Posted by hkarner - 19. Januar 2017
Thanks to R.H.
Britain is courting a president-elect who looks forward to the unravelling of the EU
Philip Stephens, FT, 19/1
London mayor warns EU rivals trying to grab city’s finance jobs
Theresa May’s speech outlined her vision for a post-Brexit ‚Global Britain‘
British prime ministers are prone to spend their last days governing from a bunker. Convinced of their own immortality they dispense with forthright advisers in favour of devoted aides. The passage of time narrows their sight of the world beyond the front door of 10 Downing Street.Theresa May has started out where her predecessors ended up.
Scarcely six months in the job, Mrs May is roundly mistrustful of her senior civil servants. Officials are shut out of decision-making. Unvarnished advice invites histrionics from her political sidekicks. It is not an intelligent way to run a government — never mind one charged with managing the biggest upheaval in the nation’s political and economic life since the end of the second world war.
Mrs May has now set out her plans for a “hard” Brexit — a clean break with the EU that will take Britain out of the single market and the customs union. There can be no half-in, half-out, she said, if Britain wanted to curb EU migration and renounce the jurisdiction of the European Court of Justice. The prime minister had previously dismissed the idea of such a trade-off. She would get a bespoke deal, and Britain, in the tactful phrase of Boris Johnson, the foreign secretary, would have its cake and eat it. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Brexit, Britain, FT, May, Trump | Leave a Comment »
Posted by hkarner - 4. Januar 2017
Source: The Economist
Die „Financial Times“ sieht Angela Merkel als künftige Führerin des freien Westens
„Historischer Moment“: Die „FT“ schreibt Deutschland eine globale Führungsrolle zu und lobt die „bewundernswerte Haltung“ der Kanzlerin. Für das britische Blatt gibt es zudem einen ganz profanen Grund.
In wenigen Wochen blickt die Welt auf Washington: Dann, am 20. Januar, wird Donald Trump als 45. Präsident der Vereinigten Staaten eingeschworen, sein Vorgänger und Demokrat Barack Obama zieht aus dem Weißen Haus aus.
Angesichts des bevorstehenden Machtwechsels sieht die britische „Financial Times“ (“FT“) die deutsche Bundeskanzlerin Angela Merkel in der Pflicht, die Führung der westlichen liberalen Welt von Obama zu übernehmen. Ähnlich hatte sich schon die „New York Times“ kurz nach der Wahl Donald Trumps im November positioniert. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Economist, Europe, FT, Merkel, NYT | Leave a Comment »
Posted by hkarner - 15. Dezember 2016
John Mauldin | Dec 14, 2016
Italy has a new government, and Matteo Renzi is not in charge of it. The former prime minister kept his word and resigned following his constitutional reform plan’s crushing defeat at the polls. Is all now well in that beautiful land?
Not exactly, though we did see a glimmer of hope this week. Unicredit, Italy’s largest bank, announced job cuts and asset sales that may buy it some time. This does not, however, mean the crisis is over. At best, it means the beginning of the crisis is over. We have a long way to go.
Our first OTB selection today begins, “Chronic inability to separate the probable from the desirable has been the tragedy of 2016.” Those fateful words come from Financial Times columnist Wolfgang Münchau, who is normally very calm but now sees wishful thinking about Italy as a major threat. As much as some might wish Italy to remain in the eurozone, Münchau thinks it’s increasingly improbable. Timing is the main question.
A brief sample of his analysis:
One day Italy will be led by a party in favour of withdrawal from the euro. When that happens, euro exit would turn into a self-fulfilling prophecy. There would a run on Italy’s banks and its government’s bonds. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Borghi, ECB, Evans-Pritchard, Finanzkrise, FT, Italexit, Italy, M5S, Mauldin, Münchau, Target | Leave a Comment »
Posted by hkarner - 22. Mai 2016
Deutsche Wirtschafts Nachrichten | Veröffentlicht: 21.05.16 01:10 Uhr
Bundeskanzlerin Angela Merkels Rückendeckung für den türkischen Staatschef Erdoğan ist ausschlaggebend für seinen Aufstieg. Ohne ihre Hilfe, wäre er in der Türkei niemals nahezu allmächtig geworden, so der ehemalige EU-Botschafter in Ankara.
Der Rücktritt des türkischen Premiers Ahmet Davutoğlu hat in der Türkei eine politischen Umbruch eingeleitet. Erdoğans Verlangen nach absoluter Macht verwurzelt sich immer fester, schreibt der ehemalige EU-Botschafter in der Türkei, Marc Pierini, in einem Gastbeitrag der Financial Times. Interessant: Pierini ist auch Mitarbeiter von Carnegie Europe, einem einflussreichen transatlantischen Think Tank. Man kann also aus Pierinis Ausführungen durchaus Rückschlüsse ziehen, was in Washington im Hinblick auf die Rolle Merkels diskutiert wird.
