Posted by hkarner - 17. Januar 2015
Source: The Wall Street Journal
France and the rest of Western Europe have never honestly confronted the issues raised by Muslim immigration
The terrorist assault on the French satirical magazine Charlie Hebdo on Jan. 7 may have been organized by al Qaeda’s affiliate in Yemen. But the attack, along with another at a Paris kosher market days later, was carried out by French Muslims descended from recent waves of North African and West African immigration. Well before the attacks, which left 17 dead, the French were discussing the possibility that tensions with the country’s own Muslim community were leading France toward some kind of armed confrontation.
Consider Éric Zemmour, a slashing television debater and a gifted polemicist. His history of the collapse of France’s postwar political order, “Le suicide français,” was No. 1 on the best-seller lists for several weeks this fall. “Today, our elites think it’s France that needs to change to suit Islam, and not the other way around,” Mr. Zemmour said on a late-night talk show in October, “and I think that with this system, we’re headed toward civil war.” Den Rest des Beitrags lesen »
Posted in Artikel | Getaggt mit: France, Islam, Muslim, WSJ | Leave a Comment »
Posted by hkarner - 7. Januar 2015
If you want to know where the global experiment in massive money printing is heading—-just take a look at the monetary madhouse in Europe. And that particular phrase has full resonance once again as it becomes more apparent by the hour that Europe and the Euro were not fixed at all. Indeed, beneath the surface of Draghi’s “whatever it takes” time out, the crisis has been metastasizing into ever more virulent deformations.
The coming European monetary crack-up is rooted in the fact that the ECB’s financial repression and ZIRP policies have—like everywhere else—-destroyed honest price discovery in Europe’s massive sovereign debt market. There is no other way to explain the preposterously low 10-year bond yields prevailing this morning for the various and sundry fiscal cripples that comprise the EU-19.
In the wake of Hollande’s two odd years of serial tax, regulatory and fiscal blows to his nation’s economy, for example, why not load-up on some French ten-year bonds at a yield of 0.78%? Yes, the French benchmark bond is now trading in Japanese style basis points, not the whole integers that French state debt has carried since the time of the Black Plague. Indeed, today’s miniscule yield is but a tiny fraction of the rates prevailing in more recent times, including the 3.5% rate at the bottom of the global financial meltdown in late 2008. Den Rest des Beitrags lesen »
Posted in weitere Artikel | Getaggt mit: Euro, Europe, Finanzkrise, France, Italy, Stockman | Leave a Comment »
Posted by hkarner - 2. Dezember 2014
Source: The Wall Street Journal
Countries Say EU Should Take Concrete Steps By the End of Next Year
The letter is an open challenge to new European Commission President Jean-Claude Juncker.
BERLIN—Germany, France and Italy are pressing the European Union to tighten
curbs on tax havens, saying that it should take concrete steps by the end of next year.
A joint letter from the finance ministers of the three leading EU countries to European Economics Commissioner Pierre Moscovici argues that new measures should ensure greater transparency and hinder companies from gaming Europe’s divergent tax laws.
The commission should work to rein in “aggressive tax planning” and “profit shifting” by companies, according to the letter, which calls for stricter rules, more disclosure requirements and better coordination between European states. Den Rest des Beitrags lesen »
Posted in Artikel | Getaggt mit: Euro, France, Germany, Italy, Tax Evasion, Tax Havens, WSJ | Leave a Comment »
Posted by hkarner - 2. Dezember 2014
Source: Project Syndicate
Henrik Enderlein is a professor at the Hertie School of Governance and Director of the Jacques Delors Institute in Berlin.
Jean Pisani-Ferry is a professor at the Hertie School of Governance in Berlin, and currently serves as the French government’s Commissioner-General for Policy Planning. He is a former director of Bruegel, the Brussels-based economic think tank.
PARIS – Europe is falling into a stagnation trap. With growth barely visible, and dangerously low inflation causing real interest rates to rise, the weight of public and private debt has grown very heavy, and many fear that another lost decade is at hand. And, though the threat of eurozone fragmentation has receded, it has not disappeared. Given all of this, Europe is losing relevance internally and externally.
