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Archive for 27. September 2019

Four months after facing crisis, Sebastian Kurz looks like winning again

Posted by hkarner - 27. September 2019

Date: 26-09-2019
Source: The Economist

The Ibizagate scandal seems to be behind him

The cameras flash, the crowd cheers, the music blares. Sebastian Kurz has finally arrived. Teenagers and grandmothers swarm for selfies with the young leader of Austria’s conservative People’s Party (övp). The upper stories on the handsome Theaterplatz, in Baden bei Wien, a spa town south of Vienna, are decked with banners in the övp’s regulation turquoise. Someone has baked a cake. The atmosphere is somewhere between a supercharged summer fete and a heavyweight bout in Vegas.

On September 29th the övp is set to win a second consecutive election for the first time since the 1960s. As in 2017 its victory will belong in large part to Mr Kurz; the 33-year-old is Austria’s most popular party leader by far. Detested by many urban liberals,he enjoys a star following in much of the rest of the country. “He’s the only guy who wants to make a change,” says Konrad Mylius, one of several teenage volunteers at the Baden rally sporting turquoise “Wir für Kurz” (“We’re for Kurz”) t-shirts.

It is all the more remarkable given that it is only four months since the spectacular implosion of Mr Kurz’s government, a coalition with the right-wing Freedom Party (fpö). In May two German newspapers published footage of Heinz-Christian Strache, fpö leader and vice-chancellor, and an aide promising state contracts to a woman posing as the niece of a Russian oligarch in exchange for favourable press coverage. The video, filmed during a boozy evening at an Ibiza villa five months before Mr Strache entered government, was dynamite. A furious Mr Kurz ejected the fpö, and soon afterwards became the first Austrian chancellor to lose a confidence vote. Den Rest des Beitrags lesen »

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From Stablecoins to Central Bank Digital Currencies

Posted by hkarner - 27. September 2019

By Tobias Adrian and Tommaso Mancini-Griffoli

As privately issued stablecoins continue to encroach on more traditional forms of money—like cash and bank deposits—policymakers will not simply look on from the sidelines. They will arbitrate. Their rules and actions will determine how we will eventually pay for everyday items like a cup of coffee, and, more importantly, will affect the structure and risks of our financial sector.

Our last blog introduced stablecoins—cryptographic tokens that can be easily exchanged, benefitting from minimal price volatility relative to cash. Consumers might quickly adopt these new, cheaper, faster, and more user-friendly services integrated into their social media platforms. However, these also come with notable risks that require prompt regulatory action.

The world of fiat money is in flux, and innovation will transform the landscape of banking and money.

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Analyst: „Wohlhabende profitieren von der aktuellen Zinspolitik“

Posted by hkarner - 27. September 2019

25.09.2019, Kurier.at

Die Europäische Zentralbank hat laut Allianz-Chefvolkswirt Michael Heise ihr Pulver verschossen. Zum Handkuss kommen vor allem Sparer und Wohnungssuchende.

von Robert Kleedorfer

Die Konjunktur entwickelt sich sowohl global als auch in Österreich langsamer als zuletzt. Das zeigen Zahlen des Wirtschaftsforschungsinstitut Wifo und er Statistik Austria. „Über den Sommer hat sich die Weltwirtschaft weiter eingetrübt“, bestätigt Michael Heise, Chefvolkswirt der deutschen Allianz Versicherung bei einem Besuch in Wien. Die Gründe seien die allseits bekannten: der drohende Brexit, die Lage in Italien und der Handelskonflikt, wobei die US-Wirtschaft selbst sich als relativ robust erweise.

Geht es mit der Konjunktur abwärts, so reagieren Notenbanken in der Regel mit Zinssenkungen, um die Wirtschaft mit billigerem Geld zu stimulieren. Doch die Europäische Zentralbank (EZB) habe ihr Pulver bereits verschossen, stellt Heise fest. „Die Geldpolitik hat ihr Ziel verfehlt, zugleich aber gibt es sehr starke Nebenwirkungen.“ Diese würden die Stabilität der Finanzmärkte gefährden, weil die Risikobereitschaft der Anleger erhöht werde.

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Trump’s Fight With the ‘Globalists’

Posted by hkarner - 27. September 2019

Date: 26-09-2019
Source: The Wall Street Journal By Daniel Henninger

The bigger threat to independent and sovereign people may be coming from inside their own democratic governments.

President Trump at the United Nations this week elaborated on his long-running antagonism toward globalism. “The future does not belong to globalists,” Mr. Trump said. “The future belongs to patriots. The future belongs to sovereign and independent nations who protect their citizens, respect their neighbors, and honor the differences that make each country special and unique.”

There is merit to these concerns, but I think the critics of “globalism,” including most prominently Mr. Trump, underestimate the near-term danger of the serious difficulties appearing today in national democratic governance. Den Rest des Beitrags lesen »

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