asterisk2a + jubilee   54

The World’s Most Famous Case Of Hyperinflation (Part 1) | Zero Hedge
The Treaty of Versailles // “I believe that the campaign for securing out of Germany the general costs of the war was one of the most serious acts of political unwisdom for which our statesmen have ever been responsible.” – John Maynard Keynes, representative of the British Treasury Keynes believed the sums being asked of Germany in reparations were many times more than it was possible for Germany to pay. He thought that this could create large amounts of instability with the global financial system.
The  Treaty  of  Versailles  hyperinflation  economic  history  WWI  WW1  debt  jubilee  WW2  WWII  Super  Cycle 
january 2016 by asterisk2a
▶ How The Economic Machine Works by Ray Dalio
credit great 4 productive investments 4 the future that will benefit u/me/gov/biz like infrastructure/edu/skills. but waste 4 pure consumption that dont increase productivity in the long run. Like consumer credit spend 2 replace a 2yr old flat screen. vs consumer credit 4 vocational/professional further edu 2 get a higher earning job (future higher income 2 repay the then debt liability & have some more/left over). Bad if u dont have later higher earnings from higher education 2 repay debt & just work in an underemployed placement that any college dropout could do. Thing is, college dropout doesnt have that debt liability that the higher education person has (reduced disposable income bc debt repayment + interest payments.) Women are hit double (gender pay gap) & triple (childcare long-term earnings loss). // min16 income growth important 2 keep up with debt repayment beyond interest. if not, we reached peak long-term debt cycle! // doesnt include globalisation's deflationary effects
credit  bubble  austerity  business  cycle  debt  cycle  financial  cycle  Super  economic  cycle  productivity  income  growth  wage  growth  wage  stagnation  output  gap  economics  disposable  income  discretionary  spending  economic  history  living  standard  standard  of  living  gender  pay  gap  reflate  reflation  asset  bubble  equity  bubble  China  USA  2015  speculative  bubbles  secular  stagnation  stagnation  deflationary  deflation  household  debt  government  debt  public  debt  debt  servitude  student  loan  debt  consumer  debt  debtoverhang  balance  sheet  recession  deleveraging  sovereign  debt  crisis  debt  bubble  student  debt  debt  monetisation  debt  monetization  private  debt  GFC  recovery  Richard  Koo  liquidity  trap  NPL  excess  reserves  zombie  banks  zombie  consumer  debt  restructuring  QE  ZIRP  NIRP  debt  jubilee  greatrecession  Great  Depression  budget  deficit  Super  Rich  Polarisation  Thomas  Piketty  tax  evasion  tax  avoidance  fairness  inequality  Gini  coefficient  social  cohesion  social  tension  social  contract  Career  Politicians  Joseph  Stiglitz  Paul  Krugman  Robert  Reich  Mark  Blyth  income  redistribution  income  inequality  income  mobility  social  mobility  capital  gains  tax  tax  code  corporate  tax  rate  lost  decade  lost  generation  neoliberalism  neoliberal  globalization  globalisation  western  world  developed  world  Europe  competitiveness  competition  competitive  flat  world 
september 2015 by asterisk2a
Krise ǀ Weimar reloaded — der Freitag
Das Land befindet sich schon mitten in der Depression und schuld daran sind hohe Lohnkosten und üppige Sozialpolitik. Helfen können dagegen nur Lohn-, Preis- und Budgetkürzungen. Was sich liest wie eine Mainstream-Diagnose des heutigen Europas, ist tatsächlich der Inhalt eines Artikels aus dem März 1929. Er erschien im Deutschen Volkswirt, einem damaligen Fachblatt der liberalen Ökonomie. Der Autor war kein Geringerer als Joseph Schumpeter. Was er vorschlug, ist später als die berüchtigte Deflationspolitik des bis Mai 1932 amtierenden Reichskanzlers Heinrich Brüning bekannt geworden. [ can solve debt overhang w austerity, >> is deflationary, stagnant balance sheet or shrinking, thus increases debt 2 gdp/asset ratio ] [...] den „Ruin Mitteleuropas“ zu verantworten.
