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Posts Tagged ‘FT’

A grim diagnosis for Western politics

Posted by hkarner - 24. Juni 2017

Date: 22-06-2017
Source: The Economist

Edward Luce believes that the liberal order cannot be fixed without a clear view of what has gone wrong

The Retreat of Western Liberalism. By Edward Luce. Grove Atlantic; 234 pages; $24. Little Brown; £16.99.

FEW doubt that something big happened in Western politics during the past 12 months but nobody is sure what. Turmoil in Washington and London contrasts with centrist stability in Paris and Berlin. Edward Luce, a commentator for the Financial Times in Washington, is well placed to observe the shifts and shocks. “The Retreat of Western Liberalism” offers a brisk, timely survey.

“Fusion”, the longest of just four chapters, describes the successes of economic globalisation, but also the costs borne by the less well-off in rich countries, notably Britain, America and France. Next, “Reaction” attributes the recent “degeneration” of Western politics to slowing economic growth and to the rich taking an undue share of what little growth there is. Den Rest des Beitrags lesen »


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Brexit, Donald Trump and the threat to Europe

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

may-cc2Theresa 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 »

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„Merkel fällt die Führung der westlichen liberalen Welt zu“

Posted by hkarner - 4. Januar 2017

Date: 03-01-2017
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 »

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Italy’s Day of Reckoning Is Coming

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 »

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Financial Times: Merkel hat Aufstieg Erdogans möglich gemacht

Posted by hkarner - 22. Mai 2016

Deutsche Wirtschafts Nachrichten  | 

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.

Merkel ZiegeDer 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 »

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Mass migration into Europe is unstoppable

Posted by hkarner - 13. Januar 2016

Date: 12-01-2016
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 »

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Martin Wolf on The Innovation Slowdown

Posted by hkarner - 30. November 2015

Wolf Innovation

“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.


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BIS breathes new life into calls for rate rises

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 »

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Grim Tidings from Larry Summers — And the Data

Posted by hkarner - 13. Oktober 2015

By on October 9, 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 »

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Do not blame Angela Merkel for the refugees

Posted by hkarner - 1. Oktober 2015

Date: 01-10-2015
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 »

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