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Ann Pettifor – The Production of Money: How to Break the Power of the Bankers

Posted by hkarner - 18. September 2017

Book Review by David Shirreff

Ann Pettifor has good credentials: she was one of the few economists to spot the coming credit bubble in the developed world before 2007. Most colleagues had thought the financial system was robust enough to absorb the shock of overpriced assets falling to earth.

So we are in good hands when Ms Pettifor, who is director of PRIME (Policy Research in Macroeconomics – a think tank), takes up the building blocks of finance to propose a better and fairer system. The starting point of her reform is an observation that the creation of credit drives the money supply and not the other way round. So central banks and governments will strive in vain to control the money supply and the economy unless they control the creation of credit. That calls for a complete somersault in the way a national financial system is run.

Her goal is to achieve a fairer allocation of credit – creating jobs and building infrastructure, promoting well-being and a better environment, rather than, as happens today, giving financiers a free hand to increase the wealth of speculators and an elite private financial sector. Den Rest des Beitrags lesen »


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What Britain’s Brexit Negotiations Can Learn From Greece

Posted by hkarner - 1. September 2017

Date: 31-08-2017
Source: The Wall Street Journal By Simon Nixon

To succeed with talks, the U.K. needs to prepare public opinion for inevitable trade-offs, costs

Former Greek finance minister Yanis Varoufakis has become an unlikely hero to many in the U.K.

If the Brexit negotiations have got off to a tempestuous start after the summer break, blame Yanis Varoufakis.

It appears that top of the summer reading list for some senior British ministers was the former Greek finance minister’s book “Adults in the Room”—his account of the Greek debt crisis in which he played a starring role in the first half of 2015.

Mr. Varoufakis has become an unlikely hero to many in the U.K.: To those on the left, he is feted as a leader of the global antiausterity resistance; to the euroskeptic right, he is championed as the man who came close to delivering their dream of destroying the euro. Now his book is being trawled at the highest levels of the British government for insights into how to handle Brexit.

For many directly involved in the Greek crisis—not least in Greece itself—this lionizing of Mr. Varoufakis is surreal. They regard his portrayal of plucky Greece bought to its knees by an inflexible Brussels bureaucracy, while supposed allies stood aside terrified of alienating their German paymasters as seriously distorted.

In essence, many claim that what actually happened in Greece is this: a populist government was elected on the basis that it could persuade the rest of the eurozone to write off its debts with no strings attached. When the eurozone rejected this “have-your-cake-and-eat-it” proposal, Mr. Varoufakis engaged in six months of brinkmanship, convinced that the EU would ultimately capitulate to prevent wider damage to the eurozone—until Athens itself capitulated, signing up the deal that was on the table all along, having achieved nothing but to damage its own economy.

There are indeed lessons for the U.K. from the Greek crisis but the risk is that it draws the wrong ones. The government published a series of Brexit position papers this month which Prime Minister Theresa May and Brexit minister David Davis say shows that the U.K.—in contrast to Greece —is coming up with constructive proposals to advance the negotiations. Yet many of these papers are as threadbare as the papers Mr. Varoufakis circulated when similarly seeking to win in the court of public opinion. Den Rest des Beitrags lesen »

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Hillary Clinton Calls Donald Trump a ‘Creep’ in New Book

Posted by hkarner - 24. August 2017

Senior Film and Media Editor @BrentALang, Variety 

August 23, 2017 | 04:56AM PT

Hillary Clinton says her skin crawled as Donald Trump loomed behind her during the second presidential debate. In an excerpt from her new book “What Happened,” the former Democratic Party nominee admits she’s not sure she handled Trump properly.

“Do you stay calm, keep smiling and carry on as if he weren’t repeatedly invading your space? Or do you turn, look him in the eye, and say loudly and clearly, ‘back up you creep. Get away from me. I know you love to intimidate women, but you can’t intimidate me so back up,’” Clinton writes in an excerpt released Wednesday morning on MSNBC’s “Morning Joe.” Den Rest des Beitrags lesen »

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Richard Dawkins Offers Advice for Donald Trump, and Other Wisdom

Posted by hkarner - 16. August 2017

Date: 15-08-2017
Source: Scientific American

The biologist and atheist, whose latest book was released this week, talks about the reliability of science, artificial intelligence, religion and the president

