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Archive for 24. Juli 2019

Mad in Britain

Posted by hkarner - 24. Juli 2019

Date: 22-07-2019
Source: DER SPIEGEL
Subject: How Boris Johnson Turned the British against Europe

Boris Johnson has always wanted to make it to the top, and he’s almost there. The man who helped Brexit pass will now likely have the job of delivering it. But it’s possible that even he doesn’t know what he wants to do. Europe is in for a turbulent autumn.

One day, Boris Johnson had the idea to build a luxuriant garden bridge in London. On another, he urgently pushed for an airport on an artificial island, mocked by detractors as „Boris Island.“ Once, he believed the time had come for a truly enormous construction that would connect England to Europe. And recently, he’s been saying he would like to build a bridge connecting Scotland and Northern Ireland.

Johnson appears to dream of one day walking on water. For now, though, he simply wants to become Britain’s next prime minister.

That’s what brought him here to the seaside resort of Bournemouth in southern England. He ignores the thousands of Brits frolicking on the kilometer-long beach on this summer day, and instead marches straight into the Pavilion Theatre where the „Laugh Out Loud Comedy Club“ regularly performs and the musical „Jesus Christ Superstar“ will soon be staged.

Around 600 members of the Conservative Party are sitting in the cream-colored theater and are currently in the process of electing a new leader — who will also be Britain’s next prime minister. There’s not much excitement in the hall; the whole thing is more reminiscent of a funeral service than a coronation mass, though that probably has less to do with the desolate state of the Tories than with the advanced median age of the audience, which looks to be around 70. Den Rest des Beitrags lesen »

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The Money’s More Than Free. Why Won’t Europeans Borrow?

Posted by hkarner - 24. Juli 2019

Date: 22-07-2019
Source: The Wall Street Journal

Which explanation you prefer determines whether you think the European Central Bank is right to be considering another cut

It is plausible that negative rates have worked, as eurozone investment since rates went negative in June 2014 has been slightly ahead of the U.S.

When it comes to interest rates, the U.S. and Europe are upside down.

A big worry about the expected interest-rate cut in the U.S. is that it will encourage too much borrowing, inflating bubbles in debt and equity markets. A big worry about the expected interest-rate cut in Europe is that it will discourage borrowing, with many companies, households and governments paying down debt even with negative central-bank rates. Den Rest des Beitrags lesen »

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