Föhrenbergkreis Finanzwirtschaft

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Archive for 18. Februar 2020

How High Should Government Debt Go? Economists Can’t Agree

Posted by hkarner - 18. Februar 2020

Date: 17‑02‑2020

Source: The Wall Street Journal

Economists warned a decade ago that pushing public debt above about 90% of GDP could hurt the economy. Now some aren’t so sure.

U.K. Prime Minister Boris Johnson, visiting a construction site for the High Speed 2 project in Birmingham Feb. 11, has promised to spend billions on infrastructure.

FRANKFURT—Governments around the world are loading up on debt, taking advantage of record‑low borrowing costs to extend a long economic expansion and invest for future challenges.

Economists warned a decade ago that pushing public debt above about 90% of gross domestic product could hurt growth and increase the risk of crises.

Now they aren’t so sure.

In a world of ultralow interest rates, some say higher public debt levels are feasible, even desirable. If sovereign‑bond yields remain below economic growth rates, governments should be able to issue debt without having to pay for it later, argue economists including Olivier Blanchard, former chief economist of the International Monetary Fund. Den Rest des Beitrags lesen »

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DIE NEUE UNÜBERSICHTLICHKEIT – VERSION 2020

Posted by hkarner - 18. Februar 2020

FURCHE-Kolumne 286, Wilfried Stadler

1985 erschien im deutschen „Merkur“ ein berühmt gewordener Text des Philosophen Jürgen Habermas über „Die neue Unübersichtlichkeit“. Sein Untertitel lautete: „Die Krise des Wohlfahrtsstaates und die Erschöpfung utopischer Energien“. Im Kern ging es darin um die Zerrissenheit des Zeitgeistes zwischen Geschichte und Utopie, aber auch um ein abnehmendes Vertrauen der westlichen Kultur in sich selbst.

Dass Habermas nur wenige Jahre vor dem Glücksfall der Ostöffnung und der unmittelbar darauf einsetzenden, von anfänglichem Optimismus getragenen Globalisierung eine so ernüchternde Diagnose stellte, erscheint aus heutiger Sicht merkwürdig unzeitgemäß. Sind es nicht wir Heutigen, die sich – dreieinhalb Jahrzehnte später –erst so richtig als Zeitgenossen einer neuen Unübersichtlichkeit vorkommen müssen? War die alte Vorläuferversion von Unübersichtlichkeit nicht geradezu harmlos gegen das, womit wir in unserer politisch zusehends fragmentierten Welt aktuell konfrontiert sind? Den Rest des Beitrags lesen »

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Boris Johnson will find there is a price to pay for No 10’s power grab

Posted by hkarner - 18. Februar 2020

Date: 17‑02‑2020

Source: the Observer

Previous experiments with control‑freak premierships have not turned out well

Boris Johnson has spent his career disguising cunning plans as unintended blunders and dressing up stupid errors as machiavellian strokes. So there has been much understandable confusion about whether the defenestration of Sajid Javid was by accident or by design. In the immediate aftermath of his resignation, Number 10 didn’t much object to suggestions that the prime minister engineered the chancellor’s removal by ambushing him with a demand to sack all his special advisers, a demand that the prime minister knew the other man could never accept. This version of events appalled a lot of Tory MPs and generated much finger‑pointing at Dominic Cummings, who I won’t call the prime minister’s Rasputin because he likes the label too much.

It then suited some of Mr Johnson’s friends to spin that it was not a cunning plan at all, but an innocent cockup. Not: ha, we screwed Javid. But: oops, we lost Saj. On this account, the chancellor reacted with more hostility than anticipated when, towards the end of their conversation on the morning of reshuffle day, Mr Johnson asked him to dispense with his closest aides. The prime minister, so this story goes, was genuinely surprised and sad to lose his services. Den Rest des Beitrags lesen »

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Brexit: Britain and EU ‚will rip each other apart‘ in trade talks

Posted by hkarner - 18. Februar 2020

Date: 17‑02‑2020

Source: The Guardian

French foreign minister says it will be hard for UK to strike deal by end of year given differences

Britain and the European Union are going to rip each other apart in talks over a future trade deal, the French foreign minister, Jean‑Yves Le Drian, has predicted, while also holding out hope that UK defence co‑operation with Europe will continue. 

Speaking at the Munich security forum, he added it would be tough for Britain to achieve its aim of a free trade deal by the end of the year given the differences between the two sides. 

Le Drian said: “I think on trade issues and the mechanism for future relations, which we are going to start on, we are going to rip each each other apart.” Den Rest des Beitrags lesen »

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