Richard Dawkins, the biologist and author, is complicated. I reached this conclusion in 2005 when I participated in a fellowship for journalists organized by the pro-religion Templeton Foundation. Ten of us spent several weeks at the University of Cambridge listening to 18 scientists and philosophers point out areas where science and religion converge. Alone among the speakers, Dawkins argued, in his usual uncompromising fashion, that science and religion are incompatible. But in his informal interactions with me and other fellows, Dawkins was open-minded and a good listener. Over drinks one evening, a Christian journalist described witnessing an episode of faith healing. Instead of dismissing the story outright, Dawkins pressed for details. He seemed to find the story fascinating. His curiosity, at least for a moment, trumped his skepticism. Den Rest des Beitrags lesen »

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Der «Draghi-Crash» ist nur eine Frage der Zeit

Posted by hkarner - 13. August 2017

Dank an R.B.
Risikoexperte Markus Krall
von Christof Leisinger 5.8.2017, 08:00 Uhr, nzz

Die Stimmung an den Finanzmärkten ist sehr gut. Glaubt man jedoch dem Risikoexperten Markus Krall, so täuscht sie ungemein. Er fürchtet, dass die Strategie der Europäischen Zentralbank zu einer deflationären Krise führen wird.

EZB-Präsident Mario Draghi heizt mit der expansiven Geldpolitik die Stimmung an den Börsen an.

Die Stimmung an den internationalen Finanzmärkten ist erstaunlich gut. Die Kurse an den Börsen laufen von Hoch zu Hoch, die Renditen an den Bondmärkten sind weiterhin vergleichsweise tief und in Europa erholt sich nun auch der Euro. Dafür seien schwindende geopolitische Risiken, ein anziehendes Wirtschaftswachstum und nicht zuletzt die anhaltend expansive Geldpolitik der Zentralbanken verantwortlich, heisst es. Mario Draghi, der Präsident der Europäischen Zentralbank, schreibt sich diese Entwicklung als Erfolg der extremen Krisenpolitik der Institution auf die eigene Fahne.

Markus Krall sieht das völlig anders. Der Unternehmensberater, der Banken und andere Finanzunternehmen seit 25 Jahren im Risikomanagement strategisch unterstützt, hält die Strategie der EZB nicht nur für wirkungslos, sondern sogar für extrem kontraproduktiv. Am Ende werde genau das unvermeidlich, was die EZB vordergründig vermeiden wolle. Er fürchtet, dass die EZB-Politik zu einem deflationären Crash führen wird. Den Rest des Beitrags lesen »

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We Need a Social Economy, Not a Hyper-Financialized Economy

Posted by hkarner - 31. Juli 2017

We all know what a hyper-financialized economy looks like–we live in one:central banks create credit/money out of thin air and distribute it to the already-wealthy, who use the nearly free money to buy back corporate shares, enriching themselves while creating zero jobs. Or they use the central-bank money to outbid mere savers to scoop up income-producing assets: farmland, rental properties, etc.

This asymmetric wealth accumulation and avoidance of risk creates a self-reinforcing feedback loop, as the super-wealthy financiers and corporations use a slice of their income to buy political protection of their income streams, creating cartels and quasi-monopolies that are impervious to competition and meaningful regulation.

The only possible output of a hyper-financialized economy is rapidly increasing wealth and income inequality–precisely what we see now.

What we need is a social economy, an economy that recognizes purposes and values beyond maximizing private gains by any means necessary, which is the sole goal of hyper-financialized economies. Den Rest des Beitrags lesen »

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A summer reading list for Brussels’s bureaucrats

Posted by hkarner - 28. Juli 2017

Date: 27-07-2017
Source: The Economist

The future of Europe in one giant pile of beach reading

“HOW hard it is to escape from places,” Katherine Mansfield, an author from New Zealand, once wrote to a friend. She had a point, but long paid holidays and low-cost airlines do help. To judge by the tumbleweed blowing through the offices and halls of Brussels this week, the wallahs of the European Union have not found fleeing town too much of a wrench.

Recent summers have been marred by crises perfectly timed to ruin officials’ holiday plans. In despair at the turn Europe seemed to be taking, some turned to gloomy tomes by Joseph Roth or Stefan Zweig to explain the atavistic nationalism they feared was taking hold. This year’s vacationers leave town in brighter spirits. Relieved from concerns over the EU’s imminent collapse, many will indulge in chick lit or crime novels, to be devoured and discarded as swiftly as the latest Greek economic forecast. But for those looking to understand the current European moment, Charlemagne offers an alternative reading guide. Den Rest des Beitrags lesen »

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Globalism and Nationalism

Posted by hkarner - 12. Juli 2017

Date: 11-07-2017
Source: Foreign Affairs By Or Rosenboim

Why Interconnectedness Does Not Threaten Sovereignty

Speaking in Washington in April 2016, Republican presidential candidate Donald Trump declared that “we will no longer surrender this country or its people to the false song of globalism.” Trump’s supporters on the American far right, such as the pseudonymous “Virgil,” who writes for the Breitbart website,similarly attack the “old globalist vision” as a “gospel,” a “new kind of religious faith” of “murky international enterprises” seeking to abolish national borders and undermine democracy.