austerity  economic  history  Weimar  Treaty  of  Versailles  deflationary  deflation  debtoverhang  Debt  Super  Cycle  Greece  Richard  Koo  Germany  Wolfgang  Schäuble  GroKo  Fiscal  Pact  Schuldenbremse  balance  sheet  recession  neoliberalism  neoliberal  sovereign  crisis  Europe  George  Osborne  UK  IMF  Weimarer  Republik  Troika  Umschuldung  jubilee  restructuring  PIGS  PIIGS  PIIGSFB  European  Union  Eurogroup  technocrat  John  Maynard  Keynes  carmenreinhart  KennethRogoff  Thomas  Piketty  Yanis  Varoufakis  Joseph  Stiglitz  Paul  Krugman  Weimar  Republic  European 
august 2015 by asterisk2a
Europe's economic challenge not just about Greece - BBC News
IMF, Christine Lagarde, said: "I remain firmly of the view that Greece's debt has become unsustainable." [...] Greek debt will reach 201% of GDP some time next year. [...] It is unlikely a portion of the debt will be written off but there may well be an agreement to extend current loans and to lower the rates of interest. [...] [ the overall health of Europe as a whole and its individual parts in question] [...] the eurozone economy splutters. There is a recovery - the eurozone is growing at an annual rate of 1.3% - but it is patchy. In the [Q2'15] France and Italy, which account for 40% of the eurozone economy, flat-lined. Italy which had only recently emerged from recession fell back, managing growth of just 0.2%. [...] [ ECB: on balance, outlook remains on the downside ] The eurozone economy is still smaller than it was in 2008. [...] The fundamental challenges to the European economy remain - how to innovate [...] modernise [...] [ EU project living up to its potential ]
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august 2015 by asterisk2a
Die ungehörten Warnungen des IWF | Report Mainz | Das Erste - YouTube
Schon vor fünf Jahren sollte ein Hilfsprogramm Griechenland vor der Pleite retten. Doch führende Ökonomen des IWF waren schon damals mehr als skeptisch. // it's not a bailout for Greece. it's a bank bailout for France, Belgium, Germany and co. Its was always a bank bailout. // no debt restructuring, no debt haircut = no long-term solution.
Greece  bailout  IMF  economic  history  2015  sovereign  debt  crisis  ESM  EFSF  austerity  Troika  bank  bailout  zombie  banks  TBTF  toobigtofail  Angela  Merkel  Career  Politicians  No  Representation  European  Union  Alternativlos  TINA  Wolfgang  Schäuble  ChristineLagarde  debt  servitude  debt  jubilee  debt  restructuring 
august 2015 by asterisk2a
Lagarde beharrt auf Schuldenentlastung für Griechenland - SPIEGEL ONLINE
Der Internationale Währungsfonds ist in Athen verhasst. Ausgerechnet IWF-Chefin Lagarde unterstützt Griechenlands Premier Tsipras nun erneut bei seiner Forderung nach einer erheblichen Schuldenerleichterung. [...] "Wir sehen im Moment eine Situation, in der wir die Schuldenlast als nicht tragfähig beurteilen", sagte IWF-Chefin Christine Lagarde. "Es muss eine signifikante Schulden-Restrukturierung geben", forderte Lagarde mit Blick auf die Schuldenquote Griechenlands von rund 170 Prozent der Wirtschaftsleistung. Die Quote könne sogar in Richtung 200 Prozent steigen: Diese Einschätzung setze sich mehr und mehr durch, sagte Lagarde. // Compromise must be found, a pause for debt repaymen (EFSF, ESM, ECB) for ~15-20 years. With a slow start in repayments without interest coupon there after, coupled with economic / budget feasibility assessment of repayments in view of long-term sustainability. // &! bit.ly/1JUGCbF - IMF will refuse to join Greek bailout until debt relief demands are met
Greece  debtoverhang  sovereign  debt  crisis  economic  history  IMF  ChristineLagarde  debt  jubilee  debt  restructuring  Super  Cycle  debt  bubble  public  debt  European  Union  Angela  Merkel  Wolfgang  Schäuble  common  sense  dogma  ideology  Troika  austerity  propaganda  Zivilgesellschaft  Gesellschaft  Zivilcourage  Eurogroup  society  economic  damage  economic  model  academia  academics  Alexis  Tsipras  Yanis  Varoufakis 
july 2015 by asterisk2a
Former Greek finance minister Yanis Varoufakis says EU deal is a 'new Treaty of Versailles’ | News | The National
THE bailout deal forced upon Greece by its eurozone creditors was dubbed “a new treaty of Versailles” last night by the country’s former finance minister. [...] the deal comes with years of enforced austerity and privatisation of state assets. Yanis Varoufakis, who quit last week after falling out with his European counterparts, spoke of the “politics of humiliation”. He said the lenders were taking revenge on prime minister Alexis Tsipras. “It is an impossible deal,” he added. “A deal that is simply not viable.” [...] “This has nothing to do with economics. It has nothing to do with putting Greece back on the rails towards recovery. This is a new Versailles Treaty that is haunting Europe again, and the prime minister knows it. He knows that he’s damned if he does and he’s damned if he doesn’t.” [...] “It’s not that it didn’t go down well – there was point-blank refusal to engage in economic arguments. Point blank.
