asterisk2a + fiat   41

Banker Leonhard Fischer über selbstzerstörerischen Finanzkapitalismus - SPIEGEL ONLINE
Fischer: Die Globalisierung der Finanzmärkte besteht im Wesentlichen darin, dass die Amerikaner sich in ihrer eigenen Währung verschulden können und den Dollar so in die ganze Welt exportiert haben, um ihr riesiges Leistungsbilanzdefizit zu finanzieren. Ich habe als junger Banker bei J.P. Morgan selbst erlebt, wie die Investmentbanker in Scharen erst nach London flogen, dann nach Tokio und schließlich nach China, um Dollaranleihen für Schuldner aus den USA zu platzieren. Gleichzeitig investierten wir das Geld amerikanischer Fonds weltweit in Unternehmen und Immobilien. Ganz Amerika hat sich wie ein gigantischer Hedgefonds verhalten. So entstand die globale Finanzmarktmaschinerie, die in Wahrheit vor allem eine amerikanische ist.
Bitcoin  Dollar  fiat  currency  GFC  petro  WallStreet  Chomsky  neoliberal  neoliberalism  globalisation  globalization  China  IMF  USA  Empire  Capitalism  exploitation  economic  history  Blyth  Austerity  Chicago  liberalism  trust  oil  OPEC  petrodollar  Fed  bailout  self-regulation  money 
december 2017 by asterisk2a
The Deflation Monster Has Arrived | Zero Hedge
the world’s grand experiment with debt has come to an end. And it’s now unraveling. [...] The next thing is to give money to Main Street. [...] Either way, money will be printed out of thin air and given to you. That’s what’s coming next. Possibly after a failed attempt at demanding negative interest rates from the banks. But coming it is. [...] Once people lose faith in their currency all bets are off. The smart people will be those who take their fresh central bank money and spend it before the next guy.
deflationary  deflation  debt  servitude  credit  bubble  squeezed  middle  class  working  poor  secular  stagnation  UK  USA  Europe  western  world  Precariat  precarious  work  household  debt  Richard  Koo  GFC  China  recovery  property  bubble  subprime  economic  history  neoliberalism  neoliberal  Wall  Street  shareholder  value  profit  maximisation  capitalism  crony  capitalism  exploitation  Super  Cycle  consumer  debt  credit  card  debt  car  loan  student  loan  debt  debtoverhang  NPL  sovereign  debt  crisis  private  debt  debt  monetisation  debt  monetization  ZIRP  NIRP  QE  bank  bailout  distortion  capital  allocation  asset  allocation  speculative  bubbles  financial  repression  2016  2015  fiscal  policy  monetary  policy  fiat  money  fiat  currency  trust  distrust  trustagent 
january 2016 by asterisk2a
Jim Grant: The Fed Turned the Stock Market Into a 'Hall of Mirrors' - YouTube
- bull market in equities not reflective of real fundamentals on the side of the consumer (aggregate demand, marginal propensity to consume). can not pick up the tab. inequality also does not help.
equity  bubble  frothy  distortion  USA  Fed  ZIRP  NIRP  QE  credit  bubble  BRIC  BOE  ECB  excess  reserves  correction  2015  BOJ  reflate  reflation  Abenomics  hunt  for  yield  recovery  GFC  Taper  FOMO  asset  allocation  capital  allocation  behavioral  finance  behavioral  economics  fiscal  policy  austerity  western  world  developed  world  secular  stagnation  disposable  income  income  distribution  income  growth  low  income  income  gap  consumer  confidence  business  confidence  business  investment  underinvestment  hot-money  speculative  bubbles  speculative  speculation  currency-war  currency  debasement  currency  war  property  bubble  Richard  Koo  monetary  stimulus  monetary  policy  fiat  currency  monetary  transmission  mechanism  liquidity  trap  Pact  Schuldenbremse  Europe  UK  Japan  Germany  marginal  propensity  to  consume  consumer  debt  household  debt  job  creation  job  security  working  poor  inequality  Gini  coefficient  Sozialer  Abstieg  squeezed  middle  class  precarious  work  wage  growth  wage  stagnation  income  inequality  income  mobility  Super  Rich  1%  bank  bailout  banking  crisis  sovereign  debt  crisis  Polarisation  Career  Politicians  dogma  ideology  crony  capitalism 
september 2015 by asterisk2a
Raghuram Rajan - One-on-One: an investigative interview - 44th St. Gallen Symposium - YouTube
Relying too much on the wrong instrument, monetary policy, unconventional QE2 & 3 >> little domestic positive impact but spilled over much across the world! // consequences now seen (1) taper tantrum late 2014 & then summer 2015; china slow-down/equity crash & taper anticipation moves followed up by pulling money out of emerging/developing markets! financial market are divergent from domestic business market. cycles shifted apart slightly. investor, business, financial market & consumer confidence are not linked as tightly before! // financial markets are now global, business markets itself not as much! money can be pulled out digitally in an instance. // no net-positive 4 whole world. selfishness. long-run danger. unintended consequences, unknown unknowns. // global sub-optimal monetary policy // global system (monetary system) broke // uncertainty, unknown of taper. timing debate. game of chicken. volatility bc of lots of froth, distortion! // &!
