Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 1. August 2019

German Opponents of ECB’s Crisis Strategy Make a Last Stand

Posted by hkarner - 1. August 2019

Date: 31-07-2019
Source: The Wall Street Journal

KARLSRUHE, Germany—In a prosperous corner of southern Germany near the Black Forest, opponents of Europe’s economic crisis-fighting strategy are making a last stand.

In the grounds of an 18th century palace, lawyers representing around 2,000 plaintiffs took turns Tuesday and Wednesday to attack a giant bond-buying program launched 4½ years ago by the European Central Bank.

It is only the latest in a string of lawsuits at Germany’s Federal Constitutional Court targeting the powers and tactics of the ECB to keep the eurozone together and its economy growing. But it is also a reflection of the deep mistrust between the eurozone’s central bank and Germany—its largest shareholder, the country it calls home and the region’s largest economy.

In a twist, the latest round of ECB stimulus is motivated in part by a bout of weakness in Germany’s own economy, which has stagnated over the past year amid headwinds from international trade tensions and Brexit. But while the ECB sees an urgency to act, many Germans remain wary of central-bank stimulus, which they consider unnecessary to smooth out business cycles, and probably counterproductive. Den Rest des Beitrags lesen »

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Getting uneven: The Mittelstand’s corporate success comes at a cost

Posted by hkarner - 1. August 2019

Date: 31-07-2019
Source: The Economist

Germany’s rising current-account surplus has been accompanied by wider income inequality

THE MITTELSTAND, exports and thrift—all are matters of German national pride. Thanks to them Germany has run the world’s biggest current-account surplus since 2016, last year just shy of $300bn (7.3% of GDP). This sign that it saves more than it invests at home, and sells abroad more than it imports, has earned the ire of President Donald Trump, who would like thrifty Teutons to buy American.

The IMF has long wrung its hands at the savings glut. Earlier this month, in its annual report on global imbalances, it repeated a warning that Germany’s current-account surplus was “substantially” stronger than warranted by economic fundamentals, adding that the government should spend more to help bring it down. In a separate paper it presented evidence that the growing current-account surplus was accompanied by increasing income and wealth inequality (see chart). The link, it says, is high corporate profitability.

Around the turn of the millennium Germany’s exports took off, as rapidly growing emerging economies started to buy its high-value-added manufacturing goods in bulk. That, together with government policies encouraging wage restraint and stingier welfare benefits, helped push up profits. But that corporate success did nothing for poorer households because of a highly unequal distribution of wealth. Den Rest des Beitrags lesen »

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DIE EZB-GELDKURBEL DREHT LEER

Posted by hkarner - 1. August 2019

FURCHE-Kolumne 272 Wilfried Stadler

Am 31. Oktober endet die Amtszeit von Mario Draghi als Präsident der Europäischen Zentralbank. Während seiner gesamten acht Jahre in dieser Funktion hat er kein einziges Mal die Leitzinsen erhöht. Ganz im Gegenteil: in der vergangenen Woche setzte er eindeutige Signale in Richtung einer weiteren Senkung des Einlagezinsen von Banken unter den derzeit geltenden Satz von Minus 0,4 Prozent. Der Leitzins selbst soll – wie schon seit März 2016 – für absehbare Zeit bei Null bleiben.

Während Draghi über etwa drei Viertel seiner Amtszeit als erfolgreicher Feuerwehrkommandant im Kampf gegen die Folgen der Finanzkrise und gegen den Zerfall des Euro agierte, stößt seine lockere Geldpolitik nun schon seit geraumer Zeit auf Widerstände. Der Hauptvorwurf: Er habe den Zeitpunkt der zinspolitischen Normalisierung versäumt und sein gesamtes Arsenal an krisentauglichen Spezialinstrumenten auch dann noch eingesetzt, als die Konjunktur längst wieder angesprungen war.

Auch macht sich Frustration bei Sparern breit, die sich gezwungen sehen, auf höher riskierende Veranlagungen auszuweichen. Denn während die Notenbank ihre geldpolitischen Maßnahmen damit begründet, eine Inflationsrate von annähernd zwei Prozent erreichen zu müssen, sieht sie geflissentlich weg, wenn Vermögenspreise wie jene von Aktien in ungesunde Höhen steigen und Immobilien im urbanen Raum unerschwinglich werden. Die manifeste Inflation von Vermögenswerten wird verdrängt, weil sie im Drehbuch nicht vorgesehen ist. Den Rest des Beitrags lesen »

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With Boris Johnson in Office, a Brexit Standoff With Ireland Solidifies

Posted by hkarner - 1. August 2019

Date: 30-07-2019
Source: The Wall Street Journal

Irish-U.K. relations settle at a low amid dispute over Britain’s split with EU

British Prime Minister Boris Johnson says he will pull the U.K. out of the EU on Oct. 31, deal or no deal.

LONDON—It took nearly a week for new British Prime Minister Boris Johnson and Irish Prime Minister Leo Varadkar to talk on the phone. When they finally conversed on Tuesday it was to underscore a position they shared on Brexit: no compromise.

With the two firm in their views—Mr. Varadkar demanding that Britain respect the divorce deal it reached with the European Union last year and Mr. Johnson emphatic about renegotiating and pulling out of the bloc on Oct. 31—a compromise deal is looking like a bigger challenge.

Relations between Ireland and Britain haven’t been this bad for decades, politicians and analysts say. Den Rest des Beitrags lesen »

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The 99% Get a Bigger Raise

Posted by hkarner - 1. August 2019

Date: 31-07-2019
Source: The Wall Street Journal By The Editorial Board

New data show much faster growth in wages and incomes.

Political discourse nowadays is enough to depress anyone, and the media don’t help by ignoring good economic news. But buck up, Americans: Worker wages are growing much faster than previously reported.

The Bureau of Economic Analysis (BEA) on Tuesday published its annual revisions to personal income data, and the surprise was the huge jump in disposable income and employee compensation.

The revisions show that employee compensation rose 4.5% in 2017 and 5% in 2018—some $4.4 billion and $87.1 billion more than previously reported. The trend has continued into 2019, with compensation increasing $378 billion or 3.4% in the first six months alone. Wages and salaries were revised upward to 5.3% from 3.6% in May year over year. And in June wages and salaries grew at an annual rate of 5.5%, which is a rocking 4.1% after adjusting for inflation. Den Rest des Beitrags lesen »

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Amazon Reigns Over Cloud Market

Posted by hkarner - 1. August 2019

Date: 31-07-2019
Source: The Wall Street Journal

Company’s size gives it the clout to attract customers looking for ‘scalability’

Biomedical engineer Jordan Nguyen speaking at the Amazon Web Services Summit in Sydney this spring.

Amazon.com Inc. continues to dominate the market for basic computing
resources that companies access online, largely by outspending its rivals on data centers and other physical resources, corporate tech executives and industry analysts say.

Annual revenue from Amazon Web Services, or AWS, grew 27% last year to $15.5 billion, representing nearly half of the $32.4 billion in total revenues generated by providers in the global cloud infrastructure market, Gartner Inc. said in a report this week.

Microsoft Corp. , its closest rival, captured roughly 15% of the market, up from 12.7% in 2017. No other cloud provider broke 10%, the report said. Den Rest des Beitrags lesen »

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