Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Galbraith’

Die Weisheit des kontemplativen Lebens – inmitten von Mausefallen

Posted by hkarner - 2. Mai 2017

Gero Jenner, 30. April 2017

Vor kurzem erhielt ich eine Notiz, dass der bekannte Wirtschaftsanalyst Meinhard Miegel sich von der Ökonomie ab- und nun der schöneren Sphäre von Kunst, Kultur und Religion zuwenden würde. Jahre lang hatte Miegel sein Renommee auf Zahlen begründet, die sein Institut, das „IWG Bonn“, und später die „Denkwerkstatt Zukunft“ für ihn errechnete. Da ging es in erster Linie um Demographie und deren Folgen für Renten, Beschäftigung und den Wohlstand. Nun also würde es mit den Zahlen wohl eher zu Ende sein, die haben in Religion und Kunst nichts zu suchen – dort geht es um eine Dimension, die sich nicht quantifizieren lässt.
Ich weiß nicht, ob Meinhard Miegel sich an großen Vorbildern orientierte, als er diesen qualitativen Sprung vollzog. Blaise Pascal wäre da zu nennen, der ein begnadeter Mathematiker war, bevor er sich der Religion zuwandte, und natürlich der große Isaac Newton, der bekanntlich weit mehr Schriften esoterischen Inhalts verfasste als über Mathematik und Physik. Aber auch der Physiker Friedrich von Weizsäcker schrieb schließlich Bücher wie „Der Garten des Menschlichen“ und „Wege in der Gefahr“.

Tischrückende Nobelpreisträger Den Rest des Beitrags lesen »

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The Age of Hyper-Uncertainty

Posted by hkarner - 15. Dezember 2016

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Was It „Plan B“ Or „Plan X“?

Posted by hkarner - 6. Juli 2016

Wednesday, July 6, 2016, Observing GreeceKastner

Prof. James Galbraith, advisor to Yanis Varoufakis while the latter was Finance Minister and close friend of his, has published a book titled „Welcome to the poisoned chalice: the destruction of Greece and the future of Europe„. It is a collection of his writings, interviews and speeches on Greece from 2010 through the summer of 2015.

The media celebrate this as a major revelation of what happened behind the scenes (and top secretly!) in the first half of 2015 when Varoufakis had commissioned a small group of advisors to develop a Plan B (or Plan X, as Varoufakis allegedly called it) for an exit from the Eurozone. In fact, Galbraith had already reported on that a year ago. Some of the key points of the plan were (allegedly):

* declaring state of emergency
* nationalization of the Bank of Greece and selected other banks
* conversion of bank deposits from Euro to New Drachma
* payment of salaries and pensions in IOU’s
* emergency measures to keep public order Den Rest des Beitrags lesen »

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In search of a European Google

Posted by hkarner - 7. Dezember 2015

Date: 06-12-2015
Source: The Guardian

California’s Silicon Valley runs the show when it comes to successful tech companies. So why has the old world failed to produce a thriving digital industry to rival the US?

The idea of a European Google seems very far fetched. Why is that?

Galbraith DavidDavid Galbraith, a partner at venture investment firm Anthemis, has a statistic he likes to quote. “The combined value of the top three internet companies in the Americas – so, basically, in America – is around $0.75tn (£0.5tn). In Asia, it’s around $0.5tn. In Africa, it’s $50bn. And in Europe, it’s just $25bn.”

When I first heard the figure from him, on the hottest day of the year at a conference in the City of London, I was shocked. Galbraith, who helped create both net standard RSS and listings site Yelp in the early 2000s, is not known for exaggeration.

When I press him a few months later, he admits with a shrug that it’s slightly artificial. The figure for Africa includes Naspers, the South African conglomerate which owns 35% of China’s massive net firm Tencent, for instance. And the figures only take into account “pure play” internet firms, so that Apple doesn’t count (because it makes watches, phones and computers) but Google and Facebook do. Den Rest des Beitrags lesen »

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The Bezzle Years

Posted by hkarner - 7. Oktober 2015

Photo of John Kay

John Kay

John Kay, a visiting professor of economics at the London School of Economics, is a fellow at St John’s College, Oxford, the British Academy, and the Royal Society of Edinburgh.

OCT 7, 2015, Project Syndicate

LONDON – More than a half-century ago, John Kenneth Galbraith presented a definitive depiction of the Wall Street Crash of 1929 in a slim, elegantly written volume. Embezzlement, Galbraith observed, has the property that “weeks, months, or years elapse between the commission of the crime and its discovery. This is the period, incidentally, when the embezzler has his gain and the man who has been embezzled feels no loss. There is a net increase in psychic wealth.” Galbraith described that increase in wealth as “the bezzle.”

In a delightful essay, Warren Buffett’s business partner, Charlie Munger, pointed out that the concept can be extended much more widely. This psychic wealth can be created without illegality: mistake or self-delusion is enough. Munger coined the term “febezzle,” or “functionally equivalent bezzle,” to describe the wealth that exists in the interval between the creation and the destruction of the illusion.

From this perspective, the critic who exposes a fake Rembrandt does the world no favor: The owner of the picture suffers a loss, as perhaps do potential viewers, and the owners of genuine Rembrandts gain little. The finance sector did not look kindly on those who pointed out that the New Economy bubble of the late 1990s, or the credit expansion that preceded the 2008 global financial crisis, had created a large febezzle. Den Rest des Beitrags lesen »

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Beware of American econ professors!

Posted by hkarner - 11. August 2015

 SachsKrugman_BBF_2010_Shankbone ccStiglitz
Jeffrey Sachs, Paul Krugman, and Joseph Stiglitz (left to right) |

 

 

 

 

letter from greece

How Krugman, Sachs and Stiglitz led the Greeks astray.

