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Don’t Bank on Bankruptcy for Banks

Posted by hkarner - 19. Oktober 2017

Mark Roe is a professor at Harvard Law School. He is the author of studies of the impact of politics on corporate organization and corporate governance in the United States and around the world.

As a part of their efforts to roll back the 2010 Dodd-Frank Act, congressional Republicans have approved a measure that would have courts, rather than regulators, oversee megabank bankruptcies. It is now up to the Trump administration to decide if it wants to set the stage for a repeat of the Lehman Brothers collapse in 2008.

CAMBRIDGE – In the next month, the US Treasury Department is expected to decide whether to seek to replace the 2010 Dodd-Frank Act’s regulator-led process for resolving failed mega-banks with a solely court-based mechanism. Such a change would be a mistake of potentially crisis-size proportions. 

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Clear danger: the City and Brexit

Posted by hkarner - 19. Oktober 2017

Date: 18-10-2017

Source: The Economist

Clearing-houses, which ensure a derivatives contract is honoured even if one side goes bust, are an early financial-sector target of Brexit hand-wringing. London’s clearing-houses, of which the largest is LCH, owned by the London Stock Exchange Group, handle 75% of global interest-rate swaps in euros and 97% of those in dollars.

To ensure the euro zone’s post-Brexit financial stability, the European Union proposes either direct supervision over London’s clearing-houses or the forced relocation of euro-denominated trades—which Xavier Rolet, the LSEG’s boss, warned yesterday could cost EU firms €20bn ($23.4bn) a year. Den Rest des Beitrags lesen »

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How China’s Financial Cracks Could Spread

Posted by hkarner - 19. Oktober 2017

Date: 18-10-2017
Source: The Wall Street Journal

If China’s growth falters, the fallout will be felt around the world
China is the world’s second-largest economy, the biggest buyer of nearly all commodities and the biggest exporter.

Can financial turmoil in China play havoc with the rest of the world? It has already happened.

On the first trading day of 2016, China’s central bank sent shockwaves around the world by sharply lowering the value of the yuan. The decline in the currency itself, which came after the bursting of a stock market bubble, was not the biggest concern. Rather it was a sudden loss of confidence in China’s growth story that reverberated around the world. Den Rest des Beitrags lesen »

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How Baidu Plans to Win the Artificial Intelligence Market

Posted by hkarner - 19. Oktober 2017

Date: 18-10-2017
Source: Fortune

LAGUNA BEACH, Calif.—Baidu, the Chinese Internet giant, is betting big on artificial intelligence.

Investors love it—the company’s shares kicked off 2017 trading at $168 and are now at an astounding $270. (And expected to keep climbing past $300.)

Why the sunny outlook? Because AI is widely seen as a market with massive potential—and Baidu, at its heart a research company, has the culture and mindset to succeed, co-founder and CEO Robin Li said at the Wall Street Journal’s D.Live conference in Laguna Beach.

“Every company has its own DNA,” said Li, one of the wealthiest people in China. “Baidu is a technology company.” Den Rest des Beitrags lesen »

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Trump’s America: Anti-Intellectual and Proud of It

Posted by hkarner - 19. Oktober 2017

Date: 18-10-2017
Source: YaleGlobal by Louis René Beres

Donald Trump won the US presidency with less than a majority vote and governs with a level of support that struggles to reach 40 percent. The administration’s ineffective policies reflect a larger society that thrives on “an unrelenting barrage of crude and voyeuristic entertainments, most of which now center on sex, sadism, torture, murder and dreary profanity,” explains author Louis René Beres, professor emeritus of political science and international law at Purdue University. The Trump administration has satisfied a public desire for quick fixes and easy answers while many Americans are markedly less ambitious to dedicate the massive amounts of time, research and hard work required – so often with little guarantee of success – to tackle major global, national, cultural or industrial challenges let alone understand them. Both conservatives and liberals, rich and poor, are deeply unsatisfied with American governance. A solution, according to Beres, is for Americans to resist giving up on improving themselves intellectually as individuals, to embrace reason and to rediscover an appreciation for serious reading, thinking and debate. Otherwise, American society will encounter more inequality, substance abuse, conflict and despair and become „a vast wasteland of irretrievably lost human opportunity.“ – YaleGlobal Den Rest des Beitrags lesen »

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Posted by hkarner - 19. Oktober 2017