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july 2015 by asterisk2a
The Coming Crash & The Recession That Never Ended - Part 1 - YouTube
Part 2 youtu.be/SpJ4L2QGNI4 [ min 2:00 post WW2 german debt jubilee - American & Britain needed Germany as bulwark against USSR! thus Germany had leverage because it was systemic. Greece is not systemic, nor needed. Thus they openly talk, relaxed, abt Grexit. Grexit was systemic risk in the first ~3 years post GFC, because of underfunded German, Frensh and Belgian zombie banks. 6:00 PIGS generation will be disillusioned about claims of European Union unity! 7:30 austerity ] // &! Part 3 - youtu.be/FWulzJy2oXc Bernie Sanders on inequality &! social mobility, skills gap, ... make-up of USA economy is a impediment to future growth (output gap, no more 3% annually) & also part-cause of inequality ... &! Part 4 youtu.be/8wzDwU1pzpY - China may tumble bc they dont have the internal & global demand for the infrasturcture/economy they have build (debtoverhang, debt servitude) &or social uprising &! USA overreach // Forget QE, Wall Street’s new drug is the stock buyback - on.mktw.net/1HDtdUR
Richard  Wolff  Taper  equity  bubble  China  irrational  exuberance  ZIRP  NIRP  QE  unintended  consequences  unknown  unkown  asset  bubble  hunt  for  yield  stock  buyback  fundamentals  economic  growth  recovery  UK  USA  balance  sheet  recession  Europe  Richard  Koo  job  creation  Service  Sector  Jobs  labour  market  participation  rate  underemployed  structural  unemployment  structural  imbalance  Impediments  unemployment  youth  unemployment  long-term  unemployment  Gini  coefficient  income  growth  disposable  income  low  income  income  distribution  income  inequality  wage  growth  wage  stagnation  employment  self-employment  squeezed  middle  class  precarious  work  working  poor  social  mobility  income  mobility  Robert  Shiller  robertshiller  part-time  Contractor  Zero  Hour  Contract  uncertainty  Niedriglohnsektor  minimum  wage  Niedriglohn  Lohnzurückhaltung  lohndumping  Zeitarbeit  Leiharbeit  monetary  policy  fiscal  policy  deleveraging  debtoverhang  savings  rate  debt  servitude  Super  Cycle  behavioral  economics  behavioral  finance  skills  gap  education  policy  vocational  education  economic  history  economic  model  trickle-down  economics  discretionary  spending  dogma  ideology  austerity  neoliberal  neoliberalism  democracy  Career  Politicians  No  Representation  debt  monetisation  debt  stagnation  inequality  history  debt  debt  debt  m 
july 2015 by asterisk2a
Why Greece’s European Agreement Is Not a Bailout - YouTube
'Tsipras was digging his own grave.' That he goes home now with that deal that has to be passed by Parliament, this deal after the referendum no on bailout terms less harsh, that is tough. Demuetigung by Eurogroup and Co. To go home with even more stricter terms, the people that elected him on an anti-austerity platform and gave a resounding 61% no to the bailout terms given February 2015 after the election of Syriza.
Greece  Alexis  Tsipras  Yanis  Varoufakis  Syriza  referendum  democracy  bailout  2015  Eurogroup  Angela  Merkel  creditor  Politics  economic  history  IMF  Troika  Great  Depression  Career  Politicians  Wolfgang  Schäuble  ECB  Germany  FrancoisHollande  France  Grexit  austerity  Privatisation  debt  restructuring  haircut  sovereign  debt  crisis  debt  jubilee  common  sense  common  good  solidarity  BIS  World  Bank  ChristineLagarde  Jean-Claude  Juncker  MarioDraghi  European  Union 
july 2015 by asterisk2a
Killing the European Project - The New York Times
[3rd Bailout, post-referendum, even more austerity requests and liberal economic reforms and selling of state assets and privatisation - than Syriza had on its plate after it got elected on an anti-austerity platform, tried to negotioate, Eurogroup didnt budge, referendum was called and corralito/capital controls/bank holiday for now over 2 weeks, ... just to get money to pay off EFSF, IMF and ECB, ... ] Paul Krugman geht in der "New York Times" hart mit der Euro-Gruppe ins Gericht. Deren Forderungen gegenüber Griechenland seien verrückt. "Der Hashtag #ThisIsACoup bringt es genau auf den Punkt", so Krugman. Besonders Deutschland sei dabei, das europäische Projekt zu töten.
