade or the Irish border. Den Rest des Beitrags lesen »

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Libra pounded: Facebook’s new currency in trouble

Posted by hkarner - 17. Juli 2019

Date: 16-07-2019

Source: The Economist

Facebook executives will get a good grilling in Washington today and tomorrow about Libra, the new digital currency the firm wants to launch next year.

Two committees, one in the Senate, the other in the House of Representatives, will want to know what Libra means for privacy, money-laundering, consumer protection and financial stability.

The high-profile hearings are another sign that regulators will be reluctant to let the world’s biggest social network launch its own currency—even if, as planned, it is ultimately run by an independent body based in Switzerland.

Some experts now predict that Libra will be nipped in the bud before the first digital coin is spent. At any rate, given Facebook’s many other run-ins with regulators around the world (America’s Federal Trade Commission just approved a $5bn fine for privacy violations), it would come as a surprise if it followed through with the controversial project.

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The Exploitation Time Bomb

Posted by hkarner - 17. Juli 2019

Jayati Ghosh is Professor of Economics at Jawaharlal Nehru University in New Delhi, Executive Secretary of International Development Economics Associates, and a member of the Independent Commission for the Reform of International Corporate Taxation.

Worsening economic inequality in recent years is largely the result of policy choices that reflect the political influence and lobbying power of the rich. There is now a self-reinforcing pattern of high profits, low investment, and rising inequality – posing a threat not only to economic growth, but also to democracy.

NEW DELHI – Since reducing inequality became an official goal of the international community, income disparities have widened. This trend, typically blamed on trade liberalization and technological advances that have weakened the bargaining power of labor vis-à-vis capital, has generated a political backlash in many countries, with voters blaming their economic plight on “others” rather than on national policies. And such sentiments of course merely aggravate social tensions without addressing the root causes of worsening inequality.

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The Great Crypto Heist

Posted by hkarner - 17. Juli 2019

Nouriel Roubini, a professor at NYU’s Stern School of Business and CEO of Roubini Macro Associates, was Senior Economist for International Affairs in the White House’s Council of Economic Advisers during the Clinton Administration. He has worked for the International Monetary Fund, the US Federal Reserve, and the World Bank.

Cryptocurrencies have given rise to an entire new criminal industry, comprising unregulated offshore exchanges, paid propagandists, and an army of scammers looking to fleece retail investors. Yet, despite the overwhelming evidence of rampant fraud and abuse, financial regulators and law-enforcement agencies remain asleep at the wheel.

NEW YORK – There is a good reason why every civilized country in the world tightly regulates its financial system. The 2008 global financial crisis, after all, was largely the result of rolling back financial regulation. Crooks, criminals, and grifters are a fact of life, and no financial system can serve its proper purpose unless investors are protected from them.

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