Raghuram  Rajan  BIS  centralbanks  hot-money  currency-war  currency  debasement  currency  war  GFC  recovery  monetary  policy  QE  ZIRP  NIRP  excess  reserves  speculative  bubbles  reflate  reflation  economic  history  faultlines  credit  bubble  BRIC  2015  emerging  market  Developing  World  western  secular  stagnation  BOJ  Abenomics  PBOC  globalization  globalisation  financial  market  zombie  banks  savings  glut  business  confidence  business  investment  USA  UK  Europe  China  asset  bubble  asset  allocation  FOMO  hunt  for  yield  speculative  speculation  Super  Rich  1%  property  bubble  unconventional  monetary  policy  Fed  BOE  ECB  inflation  expectation  inflation  targeting  Fed  mandate  deflationary  deflation  fiscal  policy  irrational  exuberance  panic  hubris  unknown  unkown  unintended  consequences  Taper  book  structural  imbalance  Impediments  reserve  currency  fiat  currency  current  account  deficit  trade  deficit  structural  deficit  fiscal  deficit  fiscal  stimulus  Germany  austerity  dogma  ideology  credibility  Career  Politicians  Pact  Schuldenbremse  monetary  transmission  mechanism  monetary  stimulus  monetary  theory  monetary  system  complexity  incomplete  information  shadow  banking  uncertainty  volatility  distortion  financial  repression  governance 
september 2015 by asterisk2a
Richard Duncan: The Real Risk Of A Coming Multi-Decade Global Depression - YouTube
50 year long debt super cycle & credit bubble up-held. Put. // hasnt created inflation because of Globalisation = deflationary! [3bn ppl living on $2/day] Collapse of marginal cost of labour, offsetting inflation pressure of QE/NIRP/credit creation last decades. // Will eventually haunt people back once globalisation has run its way in ~100-75 years & the world is actually flat. energy cost 0, marginal cost 0, economics of abundance. // // min 23 AND because of this deflationary pressure of globalisation, excess capacity, etc lead to wage stagnation & or pressure to work 4 less (Contractor, Werkvertrag, Zeitarbeit, self-employment, Zero Hour Contract, outsourcing) and longer, in western world. Leads inevitably 2 being pushed into recession & avoiding that authorities always pushed button 4 more credit. Credit growth prevented western world not 2 be pushed into recession in last decades. 2010 Private Sector cant drive recovery! Massive Gov stimulus needed +10 years, not austerity!
debt  bubble  Super  Cycle  Greenspan-Put  Ben  Bernanke  fiat  currency  debt  monetisation  debt  monetization  deflationary  deflation  secular  stagnation  Abenomics  globalization  globalisation  Fed  centralbanks  BIS  economic  history  QE  ZIRP  NIRP  GFC  recovery  western  world  technological  progress  commodity  business  commoditization  economics  of  abundance  marginal  cost  Janet  Yellen  benbernanke  ECB  BOE  BOJ  monetary  policy  Zero  Hour  Contract  neoliberalism  neoliberal  Contractor  Zeitarbeit  Werkvertrag  self-employment  freelancing  freelance  wage  stagnation  wage  growth  disposable  income  discretionary  spending  outsourcing  flat  world  credit  bubble  debt  servitude  consumer  debt  student  loan  debt  debtoverhang  sovereign  debt  crisis  student  debt  household  debt  private  debt  fiscal  policy  austerity  Richard  Koo  Mark  Blyth  Joseph  Stiglitz  Robert  Reich  productive  investment  underinvestment  infrastructure  investment  Paul  Krugman  shared  economic  interest  Industrial  Revolution  2.0  Smart  Grid  STEM  education  policy  value  creation  added  value  Manufacturing  3D  printing  energy  price  energy  policy  competitive  competition  competitiveness  competitive  advantage  R&D  Research  Public  Partnership  world  fiscal  d 
september 2015 by asterisk2a
Steen Jakobsen: Get Ready For The Biggest Margin Call In History - YouTube
ideology/Career Politicians/Complacency/Cushy/non-ambitious/AIIB/comfortable //&! March 2015, SELL & come back in 6 months - //&! &! Outrageous predictions for 2015 were: China devalues yuan 20% [joining others in global struggle to import inflation] &! Corporate high yield market spreads double (higher refinancing cost, which zombie corporations do actually have no pants on as tide goes out) "High yield is a derivative of equity markets. If you believe equities are overvalued, so too is high yield," &! UK house prices crash (foreign hot money, speculative + shortage + Summer 2015 Crash + BOE Taper in 2015/16 = back to reality!) &! Russia defaults again // &! Fed Taper is a "margin call," [need 2 normalize despite its mandate/fundamentals not warranting a hike!] [...] a seven-year bull run 4 equities might be coming to an end [...] the rise (not value) of RMB/Yuan as it becomes free floating out of need] -
Abenomics  Yen  Yuan  RMB  devaluation  currency-war  fiat  currency  currency  debasement  currency  war  deflationary  deflation  credit  bubble  PBOC  China  credit  cycle  business  cycle  financial  cycle  financial  crisis  leverage  margin  trading  underinvestment  productive  investment  business  investment  public  investment  personal  investment  infrastructure  investment  rebalancing  structural  imbalance  Impediments  infrastructure  Career  Politicians  short-term  Fortune  500  shareholder  value  profit  maximisation  Wall  Street  ROI  STEM  Research  R&D  business  confidence  consumer  confidence  New  Normal  hunt  for  yield  output  gap  productivity  Software  Is  Eating  The  World  Robotics  3D  printing  Steen  Jakobsen  financial  incentive  secular  stagnation  Manufacturing  Industrial  Revolution  2.0  policy  AIIB  Asia  European  Union  share  buyback  2015  equity  bubble  speculative  bubbles  bond  bubble  property  bubble  asset  bubble  asset  allocation  distortion  demographic  bubble  ageing  population  western  developed  liquidity  trap  UK  USA  Europe  BOE  Fed  BOJ  ECB  bank  bailout  toobigtofail  too  big  to  jail  too  big  to  bail  banking  crisis  sovereign  debt  crisis  austerity  ideology  dogma  economic  history  trickle-down  economics  neoliberalism  neoliberal 
august 2015 by asterisk2a
The Draghi Put - YouTube