ATHENS — Since Alexis Tsipras made the difficult but responsible choice of arriving at a compromise with Greece’s creditors in mid-July, preventing an outcome that would have led his country out of the euro, a number of revelations have highlighted the radical nature of the proponents of rupture in his inner circle.

In countless public utterances and interviews since his resignation, former finance minister Yanis Varoufakis has spoken of how he urged the prime minister to authorize the issue of a parallel currency, to declare that Athens would default on €3.5 billion in Greek government bonds owed to the ECB on July 20 and to seize control of the Bank of Greece. Such an aggressive move would have led inevitably to the introduction of a new currency. Den Rest des Beitrags lesen »

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The Greek Warrior

Posted by hkarner - 9. August 2015

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Varoufakis bestätigt Hacker-Plan zur Einführung der Drachme

Posted by hkarner - 28. Juli 2015

Deutsche Wirtschafts Nachrichten  | 

Der frühere griechische Finanzminister Yanis Varoufakis wollte die Daten der Steuerverwaltung hacken, um im Notfall eine Parallelwährung in Griechenland einführen zu können. Die Steuerverwaltung untersteht laut Varoufakis nicht der Regierung, sondern der Troika. Diese hatte die Kontrolle über die Steuerverwaltung den Syriza-Vorgängern entzogen, weil diese permanent Einfluss zugunsten ihrer jeweiligen Netzwerke genommen hatten.

yanis-varoufakis-200x200

Griechenlands Ex-Finanzminister Yanis Varoufakis hat Geheimpläne zum Aufbau eines parallelen Zahlungssystems bestätigt und bringt damit Ministerpräsident Alexis Tsipras in Bedrängnis. Varoufakis erklärte, einen Plan ausgearbeitet zu haben, der eine Rückkehr Griechenlands zur Drachme ermöglichen sollte. Es habe sich allerdings um Notfallpläne gehandelt, die nie in Kraft getreten sei. Tsipras wurde von der Opposition dennoch aufgerufen, dazu Stellung zu nehmen und deutlich zu machen, wie weit die Pläne für einen „Grexit“ gediehen waren.

Varoufakis sagte in einer Telefonkonferenz am 16. Juli nach am Montag veröffentlichten Mitschnitten, Tsipras selbst habe im Januar vor seinem Amtsantritt ihm den Auftrag gegeben, einen „Plan B“ zu entwerfen, falls Griechenland von Geldhähnen abgeschnitten werde. Er habe daraufhin ein fünfköpfiges Team unter Führung des US-Volkswirts James Galbraith zusammengestellt, das im Verborgenen arbeiten sollte. Die Idee sei gewesen, jeder Steuernummer ein paralleles Konto zuzuweisen, über das Zahlungen hätten laufen können – zunächst auf Euro lautend, aber per Knopfdruck auf Drachmen umschaltbar. Er selbst habe einen alten Schulfreund, der sich gut mit Computern auskenne, gebeten, ihm bei der Planung zu helfen, die Daten der Steuerverwaltung zu hacken. Den Rest des Beitrags lesen »

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Yanis Varoufakis: Greece’s finance minister is no extremist

Posted by hkarner - 28. Januar 2015

Syriza’s new finance minister is not the socialist firebrand which one might expect

Varoufakis ccGreece’s newly appointed finance minister Yanis Varoufakis

Syriza, a hard left party, that outrightly rejects EU-imposed austerity, has given Greek politics its greatest electoral shake-up in at least 40 years.

You might expect the man who now occupies the role of finance minister to be a radical zealot, who could throw Greece into the fire.

He is not.

Yanis Varoufakis, the man at the core of the coalition Syriza has forged, is obviously a man of the left.

Yet through his career, he has drawn on some of the most passionate advocates of free markets.

While consulting at computer games company Valve, Mr Varoufakis cited nobel-prize winner Friedrich Hayek and classical liberal Adam Smith, in order to bring capitalism to places it had never touched. Den Rest des Beitrags lesen »

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Post-Crash Economics

Posted by hkarner - 20. Juni 2014

Date: 19-06-2014Skidelsky CC
Source: Project Syndicate

ROBERT SKIDELSKY

Robert Skidelsky, Professor Emeritus of Political Economy at Warwick University and a fellow of the British Academy in history and economics, is a member of the British House of Lords. The author of a three-volume biography of John Maynard Keynes, he began his political career in the Labour party, became the Conservative Party’s spokesman for Treasury affairs in the House of Lords, and was eventually forced out of the Conservative Party for his opposition to NATO’s intervention in Kosovo in 1999.

LONDON – In last month’s European Parliament election, euroskeptic and extremist parties won 25% of the popular vote, with the biggest gains chalked up in France, the United Kingdom, and Greece. These results were widely, and correctly, interpreted as showing the degree of disconnect between an arrogant European elite and ordinary citizens.

Less noticed, because less obviously political, are today’s intellectual rumblings, of which French economist Thomas Piketty’s Capital in the Twenty-First Century, a withering indictment of growing inequality, is the latest manifestation. We may be witnessing the beginning of the end of the neoliberal capitalist consensus that has prevailed throughout the West since the 1980s – and that many claim led to the economic disaster of 2008-2009.

Particularly important is the growing discontent of economics students with the university curriculum. Undergraduates’ discontent matters, because economics has long been the West’s political lodestar.

This discontent was born in the “post-autistic economics movement,” which started in Paris in 2000, and spread to the United States, Australia, and New Zealand. Its adherents’ main complaint was that the mainstream economics taught to students had become a branch of mathematics, disconnected from reality. Den Rest des Beitrags lesen »

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