Posted by hkarner - 27. Mai 2016
Source: The Economist
Subject: Welcome, up to a point
THE EARLY STAGES of Europe’s refugee crisis produced heartwarming images. Volunteers flocked to Greek islands to help the refugees clambering ashore from their overloaded rubber dinghies. Locals lined the platforms of German railway stations, applauding the migrants as they stepped off the trains. “I’ve never been so proud of my country,” says Kadidja Bedoui of We Do What We Can, a voluntary outfit in Sweden, which at the peak was receiving over 10,000 migrants a week.
But as the people kept coming, more voters started to believe populists who claimed that governments had lost control. The Sweden Democrats, an anti-immigrant party that had gained notoriety with a television spot showing burqa-clad Muslims overtaking a shuffling pensioner in a race for public funds, topped polls. Eventually Sweden’s overwhelmed government slammed on the brakes, erecting border controls and tightening asylum rules. Other European countries saw the chaos in Sweden and Germany as an example of what not to do.
International law obliges governments to help refugees who reach their borders, but domestic politics constrains their room for manoeuvre. Europe presents a double challenge. First, it is a rich region with a commitment to human rights that happens to sit next to two poor, troubled and crowded ones: Africa and the Middle East. Second, it is a (largely) borderless club of geographically concentrated states with widely varying economies, benefit systems and labour markets. Asylum-seekers shop around, leaving some EU countries to bear a far heavier burden than others. That sets governments against one another. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Austria, Canada, Economist, Europe, Germany, Migration, Sweden | Leave a Comment »
Posted by hkarner - 21. Dezember 2015
Source: Die Welt
Nur Schweden und Österreich sind unsere wahren Partner in der Flüchtlingsfrage. Deutschland steht vor den Scherben seiner östlichen EU-Erweiterungspolitik. Hilft ein Europa der zwei Geschwindigkeiten?
„Wir schaffen das“ – es war Karl Lamers (80), Vordenker der CDU und von 1990 bis 2002 ihr außenpolitischer Sprecher im Bundestag, der 2011 in einem Interview Angela Merkel aufforderte, diesen Satz auszusprechen. Auf die Frage, wie er das Vorgehen der Bundeskanzlerin in der Finanzkrise beurteile, antwortete Lamers: „Ich verstehe, wie schwer es ist, Menschen, die von Enge und Angst bestimmt sind, von dem zu überzeugen, was notwendig ist. Aber das Wie ist in der Politik, speziell in der Außenpolitik, so wichtig wie das Was. Und wir brauchen jemand, der den Leuten die Angst nimmt. Der ihnen sagt: Wir schaffen das.“
„Wir schaffen das“, sagte Angela Merkel, um ihren Mitbürgern „Enge und Angst“ zu nehmen, um sie davon zu überzeugen, dass Deutschland sich der Aufnahme von Flüchtlingen nicht verweigern kann, dass es dazu in Zeiten der Globalisierung und der neuen Völkerwanderungen keine Alternative gibt. Der Satz war notwendig, er kam zur rechten Zeit, aber er hatte das falsche, überhebliche Subjekt. Als die Kanzlerin „Wir“ sagte, meinte sie Deutschland, das zu Großem, ja zu „Größtem“ fähig sei – von Europa sprach sie nicht.
Der Ausbruch der deutschen Willkommenskultur stieß in der weiten Welt auf Sympathie – doch auf Antipathie in vielen Ländern der Europäischen Union. Der EU droht heute die Spaltung. Länder in Mittel- und Osteuropa, die ihre Mitgliedschaft in der Union nicht zuletzt dem Engagement der deutschen Außenpolitik zu verdanken haben, lassen die Deutschen im Stich. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Austria, Europe, Germany, Lamers, Merkel, Migration, Sweden, Welt | Leave a Comment »
Posted by stgara - 21. Oktober 2014
Ein spannendes Geschäftsmodell! (Quelle: Wikipedia)
Die JAK Mitgliedsbank (schwedisch: JAK Medlemsbank) ist die erste Bank in Schweden, die für ihre Mitglieder ein zinsloses Banksystem realisiert.
Die Abkürzung JAK steht für die schwedischen Worte Jord, Arbete und Kapital, zu deutsch Land, Arbeit, Kapital. Die Bank wurde 1965 als genossenschaftlicher Spar- und Darlehensverein gegründet und erhielt im Dezember 1997 den offiziellen Status einer Bank.
Nach eigener Aussage besteht die Hauptaufgabe der Genossenschaft darin, Mitgliedern zinslose Spardarlehen bereitzustellen. Im Jahr 2007 hatte die Genossenschaft 33.000 Mitglieder (2005 = 28.000), um die sich 550 örtliche Vertreter und 28 Zweigstellen in ganz Schweden kümmerten. Die Bankeinlagen betrugen 2007 ca. 87 Millionen Euro; die ausgegebenen Darlehen ca. 76 Millionen Euro. Seinen Sitz hat das Institut in Skövde.