France and Germany – which largely drove European integration for more than six decades – must not resign themselves to this state of affairs. They urgently need a common plan, not mutual recrimination by German supply-siders and French demand-siders. Den Rest des Beitrags lesen »
Posted in Artikel | Getaggt mit: Digital Economy, ECB, Enderlein, Energy, Europe, France, Germany, Pisani-Ferry, Project Syndicate | Leave a Comment »
Posted by hkarner - 12. September 2014
Es steht schlimm um die zweitgrößte Volkswirtschaft der Euro-Zone. Die Arbeitslosigkeit steigt von Monat zu Monat, immer mehr Firmen kollabieren. Schnelle Besserung ist nicht in Sicht,
Posted in Artikel | Getaggt mit: Euro, Finanzkrise, France, Welt | Leave a Comment »
Posted by hkarner - 30. August 2014
In which lottery did he win his Nobel Prize? An unbiased, factual “scientist” (hfk)
Source: Paul Krugman
François Hollande, the president of France since 2012, coulda been a contender. He was elected on a promise to turn away from the austerity policies that killed Europe’s brief, inadequate economic recovery. Since the intellectual justification for these policies was weak and would soon collapse, he could have led a bloc of nations demanding a change of course. But it was not to be. Once in office, Mr. Hollande promptly folded, giving in completely to demands for even more austerity.
Let it not be said, however, that he is entirely spineless. Earlier this week, he took decisive action, but not, alas, on economic policy, although the disastrous consequences of European austerity grow more obvious with each passing month, and even Mario Draghi, the president of the European Central Bank, is calling for a change of course. No, all Mr. Hollande’s force was focused on purging members of his government daring to question his subservience to Berlin and Brussels.
It’s a remarkable spectacle. To fully appreciate it, however, you need to understand two things. First, Europe, as a whole, is in deep trouble. Second, however, within that overall pattern of disaster, France’s performance is much better than you would guess from news reports. France isn’t Greece; it isn’t even Italy. But it is letting itself be bullied as if it were a basket case.
On Europe: Like the United States, the euro area — the 18 countries that use the euro as a common currency — started to recover from the 2008 financial crisis midway through 2009. But after a debt crisis erupted in 2010, some European nations were forced, as a condition for loans, to make harsh spending cuts and raise taxes on working families. Meanwhile, Germany and other creditor countries did nothing to offset the downward pressure, and the European Central Bank, unlike the Federal Reserve or the Bank of England, didn’t take extraordinary measures to boost private spending. As a result, the European recovery stalled in 2011, and has never really resumed. Den Rest des Beitrags lesen »
Posted in Artikel | Getaggt mit: Euro, Finanzkrise, France, Krugman, NYT | Leave a Comment »
Posted by hkarner - 30. August 2014
Source: The Economist
If Germany, France and Italy cannot find a way to refloat Europe’s economy, the euro may yet be doomed
JUST a few months ago the euro zone’s leaders believed that, having weathered the storm, they were set fair at last. Buoyed by the promise of Mario Draghi, the president of the European Central Bank, to do “whatever it takes” to support the currency, confidence had seeped back into the continent. Growth seemed to be returning, albeit at a slow pace. Troubled peripheral countries were recovering, after bail-outs and painful measures to cut budget deficits and improve competitiveness. Unemployment, especially among the young, was still desperately high, but at least in most countries it was falling. And bond spreads had narrowed sharply, as financial markets stopped betting that the euro would fall apart.
It was an illusion. In recent weeks the countries of the euro zone have begun to take in water once again. Their collective GDP stagnated in the second quarter: Italy fell back into outright recession, French GDP was flat and even mighty Germany saw an unexpectedly large fall in output. The third quarter looks pretty unhealthy, partly because the euro zone will suffer an extra drag from Western sanctions on Russia. Meanwhile, inflation has fallen perilously low, to around 0.4%, far below the near-2% target of the European Central Bank, raising fears that the zone as a whole could fall prey to entrenched deflation. German bond yields are hovering below 1%, another harbinger of falling prices. The euro zone stands (or wobbles) in stark contrast with America and Britain, whose economies are enjoying sustained growth. Den Rest des Beitrags lesen »
Posted in Artikel | Getaggt mit: Economist, Euro, Finanzkrise, France, Germany, Growth, Italy, Recession | Leave a Comment »
Posted by hkarner - 19. August 2014
France’s finance minister sends tremors through European capitals with a defiant warning that his country would no longer try to meet deficit targets
Growth slumped to zero in the second quarter, with Germany contracting by 0.2pc and France once again stuck at zero. Italy is already in a triple-dip recession.
