Föhrenbergkreis Finanzwirtschaft

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Archive for 2. Oktober 2019

Are Europe’s Economic Prospects Brighter Than They Appear? Oct 1, 2019 Anatole Kaletsky

Posted by hkarner - 2. Oktober 2019

Anatole Kaletsky is Chief Economist and Co-Chairman of Gavekal Dragonomics. A former columnist at the Times of London, the International New York Times and the Financial Times, he is the author of Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis, which anticipated many of the post-crisis transformations of the global economy. His 1985 book, Costs of Default, became an influential primer for Latin American and Asian governments negotiating debt defaults and restructurings with banks and the IMF.

Despite all the lurid headlines about the trade war causing a recession in the United States or some kind of collapse in China and its Asian neighbors, recent economic data reveal a very different picture: the main victim has been Europe. But, fortunately for the European economy, overdependence on foreign trade is not the whole story.

LONDON – In the year since US President Donald Trump escalated America’s trade war with China, policymakers and financial markets have been obsessed with the dangers to both countries’ economies. Yet the real threat the conflict poses to the global economy lies elsewhere. 

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Boris Johnson’s ’secret Irish border plans‘ dismissed as non-starter

Posted by hkarner - 2. Oktober 2019

Date: 01-10-2019
Source: The Guardian

Report cites leaked proposals for clearance areas 5-10 miles from border and real-time tracking of goods

The Irish border has formed one of the most troublesome sticking points of the Brexit negotiations.

Boris Johnson’s secret plans to solve the Irish border Brexit challenge involve customs sites on both sides of the border and real-time tracking devices on lorries, it has been reported.

The ideas, which mark a departure from his promise not to put infrastructure on the border, are part of four unofficial papers submitted by the UK to Brussels by Johnson’s team. Den Rest des Beitrags lesen »

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Centrist politics will not defeat Boris Johnson’s rightwing populism

Posted by hkarner - 2. Oktober 2019

Date: 01-10-2019
Source: The Guardian by Chantal Mouffe

Democratic politics always involves ‘us’ against ‘them’ – so the way to fight the populist right is to build a bigger ‘us’

In his determination to deliver Brexit “do or die”, Boris Johnson is planning to launch an election campaign that will pit “the people” against “parliament”. He promises to take sovereignty back from the political elites – and return it to “the people”. The announcement of these tactics has caused alarm among those who fear democracy will be threatened by a “populist” politics of polarisation between “us” and “them”.

But this fear of populism reveals something troubling about how we currently understand democratic politics. What most people seem to find shocking about Johnson’s strategy is that it involves an “us v them” confrontation – as if democratic politics could avoid conflict between irreconcilable political projects. Den Rest des Beitrags lesen »

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No, We Don’t “Need” a Recession

Posted by hkarner - 2. Oktober 2019

J. Bradford DeLong is Professor of Economics at the University of California at Berkeley and a research associate at the National Bureau of Economic Research. He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.

Business cycles can end with a rolling readjustment in which asset values are marked back down to reflect underlying fundamentals, or they can end in depression and mass unemployment. There is never any good reason why the second option should prevail.

BERKELEY – I recently received an email from my friend Mark Thoma of the University of Oregon, asking if I had noticed an increase in commentaries suggesting that a recession would be a good and healthy purge for the economy (or something along those lines). In fact, I, too, have noticed more commentators expressing the view that “recessions, painful as they are, are a necessary growth input.” I am rather surprised by it.

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How to Rethink Capitalism

Posted by hkarner - 2. Oktober 2019

Simon Johnson, a former chief economist of the IMF, is a professor at MIT Sloan, a senior fellow at the Peterson Institute for International Economics, and co-founder of a leading economics blog, The Baseline Scenario. He is the co-author, with Jonathan Gruber, of Jump-Starting America: How Breakthrough Science Can Revive Economic Growth and the American Dream.

The 2008 financial crisis, together with failed efforts to combat climate change and sharply rising inequality, has frayed the neoliberal consensus that has prevailed in the United States and much of the West for more than two generations. Three issues must be considered in weighing what comes next.

WASHINGTON, DC – The United States Business Roundtable, an organization of CEOs of large US companies, recently issued a statement that caused quite a stir in some circles. Rather than focusing primarily or exclusively on maximizing shareholder value, America’s corporate titans argued, companies should attach more weight to the wellbeing of their broader stakeholder community, including workers, customers, neighbors, and others. 

As CEOs of large companies are hired and fired mostly on the basis of their contributions to profits, such statements merit a certain amount of cynicism. Unless and until incentives created by financial markets change, we should expect the short-term profit motive to prevail.The Business Roundtable’s views are part of broader attempts to reimagine capitalism – the topic now of high-profile courses at Harvard Business School, Brown University, and elsewhere. In his recent book The Economists’ Hour, Binyamin Appelbaum, an influential New York Times journalist, argues that economists are to blame for tilting too much of the world excessively toward profits. Den Rest des Beitrags lesen »

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