Draghi Put &! // &! // &! Mark Blyth Mackenzie Lecture 2015 – Austerity and the Politics of Money - --- u cant make them lend (banks) 2 businesses (productive investment, closing productivity & output gap) particularly in a deflationary world with secular stagnation tendencies/signs, with non-existent inflation expectations! liquidity trap! dont get into higher growth path/gear! and infrastructure bonds (= Eurobond) on EU level wont help very much. !New Normal is lower yield avg across assets (public) & economic growth average p/a of abt 1.2-1.4% Add demographic bubble/ageing population = less consumerism, less disposable income/discretionary spending on aggregate, Piketty (book) removed technology as growth multiplier in some chapters & then you really come to <2% p/a long-run growth predictions for EU/western world. <2% growth p/a at >90% debt2gdp u have a problem! == Rechtsruck &or Anti-Austerity. Political tail-risk!
Draghi  Put  ECB  ELA  TLTRO  LTRO  QE  ZIRP  NIRP  liquidity  trap  distortion  bond  bubble  asset  bubble  equity  bubble  reflate  reflation  financial  repression  asset  allocation  speculative  bubbles  deflationary  deflation  inflation  expectation  inflation  targeting  MarioDraghi  monetary  transmission  mechanism  M3  monetary  policy  monetary  stimulus  monetary  theory  hot-money  hunt  for  yield  debt  monetisation  debt  monetization  trust  devaluation  currency  debasement  currency-war  fiat  currency  trustagent  distrust  Richard  Koo  fiscal  stimulus  austerity  fiscal  policy  balance  sheet  recession  deleveraging  debt  servitude  Super  Cycle  Mark  Blyth  inequality  New  Normal  economic  history  underinvestment  productive  investment  infrastructure  investment  output  gap  productivity  UK  Europe  Germany  PIIGSFB  zombie  banks  Thomas  Piketty  demographic  bubble  ageing  population  economic  growth  Rechtsruck  SNP  European  Election  2014  UKIP  AfD  NPD  Conservative  Party  Tories  Establishment  Privileged  babyboomers  Lügenpresse  manufactured  consent  PR  spin  doctor  propaganda  populism  Labour  Party  Career  Politicians  No  Representation  social  contract  Generationengerechtigkeit  fairness  poverty  Gini  poverty  policy  coef 
august 2015 by asterisk2a
Alternatives Management: Vertrauen als Ressource für Unternehmen - SPIEGEL ONLINE
Oft werben diejenigen am meisten darum, die unter Vertrauensverlust leiden. Denn tatsachlich sinkt das Vertrauen in die Wirtschaft und das Misstrauen steigt. Das ist das Ergebnis nahezu aller Studien zum Thema Verbrauchervertrauen // &! - Twitter just made it more difficult to hold politicians accountable // Same with the Conservative Party deleting all their speeches and documents after they won majority in election and partnered up with libdems - &! // Auch Geld funktioniert nur dank Vertrauen [...] Der Systemtheoretiker Niklas Luhmann beschrieb Vertrauen daher auch als "Mechanismus zur Reduktion sozialer Komplexität". Ständiges Misstrauen dagegen mache unser Zusammenleben deutlich schwieriger, sagt Martin Schweer. [...] Schnell zeigte sich: Hatte der eine das Geschäft fair und zum gegenseitigen Vorteil abgewickelt, erhöhte der andere in der nächsten Runde seinen Einsatz. // &! - Does honesty matter ...
bank  bailout  GFC  Career  Politicians  Congress  No  Representation  social  contract  transparency  accountability  crony  capitalism  capitalism  post-capitalism  Buffer  Wall  Street  shared  economic  interest  profit  maximisation  shareholder  value  banking  crisis  trust  distrust  trustagent  Start-Up  advice  Start-Up  lesson  Conservative  Party  DWP  David  Cameron  George  Osborne  spin  doctor  PR  public  relations  neoliberalism  neoliberal  algorithm  Page  Rank  monopoly  monopsony  oligopoly  oligopol  Iain  Duncan  Smith  Open  Data  Open  Source  NSA  GCHQ  Secret  Courts  Surveillance-Industrial  Complex  surveillance  state  Orwellian  military–industrial  Pentagon  WMD  False  Flag  FISA  Court  FISAAA  public  record  public  interest  Misstrauen  Lügenpresse  Freedom  of  Information  Act  BND  Angela  Merkel  GroKo  Eurogroup  election  campaign  promises  Internet  Google  Cache  political  theory  governance  corporate  governance  fiat  currency  inequality  Gini  coefficient  fairness  Generationengerechtigkeit  Gerechtigkeit  Justice  System  Jim  Crow  voter  turnout  apathy  indifference  TOS  EULA  win-win  partnerships  cooperation  Google  Data  of  of  public  of  public 
august 2015 by asterisk2a
The Renminbi Rumba | FT Markets - YouTube
ppl surprised because western market was complacent. should have seen it on the horizon that it was a matter of time! // further competitive QE from Japan (new round of Abenomics post Q2'15 -0.4% results and Chinas three round of devaluations) will infuriate Asian neighbours. // commentary - - tl;dr - its a correction (with some overshoot in less liquid market and emerging market (currencies)), market participants won't go yet on sidelines. &! - At the very least, we have been long overdue for a simple 10 percent correction. And while the economic data has been on the mixed side, we don’t see the usual indicators of recession, at least in the U.S.
Yuan  RMB  China  devaluation  2015  Dollar  Taper  Fed  BOE  PBOC  monetary  policy  IMF  SDR  liberal  economic  reform  Asia  emerging  market  Developing  World  Frontier  Markets  Abenomics  QE  currency  war  currency  debasement  fiat  currency  Yen  economic  history 
august 2015 by asterisk2a
Bank of England: Bitcoin is "Harder Money" than Gold Due to Deflation – Bitcoin Magazine
During a presentation on digital currencies entitled “Old Money, New Money,” Andy Haldane, Chief Economist & the Executive Director of Monetary Analysis and Statistics of the Bank of England and his team stated that “Digital currencies are ‘harder money’ than a gold standard” because “sustained adoption [of bitcoin] would see ongoing deflation.” [...] 2 million UK adults do not have bank accounts and 2.5 billion people in the world have no access to financial services, said Haldane. However, given the estimate that 80% of the world’s population will own a smartphone within 5 years, Haldane believes that many could turn toward digital currency to store their savings. // &! - Enabling New Internet Applications (no transaction minimum, no transaction fee) // &! W3C toEstablish Online Payment Standards - - Internet pioneers such as Ted Nelson, Marc Andreessen & Berners-Lee himself thought that the Internet should have a built-in framework for micropayments.