Angela Merkel fungiere seit dem vergangenen Jahr als Rettungsanker des türkischen Staatschefs. Ausschlaggebend dafür sei die Flüchtlings-Krise, die Merkel und die EU dazu gezwungen hat, einen Deal mit der Türkei abzuschließen. Merkel habe Erdoğan innerhalb von sechs Monaten insgesamt drei Mal besucht, was die Wahrnehmung verfestigt, dass sie sich für ihn „entschieden“ habe, so Pierini. Sie habe ihn, um das Flüchtlingsproblem zu lösen, von der Verpflichtung entbunden, Rechtsstaatlichkeit und Meinungsfreiheit zu achten. Dies seien eigentlich unverzichtbare Kriterien für die EU, doch Merkel scheint Erdoğan das Gefühl gegeben zu haben, dass dies ausgerechnet für ihn nicht gelte. Dadurch habe er seine Machtposition im In- und Ausland erheblich ausbauen können. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: DWN, Erdogan, FT, Merkel, Pierini | Leave a Comment »
Posted by hkarner - 13. Januar 2016
Source: FT by Gideon Rachman
Population pressures in Africa and the Middle East will drive immigration far into the future
In the 18th and 19th centuries, Europeans populated the world. Now the world is populating Europe.
Beyond the furore about the impact of the 1m-plus refugees who arrived in Germany in 2015 lie big demographic trends. The current migration crisis is driven by wars in the Middle East. But there are also larger forces at play that will ensure immigration into Europe remains a vexed issue long after the war in Syria is over.
Europe is a wealthy, ageing continent whose population is stagnant. By contrast the populations of Africa, the Middle East and South Asia are younger, poorer and rising fast. At the height of the imperial age, in 1900, European countries represented about 25 per cent of the world’s population. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Europe, FT, Migration | Leave a Comment »
Posted by hkarner - 30. November 2015
“We’re living in an age . . . of really slow and boring technological change compared to what our ancestors managed to generate,” says Martin Wolf, Chief Economics Commentator at the Financial Times. He recently sat down with Editor Gideon Rose to discuss the current slowdown in technological innovation.
Posted in Audios/Videos | Verschlagwortet mit: FT, Innovation, Wolf | Leave a Comment »
Posted by hkarner - 18. Oktober 2015
John Plender, FT, September 15, 2015
In introducing the Bank for International Settlements’ latest quarterly report Claudio Borio, head of the BIS’s Monetary and Economic Department, bemoaned the way financial markets had come to depend on central banks’ every word and deed, thereby complicating any return to more normal interest rates. With the Federal Open Market Committee due to pronounce on the US policy interest rate on Thursday, his point could not have been more timely.
It will also have struck a chord with those investors who are weary of trying to make sense of a world where markets have been systematically rigged by central bankers. There is much, too, that is compelling about the wider BIS view, which asserts that we are addressing the post-crisis economic challenge with yet more of the same — loose monetary policy and more debt — and that monetary policy cannot solve the solvency problem implicit in the debt build-up. But does that critique amount to a strong enough reason to raise rates now? Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: BIS, Discount Rate, FT, QE | Leave a Comment »
Posted by hkarner - 13. Oktober 2015
Larry Summers has a dark view of the global economy. In an opinion piece for the Financial Times, Summers describes the dangers facing the global economy as the highest since 2008 — and he is quite straightforward about the risks he sees ahead:
“The problem of secular stagnation — the inability of the industrial world to grow at satisfactory rates even with very loose monetary policies — is growing worse in the wake of problems in most big emerging markets, starting with China. […] Industrialized economies that are barely running above stall speed can ill-afford a negative global shock. Policymakers badly underestimate the risks of both a return to recession in the west and of a global growth recession. If a recession were to occur, monetary policymakers lack the tools to respond. There is essentially no room left for easing in the industrial world.” Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Finanzkrise, FT, Secular stagnation, Summers | Leave a Comment »
Posted by hkarner - 1. Oktober 2015
Source: The Financial Times
Nationalist rhetoric cannot deliver national solutions — co-operation is what the EU is for
It is all the fault of Angela Merkel. Had the German chancellor not held out a hand of welcome, the refugee tide would have turned. Syrians would have stopped in their tracks on the road from Damascus. Iraqis, Afghans, Eritreans and the rest would have straightened their shoulders and faced up with equanimity to penury and death at home. Obvious, really.
Europe’s response to the refugee crisis has been displacement activity — an unedifying game of hide and seek with, save for one or two, politicians doing most of the hiding. The hundreds of thousands of Syrians fleeing barrel bombs and beheading did not need Ms Merkel’s permission to climb into boats promising a new life. Nor will they be deterred on their long march by the razor wire fences in one, nasty corner of the continent.
The forces driving the biggest movement of people Europe has seen since the 1940s are heedless also of the recriminations ricocheting between European capitals. The bitter argument about how to “share out” 120,000 asylum seekers seems almost perverse when there are a million following close behind. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: FT, Germany, Merkel, Refugee, Trust | Leave a Comment »
Posted by hkarner - 30. September 2015
Source: FT Martin Wolf
Cosmopolitanism is incompatible with our organisation into territorial jurisdictions
I am the child of refugees. My parents came to the UK to escape Hitler. Their arrival saved their lives. More passionate patriots cannot be imagined. It is not surprising that I believe Europe has a moral obligation to protect refugees. But what should one think about immigration more broadly?
Globalisation is not just for goods, services and capital. It is also for people. High-income countries are not only richer, but also less corrupt and more stable, than others. Nothing is less surprising than the desire to emigrate to the west.
Yet little is more contentious. Migration is the touchstone of rightwing populism. Think of Nigel Farage, Marine Le Pen or Donald Trump.
A few argue that gaps in real wages across the world are the biggest of all economic distortions. Movement of people, they say, should be seen as identical to trade; humanity would benefit from the elimination of barriers. The movement of people might be vast and the impact on high-income economies, with only one-seventh of the world’s population, correspondingly huge. But it would maximise wealth. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Europe, FT, Immigration, Wolf | Leave a Comment »