Die JAK Bank arbeitet im Prinzip wie eine Bausparkasse, bei der das Geld der Mitglieder zusammengelegt und untereinander verliehen wird. Es werden jedoch keine Guthaben- oder Kreditzinsen gezahlt. Den Rest des Beitrags lesen »
Posted in weitere Artikel | Verschlagwortet mit: Banken, JAK, Sweden | Leave a Comment »
Posted by hkarner - 22. April 2014
Source: Paul Krugman
Three years ago Sweden was widely regarded as a role model in how to deal with a global crisis. The nation’s exports were hit hard by slumping world trade but snapped back; its well-regulated banks rode out the financial storm; its strong social insurance programs supported consumer demand; and unlike much of Europe, it still had its own currency, giving it much-needed flexibility. By mid-2010 output was surging, and unemployment was falling fast. Sweden, declared The Washington Post, was “the rock star of the recovery.”
Then the sadomonetarists moved in.
The story so far: In 2010 Sweden’s economy was doing much better than those of most other advanced countries. But unemployment was still high, and inflation was low. Nonetheless, the Riksbank — Sweden’s equivalent of the Federal Reserve — decided to start raising interest rates.
There was some dissent within the Riksbank over this decision. Lars Svensson, a deputy governor at the time — and a former Princeton colleague of mine — vociferously opposed the rate hikes. Mr. Svensson, one of the world’s leading experts on Japanese-style deflationary traps, warned that raising interest rates in a still-depressed economy put Sweden at risk of a similar outcome. But he found himself isolated, and left the Riksbank in 2013.
Sure enough, Swedish unemployment stopped falling soon after the rate hikes began. Deflation took a little longer, but it eventually arrived. The rock star of the recovery has turned itself into Japan. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Deflation, Finanzkrise, Inflation, Japan, Krugman, NYT, Sadomonetarism, Sweden | Leave a Comment »
Posted by hkarner - 21. Mai 2013
Source: The Economist: Schumpeter
Sweden is leading the world in allowing private companies to run public institutions
SAINT GORAN’S hospital is one of the glories of the Swedish welfare state. It is also a laboratory for applying business principles to the public sector. The hospital is run by a private company, Capio, which in turn is run by a consortium of private-equity funds, including Nordic Capital and Apax Partners. The doctors and nurses are Capio employees, answerable to a boss and a board. Doctors talk enthusiastically about “the Toyota model of production” and “harnessing innovation” to cut costs. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Economist, Europe, Health Care, Sweden | Leave a Comment »
Posted by hkarner - 12. Oktober 2012
Source: The Economist
A bit more unequal, a lot more efficient
SALTSJÖBADEN, A CHARMING seaside town on the outskirts of Stockholm, has an iconic place in Swedish economic history. The “Saltsjöbaden Accord”, signed there between unions and employers in 1938, ushered in the consensus system of labour relations that remains a pillar of Sweden’s economic model. Nowadays the town is famous for a different reason. It is one of Stockholm’s fanciest suburbs, and the setting for “Sunny Side”, a popular television comedy that pokes fun at the country’s new rich. In the show, Saltsjöbaden’s yuppy residents fret over how to get their babies into the best nursery. A badly behaved child is threatened with banishment to Fisksätra, a poor enclave a few train stops away, where immigrants from 100 countries cram into dilapidated blocks of flats.
The most equal country in the world is becoming less so. Sweden’s Gini coefficient for disposable income is now 0.24, still a lot lower than the rich-world average of 0.31 but around 25% higher than it was a generation ago. That rise is causing considerable angst in a nation whose self-image is staunchly egalitarian. A leftist group caused a media hubbub earlier this year by organising a “class safari” bus tour of Saltsjöbaden and Fisksätra. Opposition leaders insist that the ruling centre-right party is turning Sweden into America. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Economist, Europe, Finanzkrise, GINI, Sweden, Welfare States | Leave a Comment »
Posted by hkarner - 7. August 2012
Author: David Smith · August 6th, 2012 · The Sunday Times
Think today about two countries, both in Europe but not in the euro. They should, in theory, be facing very similar circumstances.
But one country, having performed strongly since the worst of the global financial crisis, surprised the markets a few days ago with a 1.4% jump in gross domestic product in the second quarter.
The other, having struggled since the crisis, shocked markets with a 0.7% second quarter GDP fall. In July, one country’s purchasing managers’ index for its manufacturing sector rose from 48.4 to 50.6, while the other’s slumped from 48.4 to 45.4, its lowest for more than three years.
To end the suspense, the first country is Sweden and the second, as you may have guessed, Britain. For Sweden, to quote Abba, it is a case of The Winner Takes It All.
Though Sweden’s latest GDP figures were a surprise, and have resulted in a hurried upward revision of 2012 growth forecasts, they were no flash in the pan.