Bitcoin  deflationary  deflation  fiat  currency  fiat  money  monetary  policy  Gold  Standard  economic  history  FinTech  underbanked  emerging  market  Developing  World  W3C  micropayment  micropayments  payment  payment-system  payments  PayPal  Braintree  Stripe  Amazon  Google  Google  Wallet  creditcard  oligopoly  oligopol  banking  crisis  banking  fractional  reserve  banking  financial  market  barriers  to  entry  cost  of  entry 
august 2015 by asterisk2a
David Stockman: Central Banks Setting Up World for Bad Time - YouTube
"monetary madness" - repeat phrase of we aim for 2% inflation, that is why we do it. // BIS warned recently in its yearly paper - that Central Banks are unable to combat any global crisis flare-up that is more likely to be worse than GFC ... could be China of all things. // 2000 bust was fought with fed easing and throwing money at it, and GFC too. Next crisis - throwing money at it and easing will not be possible. // &! Deflation Comes First, Then Inflation - Mike Maloney - // &! "One Bet, that is Big Enough, (that maybe was even conventional wisdom that it is save and THE BET) when wrong, does put you in a deep deep hole - --- Nassim Taleb. There are lots of candidates/things that could blow up in peoples faces. &! Nouriel Roubini: Deflation Needs Monetary, Fiscal Policy -
BIS  deflationary  deflation  financial  repression  BOE  Fed  ECB  BOJ  ZIRP  NIRP  QE  Abenomics  monetary  policy  unconventional  monetary  policy  monetary  system  monetary  stimulus  monetary  theory  modern  monetary  theory  debt  monetisation  debt  monetization  inflation  expectation  inflation  currency  war  unknown  unkown  unintended  consequences  GFC  recovery  secular  stagnation  austerity  fiscal  policy  fiscal  stimulus  economic  history  IMF  currency  debasement  inflation  targeting  disinflation  hyperinflation  dis-inflation  deleveraging  leverage  balance  sheet  recession  debtoverhang  debt  bubble  Super  Cycle  fiat  money  trust  trustagent  Nassim  Taleb  Black  Swan  Greece 
july 2015 by asterisk2a
Bargeld: Peter Bofinger will Münzen und Scheine abschaffen - SPIEGEL ONLINE // Geld hat exakt drei Funktionen - juristisch wie ökonomisch. Es ist Zahlungsmittel, Zahlungseinheit und ein Mittel zur Wertaufbewahrung. Bei den ersten zwei Funktionen gibt es keinen Unterschied zwischen Bargeld und E-Geld, zumindest keinen prinzipiellen. Ob Sie mit E-Karte bezahlen oder mit Euroscheinen: Ihr Zahlungsmittel ist akzeptiert und die Einheit ist immer der Euro. Wer also von geprägter Freiheit spricht, kann logischerweise nur die dritte Funktion des Geldes meinen, die Wertaufbewahrung. [...] Scheine sind kein Geld, nur ein Versprechen [trust & confidence] // would allow to tax bank and asset accounts in a deposit haircut move like in Cyprus, would be easier to monitor ie spending (anonymized and aggregated) and cash outflows/capital flight &!
fiscal  policy  cash  Bargeld  society  economic  history  deposit  haircut  fiat  currency  fiat  money  trustagent  trust  confidence  currency  debasement  Debt  Super  Cycle  monetisation  monetization  ECB  centralbanks  cyber  war  cyber  crime  cyber  security  IT 
may 2015 by asterisk2a
Another economic crash is coming. How did this happen? – video | Comment is free | The Guardian
David Cameron says a second financial crash is imminent. If he's right, it's because the government bailed out the wrong industry, argues Renegade Economist host Ross Ashcroft. He says the last recession was brought on by too much debt. Today private debt is at the greatest level in recorded human history. By ignoring this and instead focusing on the banks, we are heading for economic armageddon. &! &! &! Global debts rise $57tn since crash - &! &! &! The Dirty Little Debt Secret - "Richard Vague - author of The Next Economic Disaster - about his insights into private debt and why this seems to be forbidden knowledge."
debt  bubble  bond  bubble  sovereign  debt  crisis  debt  monetization  private  debt  Super  Cycle  consumer  debt  debt  jubilee  debt  restructuring  debt  monetisation  household  debt  debtoverhang  public  debt  GFC  ZIRP  NIRP  hunt  for  yield  monetary  transmission  mechanism  liquidity  trap  Bailout  TBTF  toobigtofail  too  big  to  jail  fiat  currency  trust  trustagent  confidence  haircut  OECD  lost  decade  lost  generation  Abenomics  QE  Japan  western  world  UK  USA  book 
february 2015 by asterisk2a
Finanzsystem: "Dieser Crash wird in die Geschichte eingehen" - YouTube
>> nichts substanzielles geaendert nach 2008. // min 10 Muendiger Anleger, ZIRP and NIRP >> Papierwerte nichts mehr wert. &! Bildung! Investment in Bildung. &! Staatliche Rente, Private Rente, Betriebliche Rente. Rister und Ruerup Rente nichts wert. &! Germany - Altersarmut und Niedriglohnsektor &! Altersversorge ist eine wette auf die Zeit ... was hat in 30-40 jahre noch wert? Stabil und ueberschaubare risiken nur in Sachwerten (nicht Papier). &! Exportweltmeister - zeit ist limited. Deutschlands 'aufschwung' wird auch in ein paar jahren wieder vorbei sein. &! Endspiel. 2008 war das einlaeuten ... Systemkriese! &! Werte - Geld macht nicht Gluecklich. 15% Rendite auch nicht. - Menschlichkeit - Wir - muss wieder zurueckkehren. In das Grab kannst du nichts hinterlassen. Geld arbeitet nicht, Menschen arbeiten! Wandel kommt nicht von oben, von der elite, ... kommt von der Mitte der Gesellschaft. &! ungedeckte Geldsysteme. &!