These views caricature globalism as a liberal, capitalist, and anti-democratic alternative to nationalism. This understanding, however, is far from the historical meaning of the term. Indeed, as I explain in my book The Emergence of Globalism, the idea that globalism is fundamentally at odds with national sovereignty is a false and misleading narrative. Den Rest des Beitrags lesen »

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Ein neues Buch darüber, warum die Banken-Buchhaltung unsolide ist und zu Bankenkrisen führt

Posted by hkarner - 6. Juli 2017

Rezension des Buches von Michael Schemmann „Offenbarungseid der Deutschen Bundesbank“: Kritik am Aufsatz der Deutschen Bundesbank über die Rolle von Banken, Nichtbanken und Zentralbanken im Geldschöpfungsprozess, erschienen bei amazon.

Michael Schemmann  ist Bankkaufmann, Betriebswirt, emeritierter Professor für Finanz- und Rechnungswesen,  Wirtschaftsprüfer und Betreiber des  IICPA, eines internationalen Instituts für Wirtschaftsprüfer. In seinem knapp 100 Seiten umfassenden Buch antwortet er auf den Monatsbericht April 2017 der Deutschen Bundesbank.   die von der Bundesbank in diesem Monatsbericht ausführlich dargestellt und verteidigt wird. Die Bundesbank beschreibt in diesem Monatsbericht auf S.18, wie die Banken Geld schöpfen:

„Die Gutschrift des Geldbetrages in Form einer Bankeinlage erscheint in der Bilanz des Kunden X als Forderung an die Bank, die Verpflichtung zur späteren Zurückzahlung des Kredits stellt in gleicher Höhe eine Verbindlichkeit des Kunden X an die Bank dar. Spiegelbildlich zum Kundenkonto erhöhen sich in der Bilanz der Bank X deren Forderungen gegen den Kunden und deren Verbindlichkeiten an den Kunden. Im Ergebnis kommt es beim Kreditnehmer und bei der Bank zu einer sogenannten Bilanzverlängerung, zugleich wurden durch diese Buchungsvorgänge 1000 € Buchgeld (hier auch Giralgeld genannt) geschaffen.“

Schemmann kommentiert diese Geldschöpfungspraxis der Banken aus dem Blickwinkel des internationalen Standards für Rechnungslegung IFRS. Dort ist definiert, welche Voraussetzungen sowohl Vermögenswerte erfüllen müssen, die auf der Aktivseite eines Unternehmens verbucht werden, als auch Verbindlichkeiten, die auf der anderen Seite der Bilanz stehen. Den Rest des Beitrags lesen »

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Doing away with cash: Predicting the future of money

Posted by hkarner - 2. Juli 2017

Date: 29-06-2017
Source: The Economist

A new book argues that mobiles are the future

Before Babylon, Beyond Bitcoin: From Money that We Understand to Money that Understands Us. By David Birch. London Publishing Partnership; 264 pages; £22.50.

PEOPLE use money every day and yet struggle to understand it. The economic experiment known as monetarism—limiting the supply of money in order to control inflation—was abandoned when it became clear it was impossible to establish a precise definition of the money supply. The idea of negative interest rates, introduced by some modern central banks, puzzles those who think that savers should be rewarded for thrift.

“Before Babylon, Beyond Bitcoin” by David Birch, a consultant, offers a broad historical overview on the nature of this essential economic instrument. His underlying thesis is that money has evolved over the ages to suit the needs of society and the economy. Often these changes have occurred because previous forms of money were too inflexible. In the Middle Ages, metal coins were supplemented by bills of exchange to make long-term trade easier. Credit and debit cards have replaced the cumbersome process of clearing cheques.

Money may be about to change again. The author thinks cash will and should dwindle away. The future belongs, not to plastic cards, but to mobile phones. In Kenya, hundreds of businesses, including the leading utilities, accept payments through a mobile-based system known as M-Pesa (pesa means “money” in Kiswahili). More than two-thirds of adults use it. “With payment cards, you could pay retailers. With mobile phones, people can pay each other. And that changes everything,” he writes. Den Rest des Beitrags lesen »

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