Yields on 10-year German Bunds fell below 1pc for the first time in history, beneath levels seen during the most extreme episodes of deflation in the 19th century. French yields also touch record lows. Much of the eurozone is replicating the pattern seen in Japan as it slid into a deflation trap in the late 1990s. Den Rest des Beitrags lesen »
Posted in Artikel | Getaggt mit: austerity, De Grauwe, Evans-Pritchard, France, Recovery, Telegraph | Leave a Comment »
Posted by hkarner - 29. Juli 2014
07/23/2014 05:30 PM
The TV images of the Tour de France show an idyllic country, but behind the gloss is a nation where fears of decline are prompting people to vote for the far right. A trip along the route of the world’s most famous cycling race reveals the deep uncertainty ailing the French.
There is a new word in the French language: La mannschaft. It’s the term used to define everything that is enviable on the opposite bank of the Rhine River — in other words, Germany’s success. It’s a success that is the product of the collective and is free of any of the egocentrics, self-deluded, bling-bling divas and “general director presidents,” as the heads of French companies are called, that can make France so stuffy.
A week ago Monday, on Bastille Day, newspapers across France sighed that it wouldn’t hurt if the country were a bit more like la mannschaft. Instead, unemployment is twice as high as it is in Germany, growth and investments have fallen far and former President Nicolas Sarkozy was recently detained for questioning by police at dawn. La mannschaft is the polar opposite of the other word currently in fashion in France: le malaise. A deep gloom appears to have taken hold in France. A recent survey showed that two-thirds of the French are “pessimistic” about their country’s future.
“Viewed from the outside, France under François Hollande is like Cuba, only without the sun but with the extreme right,” the newsweekly Le Point recently wrote. The country is “impoverished, over-indebted, divided, humbled and humiliated and finds itself in a pre-revolutionary situation in which anything seems possible.”
The only thing missing, it seems is the travel warning, because right at this moment, large numbers of vacationers from the rest of Europe are traveling in the country. Are these vacationers all francophone lemmings on their way to the cliff, blind to anything that doesn’t involve a game of boule or finding a camping spot?
Something is adrift in France. Rarely has the public mood been this miserable and the sullenness as omnipresent as it has been this summer. A president currently resides in Elysée Palace who was mercilessly booed during the July 14th military parade. It doesn’t seem possible for Hollande to get any less popular, and yet his popularity continues to fall from one low to the next. Den Rest des Beitrags lesen »
Posted in Artikel | Getaggt mit: France, Spiegel | Leave a Comment »
Posted by hkarner - 26. Juli 2014
25.07.2014 | 12:21 | (DiePresse.com)
In Frankreich hat sich das Steueraufkommen in den vergangenen drei Jahren um 70 Mrd. Euro erhöht. Die Preise für portugiesische Eigenheime steigen.
Der portugiesische Immobilienmarkt kann dem französischen Präsidenten Francois Hollande dankbar sein, sagt Immobilienmakler Paulo Silva. “Die französischen Steuern haben dazu geführt, dass viele aus dem Land fliehen”, erläutert Silva, der den Immobilienmakler Aguirre Newman leitet, im Interview. “Viele dieser wohlhabenden Franzosen kommen nach Portugal, um von einer Serie von Steuervorteilen zu profitieren, die besser als in andere Ländern sind.”
In Frankreich hat sich das Steueraufkommen in den vergangenen drei Jahren um 70 Mrd. Euro erhöht, während Portugal versucht, mit Steuernachlässen seine Wirtschaft anzukurbeln. Neben Sonne, Sand und Meer hat dies immer mehr Franzosen dazu veranlasst, sich nach einer Immobilie in Portugal umzusehen. Der Zustrom ist so groß, dass die Franzosen mittlerweile die Briten verdrängt haben und Rang eins unter den ausländischen Käufern portugiesischer Immobilien einnehmen.
Franzosen überholen Briten
Sotheby’s International Realty hat diesen Trend bei portugiesischen Luxus-Wohnungen beobachtet, sagt Gustavo Soares, Managing Director für Portugal bei dem Makler. “Die Franzosen waren in den ersten sechs Monaten unsere wichtigsten Kunden, gefolgt von Brasilianern und Briten”, sagt er. Die Steuervorteile Portugals würden eine “überaus wichtige” Rolle dabei spielen, französische Investoren anzulocken, fügte er hinzu. Den Rest des Beitrags lesen »
Posted in Artikel | Getaggt mit: France, Portugal, Presse | Leave a Comment »