GFC  book  lost  decade  lost  generation  Debt  Super  Cycle  jubilee  economic  history  fiat  currency  trust  confidence  Bailout  TBTF  too  big  to  jail  ZIRP  NIRP  continual  education  Future  of  Work  Mobile  Creative  Mobile  Creatives  hunt  for  yield  Altersarmut  Niedriglohn  Niedriglohnsektor  sovereign  crisis  fiscal  sovereignty  social  safety  net  Soziale  Marktwirtschaft  Universal  Basic  Income  squeezed  middle  class  middle  class  sustainability  sustainable  equity  bubble  bubble  bond  bubble  property  bubble  monetary  union  monetary  system  monetary  policy  monetary  theory  European  European  European  Election  2014  No  Representation  Career  Politicians  status  quo  Lobbying  lobbyist  lobby  stakeholder  interest  groups 
february 2015 by asterisk2a
BBC News - ECB unveils massive QE boost for eurozone
The European Central Bank (ECB) says it will inject at least €1.1 trillion into the ailing eurozone economy. The ECB will buy bonds worth €60bn per month until the end of September 2016 and possibly longer, in what is known as quantitative easing (QE). The ECB has also said eurozone interest rates are being held at the record low of 0.05%, where they have been since September 2014. ECB president Mario Draghi said the programme would begin in March. The eurozone is flagging and the ECB is seeking ways to stimulate spending. Mr Draghi said the programme would be conducted "until we see a sustained adjustment in the path of inflation", which the ECB has pledged to maintain at close to 2%. + &! &! &!
ECB  QE  unconventional  monetary  policy  monetary  policy  deflation  deflationary  recovery  Europe  debt  monetization  debt  monetisation  GFC  deleveraging  Structural  Impediments  imbalance  debtoverhang  balance  sheet  recession  liquidity  trap  sovereign  debt  crisis  Grexit  consumer  debt  private  debt  Super  Cycle  debt  bubble  household  debt  debt  restructuring  haircut  public  debt  zombie  banks  monetary  transmission  mechanism  fiat  currency  fiat  money  monetary  stimulus  monetary  theory  monetary  system  Japan  economic  history  global  economy  2015  faultlines  PIGS  output  gap  productivity  Euro  currency  war  NIRP  ZIRP  hunt  for  yield  unintended  consequences  exit  strategy  MarioDraghi  Wall  Street 
january 2015 by asterisk2a
Warum wir weiter Bargeld brauchen - Münchau zu Rogoff-Vorstoß - SPIEGEL ONLINE
Ich glaube nicht, dass es möglich ist, die Inflationsziele nach Belieben hin- und herzuschieben. Wir sehen doch gerade die Schwierigkeiten, die die Europäische Zentralbank (EZB) damit hat, ihr gegenwärtiges Inflationsziel von knapp zwei Prozent zu erreichen. Wenn man Inflationsziele beliebig verschiebt, verlieren sie schnell an Glaubwürdigkeit. Die Menschen würden zu Recht vermuten, dass man die Ziele bald wieder verändert, wenn es kommod ist. Anstatt zu versuchen, die Inflationsziele zu verändern oder das Bargeld abzuschaffen, sollten wir unsere existierenden Probleme ernster nehmen. Die EZB hätte viel früher und viel energischer mit der geldpolitischen Lockerung anfangen müssen. Heute stellt sich die vordringliche Frage, wie wir ein Abdriften in japanische Verhältnisse vermeiden. Wir sollten uns von diesen wichtigen Themen nicht durch störende Scheindebatten ablenken lassen. Die Abschaffung des Bargeldes wird unsere Probleme nicht lösen.
fiat  currency  inflation  targeting  deflation  deflationary  Europe  economic  history  ECB  MarioDraghi  fiscal  policy  monetary  policy  QE  ZIRP  NIRP  OMT  zombie  banks  business  confidence  Japan  lost  decade  lost  generation  LTRO  TLTRO  Structural  Impediments  PIGS  Angela  Merkel  Pact  Schuldenbremse  France  Sick  man  of  Europe  imbalance  faultlines  infrastructure  investment  business  investment  Demand  and  Supply  China  Russia  BRIC  Frontier  Markets  Exportweltmeister  GFC  recovery  liquidity  trap  Richard  Koo  KennethRogoff  balance  sheet  recession  deleveraging  debtoverhang  Debt  Super  Cycle  Wall  Street  asset  bubble  speculative  bubbles  hunt  for  yield  crony  capitalism  Lohnzurückhaltung  consumer  confidence  profit  maximisation  Future  of  Work  Software  Is  Eating  The  World  culture  society  business  Politics  short-term  thinking  short-term  view  compromise  Career  Politicians  Lobbying  lobbyist  lobby  flat  globalisation  globalization 
november 2014 by asterisk2a
Anleihekäufe führen nicht zu Inflation: Kolumne von Wolfgang Münchau - SPIEGEL ONLINE
Wenn Sie sich jetzt die Anleihenkäufe der englischen oder der japanischen Zentralbank anschauen, dann ist genau das passiert, was ich gerade beschrieben habe. In beiden Fällen wurde die Geldbasis massiv erhöht. Die Geldmenge bewegte sich nicht. Warum kaufen Zentralbanken die Wertpapiere dann überhaupt? Sie hoffen auf indirekte Effekte, die am Ende einer langen Kette vielleicht doch auf die Geldmenge wirken. [...] Nur leider hat das in Japan zwei Jahrzehnte lang nicht funktioniert. Und bei uns bislang auch nicht. Dafür gibt es verschiedene Gründe: [...] [... overarching trend; a flattening of the curves (of disparity) across the world concerning economic ?pillars?: work type (more advanced work in the supplychain in china & not just labour intensive stuff only. more & more added value done in BRIC, East Europe, ...) #labourmarket, #consumption, #demographics, #edu, savings, social safety net, western style democracy et al) ... fall of Iron Curtain was beginning of process Angleichung]