After slumping 5% in 2009, Sweden’s economy surged 5.8% in 2010 and 4% last year. Britain shrunk a little less in 2009, 4%, but grew only 1.8% in 2010 and 0.8% last year. Leaving aside the vagaries of the data, the maths suggest any growth this year will be difficult. Sweden’s economy is well above pre-crisis levels of GDP, while Britain’s is more than 4% below it. Den Rest des Beitrags lesen »
Posted in weitere Artikel | Verschlagwortet mit: Britain, Europe, Finanzkrise, Smith, Sunday Times, Sweden | Leave a Comment »
Posted by hkarner - 24. März 2012
By John Mauldin | March 23, 2012
and I dare a little more as I grow older.“
– Michel de Montaigne (influential writer of the French Renaissance)
This Friday finds me sleeping later than I planned … in the lounge at the airport in Stockholm, on my way to Paris. To the great applause of readers all over the world this may be the shortest letter in 12 years. I will write here and on the plane and quit when I land so I can be with friends this evening. No time for exhaustive research, so we will march through random topics that caught my attention this week until it is time to hit the send button. In no particular order, let’s jump in.
Sweden, the Socialist Mecca
I was brought to Stockholm to speak for Swedbank. They arranged for me to meet a wide variety of local people, as well as to have dinner with readers. I talked with a number of people who were in positions of authority during the Swedish credit and debt crisis of the early 1990s. And a crisis it was. The currency was under attack, as the fundamentals were negative. This was at the same time that Soros was attacking the British pound. Interest rates had been rising in Sweden, but the financial environment was being loosened. This meant that Swedish businesses and consumers could borrow in foreign currencies that had much lower interest rates, and borrow they did. The central bank made it very clear that they would protect the value of the currency, and everyone believed them. Remember, this is a relatively small country, and basically everyone knows someone who at least knows someone who was involved with the central bank. The central bank was adamant in its belief that it could protect the value of the currency, and it raised rates by 500% in order to do so. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Debt, Default, Europe, Finanzkrise, LTRO, Mauldin, Spain, Sweden, Unemployment | Leave a Comment »
Posted by hkarner - 12. August 2011
http://seg.sharethis.com/getSegment.php?purl=http%3A%2F%2Ffbkfinanzwirtschaft.wordpress.com%2Fwp-admin%2Fpost-new.php&jsref=&rnd=1313049475265<:article id=singlePost>Author: David Nowakowski · August 10th, 2011 · RGE EconoMonitor
There’s some precedent for what the Fed did yesterday, though I agree with their doing more easing I don’t know how much I like pre-commitment when inflation is not very low and has been volatile. The Fed’s efforts to actually stimulate credit in the economy have been limp since the markets have been functioning more normally, and depreciating the exchange rate is something they do indirectly; inflation and price level targeting are favored by Bernanke but would require Tea Party and Ron Paul’s stamp of approval to change their legal mandate. So they are doing somewhat weaker communication/commitment measures (though still somewhat effective, judging by market reaction yesterday – which seems to be in line with what we expected (Monetary Policy to the Rescue: Don’t Expect Miracles) and something like a surprise 25bp cut and shift to easing bias in more normal times (i.e. if we weren’t in a liquidity trap). Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Fed, Interest, RGE Monitor, Sweden | Leave a Comment »
Posted by hkarner - 21. Juni 2011
The case for national sovereignty: By staying out of the euro, the Swedes have steered clear of Greece’s mess. Brussels, take note
They are taking to the streets in Stockholm, but not with demands. Swedes, this month, ask for no more than a spare patch of grass or dockside granite to bask in the midsummer. The country has never really gone in for protest anyway, and right now there’s nothing to protest about. The economy grew at an annual rate of 6.4 percent in the first quarter, after 5.7 percent last year, which was the strongest recovery in the European Union. And Sweden still has its krona.
Though it joined the union in 1995, Sweden never adopted the euro. It still enjoys the advantages of a tariff-free common market. It sends ministers, commissioners, and members of parliament to Brussels and Strasbourg. And right now, Swedes are looking south with relief. While Sweden enjoys monetary independence, Germany—another strong exporter with high-end manufacturing and solid growth—shoulders responsibility for saving Greece and preventing a wider financial collapse among the 16 other countries that use the euro. On June 13, Standard & Poor’s gave Greece the world’s lowest credit rating, while Greece’s debt load reached 143% of gross domestic product, the highest in Europe. Sweden’s krona has joined the Swiss franc as a favored currency for traders looking to profit from Germany’s expansion while avoiding the European debt crisis. „If you are buying the Swedish krona,“ says Nick Parsons, head of markets strategy in London at National Australia Bank, „you are getting European growth without Greek politics.“ Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: BW, Euro, Europe, Finanzkrise, Sweden | Leave a Comment »