FURCHE-Kolumne 226, WilfriedStadler

Mitten in den ökonomischen und geopolitischen Turbulenzen einer Welt, deren politische und wirtschaftliche Machthaber sich immer schwerer dabei tun, einen gemeinsamen Takt zu finden, ging dieser Tage der Wirtschafts-Nobelpreis an den Verhaltens-Ökonomen Richard Thaler. Während die einen begrüßen, dass damit eine vermeintlich unterschätzte Forschungsrichtung endlich vor den Vorhang geholt wird, sehen andere in der Entscheidung für ein Orchideenfach schlichte Realitätsverweigerung. Angesichts eines dramatischen Nachholbedarfs der Wirtschaftswissenschaften in zentralen Fragen – von der digitalen Ökonomie über die wachsende Ungleichheit bis zur überfälligen Suche nach einem global durchsetzbaren Besteuerungssystem von Großunternehmen – erscheint mir diese Kritik berechtigt. Den Rest des Beitrags lesen »

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Ex-Premier Renzi attackiert Notenbankchef

Posted by hkarner - 18. Oktober 2017

Dominik Straub aus Rom, 18. Oktober 2017, 17:51 derstandard.at

Ignazio Visco habe die italienischen Krisenbanken zu lasch kontrolliert

Der Misstrauensantrag gegen Ignazio Visco, der formal keiner war, kam in Form einer Motion des von Ex-Premier Matteo Renzi geführten Partito Democratico: In dem Vorstoß wird die Regierung aufgefordert, an der Spitze der Banca d’Italia, der Zentralbank, eine Person zu installieren, die „geeignet ist, neues Vertrauen in das Institut zu garantieren“. Außerdem solle die Exekutive dafür sorgen, dass die Kontrollfunktion der Zentralbank über das Bankensystem wieder gestärkt werde.

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US-Starökonom: „Die Deutschen brauchen keine Angst zu haben“

Posted by hkarner - 18. Oktober 2017

Interview András Szigetvari18. Oktober 2017, 07:00 derstandard.at

Trotz wachsender Wirtschaft müsse die EZB ihre ultralockere Geldpolitik fortsetzen, sagt Barry Eichengreen

STANDARD: Der Internationale Währungsfonds warnt vor einem Crash am Finanzmarkt. Investoren gehen zu viele Risiken ein, weil sich mit sicheren Investitionen keine Zinsen verdienen lassen. Zentralbanken haben zu dieser Entwicklung mit ihrer lockeren Geldpolitik beigetragen. Ein Fehler?

Eichengreen: Die Zentralbanken haben das getan, was sie tun mussten, um die Wirtschaft zu stabilisieren und die Inflation anzufachen. Wie bei jeder medizinischen Behandlung gibt es Nebenwirkungen. Aber nur deshalb, weil es auf den Finanzmärkten zu Ausschweifungen kommt, dürfen Notenbanken ihre Kernaufgabe nicht aus den Augen verlieren, und diese lautet nun einmal für Preisstabilität zu sorgen. Den Rest des Beitrags lesen »

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The missing link: Technology is revolutionising supply-chain finance

Posted by hkarner - 18. Oktober 2017

Date: 17-10-2017
Source: The Economist

Squeezed suppliers and big corporate buyers stand to benefit

IN 2015 Kiddyum, a small company from Manchester that provides frozen ready-meals for children, won a contract from Sainsbury’s, a big British supermarket chain. Jayne Hynes, the founder, was delighted. But sudden success might have choked Kiddyum’s cashflow. Sainsbury’s pays its suppliers in 60 days; Ms Hynes must pay hers in only 30.

In fact Kiddyum gets its cash within a few days. Once approved by Sainsbury’s, its invoices are loaded onto the supermarket’s supply-chain finance platform, run by PrimeRevenue, an American company. The Royal Bank of Scotland (RBS) picks up the bills, paying Kiddyum early. Kiddyum pays a fee which, Ms Hynes says, is a small fraction of the cost of a normal loan. Sainsbury’s pays RBS when the invoice falls due. Den Rest des Beitrags lesen »

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Intellectual Property for the Twenty-First-Century Economy

Posted by hkarner - 18. Oktober 2017

Joseph E. Stiglitz

Joseph E. Stiglitz, recipient of the Nobel Memorial Prize in Economic Sciences in 2001 and the John Bates Clark Medal in 1979, is University Professor at Columbia University, Co-Chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and Chief Economist of the Roosevelt Institute. A former senior vice president and chief economist of the World Bank and chair of the US president’s Council of Economic Advisers under Bill Clinton, in 2000 he founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. His most recent book is The Euro: How a Common Currency Threatens the Future of Europe.

Dean Baker is Co-Director of the Center for Economic and Policy Research in Washington, DC.

Arjun Jayadev

Arjun Jayadev, Director of the Research Centre at Azim Premji University, is a professor of economics at Azim Premji University and the University of Massachusetts.

Developing countries are increasingly pushing back against the intellectual property regime foisted on them by the advanced economies over the last 30 years. They are right to do so, because what matters is not only the production of knowledge, but also that it is used in ways that put the health and wellbeing of people ahead of corporate profits. Den Rest des Beitrags lesen »

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