liquidity  trap  Japan  BOJ  Fed  BOE  ECB  quantitative-easing  QE  ZIRP  NIRP  OMT  TLTRO  LTRO  TARP  POMO  equity  bubble  asset  bubble  asset  allocation  hunt  for  yield  sovereign  debt  crisis  Richard  Koo  lost  decade  economic  history  monetary  transmission  mechanism  monetary  theory  business  confidence  consumer  confidence  zombie  consumer  zombie  banks  business  investment  trust  trustagent  fiscal  policy  austerity  IMF  BIS  centralbanks  confidence  deleveraging  debtoverhang  Super  Cycle  consumer  debt  debt  bubble  debt  monetization  debt  monetisation  debt  restructuring  haircut  monetary  policy  monetary  system  fiat  currency  deflation  deflationary  inflation  targeting  inflation  expectation  flat  world  globalization  globalisation  faultlines  infrastructure  investment  Structural  Impediments  imbalance  competitive  competitiveness  China  BRIC  Frontier  Markets  Developing  global  trade  macroeconomics  microeconomics  labour  market  labour  economics  21stcentury  Software  Is  Eating  The  algorithm  Robotics  automation  Niedriglohnsektor  lohndumping  Lohnzurückhaltung  disposable  income  Mobile  Creative  Mobile  Creatives 
november 2014 by asterisk2a
Thomas Mayer und sein Buch "Die neue Ordnung des Geldes" - SPIEGEL ONLINE
"Je mehr ich mich damit beschäftigte", erzählt er, "desto klarer wurde mir, dass das ein Problem im System ist." [...] "Wir haben die erste Runde der Krise bekämpft, aber wir kommen nicht mehr raus aus der Politik des billigen Geldes." [...] Gold ist für ihn ein "barbarischer Rohstoff", der im Modell der Österreichischen Schule eigentlich nur als Ersatz für das nötige Vertrauen der Bürger in eine Währung fungiere. Dennoch müsse die Geldmenge natürlich begrenzt werden. Den Banken und Staaten will Mayer deshalb jeden Zugriff auf die Schöpfung neuen Geldes entziehen. Er spricht von einem "Aktivgeldsystem".
book  GFC  toobigtofail  TBTF  too  big  to  jail  BIS  IMF  Fed  academia  economic  history  BOE  BOJ  Abenomics  ECB  ZIRP  NIRP  QE  OMT  LTRO  TLTRO  Bailout  liquidity  trap  monetary  theory  monetary  policy  unintended  consequences  asset  bubble  equity  bubble  unknown  unknowns  unknown  unkown  Debt  Super  Cycle  monetary  transmission  mechanism  consumer  confidence  business  confidence  trust  trustagent  confidence  fiat  currency  economic  model  economics  macroeconomics 
october 2014 by asterisk2a
Why You Will Be Blindsided By The Next Financial Crisis - Forbes
The playbook in the next crisis will be the same as it was in past crises from 2008 to 1987, 1929, 1907, 1893, 1857 and so on.  The run on the banks becomes systemic as no one institution is spared. Credit markets freeze, the economy goes south, millions lose their jobs, and other millions have their savings decimated. It happened time and time again in the 19th century before there was a central bank, and panics didn’t stop after the Fed appeared in 1913. Expect it to happen again. Gorton warns clearly that “there is no mechanism for determining when there actually is a crisis.” In fact, there was no panic by depositors in Citibank, BankAmerica, Wells Fargo WFC +0.57% that would have alerted the nation. It required the Fed to realize how over-leveraged, under-capitalized and insolvent major banks had become before it acted to rescue them with huge monetary bailouts.
GFC  economic  history  fiat  currency  trust  trustagent  confidence  bank  run 
august 2014 by asterisk2a
Is This What A Bursting Bubble Looks Like? - YouTube
- bear market, not a 2008/09 decline, more like a lost decade of little productivity growth and very very slow closing of the still existing output gap. - companies benefit form technological progress (accelerating); get more done with less people. +++
asset  bubble  hunt  for  yield  unintended  consequences  ZIRP  QE  liquidity  trap  NIRP  unconventional  monetary  policy  monetary  policy  Fed  ECB  BOE  BOJ  GFC  recovery  greatdepression  greatrecession  2014  lost  decade  productivity  output  gap  G20  G  Zero  G8  Europe  USA  UK  complexity  unknown  unknowns  Taper  deflation  deflationary  globalisation  globalization  flat  world  working  poor  squeezed  middle  class  middle  class  skill-biased  technological  change  technological  progress  knowledge  worker  knowledge  economy  economic  history  history  faultlines  Structural  Impediments  unemployment  deficit  imbalance  global  imbalances  sovereign  debt  crisis  Super  Cycle  debt  bubble  debt  jubilee  debt  monetization  debt  monetisation  default  demographic  bubble  speculative  bubbles  signal  vs  noise  noise  dysfunctional  marketplace  efficiencies  market  dynamics  market  intervention  financial  market  market  failure  market-failure  lost  generation  lostdecade  lostgeneration  currency  debasement  fiat  currency  fiat  money 
july 2014 by asterisk2a
Der Crash ist die Lösung | SWR1 Leute - YouTube
banks still TBTF, Systemrelevant. << enabled by Own Lobby influencing Career Politicians. haftungsgarantien von ECB are no more capitalism. +++ &&& +++ If even Germany - Wirtchaftslokomotive - export meister - does still have a budget deficit, while being that country that produces more than it consumes, who else if not Germany? But still doesn't. +++ "Die Zeit der Rendite ist vorbei." +++ Schulden zu haben, man ist nicht frei. Frueher hat man das sich gekauft was man sich leisten konnte, ohne kreditkarte, ohne dispo, ohne bankkredit. +++ NEW crash will come of even bigger proportion and even more rubble to clear up afterwards than 2008/9 - GFC. +++ Always buy in tranches, dispersed over time. +++ fractional reserve banking leads to this UBER crash as we live on a planet with finite resources. Current GDP fetish needs to stop. Change of mind, thinking, course. << this is the same with Mobile Creative, future workforce, Software eats the world, UK's productivity gap.
book  GFC  Debt  Super  Cycle  jubilee  sovereign  crisis  liquidity  trap  investigative  journalism  journalismus  monetization  private  consumer  bubble  monetisation  public  household  balance  sheet  recession  PIGS  Europe  lostdecade  lost  decade  lost  generation  greatrecession  greatdepression  toobigtofail  TBTF  OTC  derivatives  systemrelevant  Systemrelevanz  toobigtojail  Career  Politicians  accountability  transparency  Politics  Democratic  Process  democracy  short-term  thinking  long-term  thinking  financial  industry  LIBOR  rigging  scandal  trust  trustagent  confidence  corporatism  crony  capitalism  Lobbying  lobbyist  lobby  revolving  door  IMF  IWF  centralbanks  economic  history  capitalism  Thomas  Piketty  ECB  EZB  OMT  faultlines  budget  deficit  structural  deficit  Impediments  structural  imbalance  history  financial  repression  New  Normal  ZIRP  NIRP  QE  Beton  Gold  property  bubble  fragile  world  fagile  financial  system  external  shock  balckswan  monetary  stimulus  hunt  for  yield  speculative  bubbles  growth  round  equity  bubble  credit  bubble  asset  bubble  bond  bubble  Island  Agentina  Japan  UK  fractional  reserve  banking  GDP  economic  model  fiat  currency  fiat  money  USA  academia  acade 
june 2014 by asterisk2a
Zinsentscheid der EZB: Draghi plant Minus vor Zinssatz - SPIEGEL ONLINE
Schon immer ließ sich das Ende eines Systems besonders schwer erkennen, wenn man Teil des Systems ist. Im Jahre sieben nach Ausbruch der Finanzkrise ist es langsam Zeit für die Frage: Was, wenn die vermeintliche Ausnahme in Wahrheit die Regel ist? Wenn es sich bei der Kombination aus niedrigen Zinsen, niedrigem Wachstum und niedriger Inflation, die weite Teile Europa seit 2008 ebenso im Griff hält wie die USA und Japan, um die neue Normalität handelt? Wenn das seit Jahrzehnten praktizierte westliche Wirtschaftsmodell, sich immer niedrigere Wachstumsraten mit immer höheren Staatsschulden zu erkaufen, an seinem Schlusspunkt angelangt ist? +++ "Nicht Europa ist am Ende - sondern der Kapitalismus, so wie wir ihn kennen. [...] Im angelsächsischen Finanzkapitalismus wachsen die Vermögen der Reichen und stagnieren die Einkommen der anderen." [...] [EU Election Result is a vote] gegen das ungerechte Wirtschaftssystem, das ihre Lebensgrundlage gefährdet.
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june 2014 by asterisk2a
Debatte um die US-Schuldenobergrenze: Schlüsse für Privatanleger - SPIEGEL ONLINE
"Vertrauen ist das Fundament der Rolle des US-Dollars als Weltleitwährung. Daher erlaubt das Top-Rating der USA auch ein höheres Schuldenniveau als das anderer Staaten", schreibt etwa die Rating-Agentur Fitch. An der höchsten Rating-Note drehe man nur im Falle eines echten Zahlungsausfalls, gab Moody's 2011 bekannt und hat diese Meinung bis heute nicht verändert. Und auch Standard & Poor's gibt sich lässig und lässt wissen, ein Tanz am Abgrund wie derzeit sei ja der Grund gewesen, warum man die USA vor zwei Jahren leicht herabgestuft hätte. Alle drei verweisen zudem auf das seit 2009 halbierte Defizit.
debtceiling  Career  Politicians  fiatmoney  complexity  financial  market  barackobama  fiat  money  political  folly  policy  error  policy  folly  2013  complacency  creditrating  trust  fiat  currency  budget  deficit  confidence  political  error  trustagent  USA  unknown  unkown  WallStreet  global  imbalances  ratingagencies  Dollar  presidency  faultlines 
october 2013 by asterisk2a
Krise in Zypern: Das flüchtige Geld der Sparer - SPIEGEL ONLINE
Das System basiert auf dem Glauben an den Wert des Geldes Ein schmerzhafter Weckruf, der zeigt: Formal gesehen sind die Bankkunden, die ihr Geld auf einem Giro- oder Sparkonto horten, Gläubiger ihrer Bank. Wenn ein Finanzinstitut pleitegeht, ist somit mindestens ein Teil des Geldes weg - es sei denn, ein privates oder staatliches Sicherungssystem steht dafür ein. Das Vertrauen, dass diese Systeme im Zweifelsfall auch halten werden, hat in der vergangenen Woche einen Knacks bekommen.
fiatmoney  communication  fiat  currency  trust  Europe  confidence  unintended  consequences  Laiki  Bank  zombie  banks  sovereign  debt  crisis  wealth  management  bail-in  trustagent  Troika  fiat  money  banking  crisis  deleveraging  Cyprus  Bank  of  Cyprus  crisis  balance  sheet  recession 
march 2013 by asterisk2a
Sprott: Do Western Central Banks Have Any Gold Left? Part II | Zero Hedge
We are currently in an environment where policy makers are intent on devaluing their currencies in an effort to create growth. Real rates continue to stay negative in most of the developed world. Every marginal dollar of debt that is created is producing lower and lower amounts of growth. In a world overwhelmed by mountains of debt and economic growth which is sub-par at best, precious metals and real assets can act as insurance against the stupidity of policy makers.
currency  debasement  QE  monetary  policy  2013  Fed  fiat  currency  economic  history  modern  monetary  theory  ZIRP  BOE  greatdepression  ECB  BOJ  monetary  system  currency-war  centralbanks  greatrecession 
march 2013 by asterisk2a
Bank Of Japan May Buy Derivatives Next | Zero Hedge
Because having legal authority to buy corporate bonds, ETFs and REITs, in addition to everything else the Fed now buys, is apparently not enough to crush, mangle and suicide its currency, the BOJ is now considering adding yet another "asset" to its cocktail of eligible securities for purchase: those which Buffett once declared weapons of mass financial destruction - derivatives.
currency  debasement  QE  monetary  policy  2013  fiat  currency  economic  history  monetary  theory  modern  monetary  theory  derivatives  liquidity-trap  ZIRP  deflation  BOJ  currency-war  abenomics  inflation  lostdecade  Japan 
march 2013 by asterisk2a
Everything You Need to Know About the Fiscal Cliff - YouTube
Last August, President Obama and Congress put the U.S. economy on course to go over a "fiscal cliff." WSJ's David Wessel tells you everything you need to know about the "cliff" but were afraid to ask.

> If USA goes over the Cliff, markets and sentiment would dive, probably. But what is worst, even if things get patched up - that the trust of the market, overseas investors have, how fiscally responsible the USA - especially with problems at hat - that trust and confidence would be severely damaged.
> Still, the Dollar is THE Reserve Currency of the World.
fiat  money  Dollar  confidence  trustagent  trust  Politics  election2012  budget  deficit  deficit  fiscal  policy  barackobama  presidency  USA  Cliff 
november 2012 by asterisk2a
IMF's epic plan to conjure away debt and dethrone bankers - Telegraph
The Chicago Plan Revisited

Benes and Kumhof argue that credit-cycle trauma - caused by private money creation - dates deep into history and lies at the root of debt jubilees in the ancient religions of Mesopotian and the Middle East.


The key of the Chicago Plan was to separate the "monetary and credit functions" of the banking system. "The quantity of money and the quantity of credit would become completely independent of each other."

[...] Private lenders would no longer be able to create new deposits "ex nihilo". New bank credit would have to be financed by retained earnings.

[...] The finding is startling. Simons and Fisher understated their claims. It is perhaps possible to confront the banking plutocracy head without endangering the economy.
WallStreet  plutocracy  oligopol  banking  banking  crisis  miltonfriedman  Fed  moneysupply  monetary  theory  monetary  policy  System  fiat  money  deleveraging  balance  sheet  recession  debtoverhang  GFC  greatrecession  greatdepression  IMF  fiat  currency  fractional  reserve  banking  IrvingFisher  Irving  debt  jubilee  credit  bubble  credit  cycle  economic  cycle  economic  history 
october 2012 by asterisk2a
UBS Issues Hyperinflation Warning For US And UK, Calls It Purely "A Fiscal Phenomenon"
Hyperinflation: Paper money only has a value because of the confidence that the money can be exchanged for a certain quantity of goods or services in the future. If this confidence is eroded, hyperinflation becomes a threat.

We think that a creditor nation is less at risk of hyperinflation than a debtor nation, as a debtor nation relies not only on the confidence of domestic creditors, but also of foreign creditors. We therefore think that the hyperinflation risk to global investors is largest in the US and the UK. The more the fiscal situation deteriorates and the more central banks debase their currencies, the higher the risk of a loss of confidence in the future purchasing power of money.

Hyperinflation is a fiscal phenomenon. Period. BUT cases of hyperinflation have been preceded by the central bank monetizing a significant proportion of the government deficit.
policy  folly  policy  error  Fed  NIRP  deflation  austerity  fiatmoney  fiat  currency  Gold  politics  trustagent  trust  confidence  monetary  theory  centralbanks  BIS  shadowbanking  economics  economic  history  bond  bubble  GFC  ZIRP  QE  monetary  policy  fiscal  policy  BOE  debtoverhang  debt  monetisation  debt  bubble  inflation  hyperinflation  USA  UK 
july 2012 by asterisk2a
Recovery – Who are We Kidding?
In our assessment, what we see unfolding is the latest chapter in the tug of war between inflationary and deflationary forces. During the “goldilocks” economy of the last decade, investors levered themselves up. Homeowners treated their homes as if they were ATMs; banks set up off-balance sheet Special Investment Vehicles (SIVs); governments engaging in arrangements to get cheap loans that may cost future generations dearly. Cumulatively, it was an amazing money generation process; yet, central banks remained on the sidelines, as inflation – according to the metrics focused on - appeared contained. Indeed, we have argued in the past that central banks lost control of the money creation process, as they could not keep up with the plethora of “financial innovation” that justified greater leverage. It was only a matter of time before the world no longer appeared quite so risk-free. Rational investors thus reduced their exposure: de-levered. ...
mandate  monetarism  monetary  theory  economics  economic-thought  economic  history  paulvolcker  2012  deflation  inflation  Leverage  policy  folly  policy  error  QE  reflation  fiatmoney  fiat  currency  money  creation  process  oversight  WallStreet  regulation  FDIC  SEC  Fed  alangreenspan  benbernake  monetary  policy  greatrecession  GFC 
april 2012 by asterisk2a
BBC iPlayer - Analysis: What Is Money?
We dream about it, argue about it, worry about it, celebrate it, spend it, save it, we transfer it from one emotion to another. But what exactly is money? And why do we trust it? Frances Stonor Saunders takes a journey through some of the fundamentals of money. During her journey she dips her toe into the world of quantitative easing. How is that money invented? Is it as real as the pieces of paper in our wallets? And she explores some of the reasons for the calls to return to a gold standard. Essentially, she tries to gain a better understanding of what this stuff which we call money is really about; how and why do we maintain our faith in it, or has it just become too complicated?

Fiat Currency - It shall be.

In the end it all is based on trust, that money keeps its value.

Store of value?!
Means of exchange?!
Because of uncertainty about future value - GOLD has appreciated substantially over the last +10 years.

Debt, Credit, Money, its the language, syntax.
BOE  QE  monetary  policy  book  sovereign  debt  crisis  politics  promise  governance  centralbanks  Gold  trustagent  trust  fiatmoney  fiat  currency 
march 2012 by asterisk2a
MMT (Modern Monetary Theory) is biased towards anti-crony capitalism | Bill Mitchell – billy blog
1.) Abandon Crony Capitalism.
2.) Use jobs generated by 'job guarantee' to serve public good.
= then we have a chance to have a ying - yang between socialism (job guarantee) and capitalism (saving more than consuming).

full employment and price stability go hand in hand.
monetary policy is buffer stock to fiscal policy and the economic cycle ...


So I advocate – outside the realm of MMT – grass roots action to reinforce the democratic connection between citizen and government. To make it harder for governments to be co-opted. For example, I would ban political funding and allocate a fixed amount of public funds to the candidates for public office to be used for electoral purposes. I would have very strict conditions placed on electoral commentary within the media etc.

The logic has been to reduce the capacity of the financial market and political elites to capture government policy and skew the benefits in their favour
macroeconomics  employment  NAIRU  unemployment  occupywallstreet  fiat  currency  capitalism  economics  economic-thought  policy  monetary  modern  monetary  theory  monetary  theory  MMT 
january 2012 by asterisk2a
Standard Chartered: "Three Factors Will Drive Gold To $5,000" | zero hedge
The limited supply comes at a time when central banks have completely changed their tune on selling down their gold stocks and now appear likely to accelerate their net buying programmes. China is way behind the curve. Currently, only 1.8% of China’s foreign exchange reserves is in gold; if the country were to bring this proportion in line with the  global average of 11%, it would have to buy 6,000 more tonnes of gold, equivalent to more than 2 years of gold production. We believe that these factors – limited gold production, buying by central banks and increasing demand from India and China – can potentially drive the  gold price to US$5,000/oz, as highlighted in our commodity team’s earlier report." And what according to Std. Chartered is the best way to capitalize on this undervaluation: "We believe the best ways to invest in the gold cycle are buying physical gold (a safe asset) or investing in junior gold miners...
gold  centralbanks  Fed  PBoC  fiat  currency  outlook  forecast  monetary  policy  monetization  2011 
june 2011 by asterisk2a

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