Paul  Krugman  European  Union  Grexit  Greece  2015  Syriza  Troika  Eurogroup  Wolfgang  Schäuble  Angela  Merkel  Jean-Claude  Juncker  IMF  ECB  MarioDraghi  ChristineLagarde  Germany  FrancoisHollande  France  Leadership  vision  Career  Politicians  No  Representation  compromise  political  error  policy  folly  austerity  dogma  ideology  haircut  debt  jubilee  debt  restructuring  propaganda  populism  manufactured  consent  corporate  state  media  conglomerate  economic  history  common  sense  Great  Depression  lost  decade  lost  generation  European 
july 2015 by asterisk2a
Athens capitulates to creditors - BBC News
"Greece: Prior Actions - Policy Commitments and Actions to be taken in consultation with the EC/ECB/IMF staff", it feels very familiar. That familiarity stems from its great similarity to the bailout proposals put to Greece by the creditors - the eurozone governments, the European Central Bank and the IMF - last month. Pretty much everything wanted by the creditors is there - with the odd tweak or softening, but nothing which looks as though it ought to be noxious to them. So there is a pledge for budget surpluses rising in steps to 3.5% of GDP or national income by 2018 [< in their dreams only]. // The referendum was a last ditch effort by Syriza to get better deal. Eurogroup, Troika, IMF, ECB called it a bluff and accepted a possible Grexit and according to Juncker did prepare for it. No we are where we were when Syriza was elected and had to negotiate for a new bailout tranche, to pay off other bailout tranches re-payment coming up (IMF, EFSF, ECB) &! bbc.in/1INY5Gu MPs to deceide
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july 2015 by asterisk2a
Germany won’t spare Greek pain – it has an interest in breaking us | Yanis Varoufakis | Comment is free | The Guardian
Debt restructuring has always been our aim in negotiations – but for some eurozone leaders Grexit is the goal [...] To frame the cynical transfer of irretrievable private losses on to the shoulders of taxpayers as an exercise in “tough love”, record austerity was imposed on Greece, whose national income, in turn – from which new and old debts had to be repaid – diminished by more than a quarter. It takes the mathematical expertise of a smart eight-year-old to know that this process could not end well. [...] In my first week as minister for finance I was visited by Jeroen Dijsselbloem, president of the Eurogroup (the eurozone finance ministers), who put a stark choice to me: accept the bailout’s “logic” and drop any demands for debt restructuring or your loan agreement will “crash” – the unsaid repercussion being that Greece’s banks would be boarded up. [...] Wolfgang Schäuble, decided that Grexit’s costs were a worthwhile “investment” as a way of disciplining France et al,
Yanis  Varoufakis  debt  restructuring  debt  jubilee  Super  Cycle  sustainable  sustainability  Great  Depression  Greece  Grexit  lost  decade  lost  generation  PIGS  Troika  Germany  France  IMF  Angela  Merkel  ChristineLagarde  European  History  Wolfgang  Schäuble  Thomas  Piketty  ECB  MarioDraghi  Leadership  European  Union  Insolvenzverschleppung  insolvent  insolvency  austerity  economic  policy  folly  policy  error  Career  Politicians  No  Representation  dogma  ideology  propaganda  Lügenpresse  bailout  zombie  banks  populism  manufactured  consent  media  conglomerate  corporate  state  Jeroen  Dijsselbloem  Jean-Claude  Juncker  Eurogroup  EFSF  ELA  EuropeanSystemicRiskBoard  systemicrisk  toobigtofail  TBTF  too  big  to  jail  referendum  PIIGSFB  PIIGS  FrancoisHollande  academia  academic  academics  carmenreinhart  kennethlewis  Alexis  Tsipras  Syriza  Wall  Street  crony  capitalism  Podemos  Indignants  Indignados  occupywallstreet  fairness  GFC  recovery  economic  model  trickle-down  economics  economic-thought  shared  economic  interest  profit  maximisation  shareholder  value  economists  economic  damage  short-term  thinking  short-term  view 
july 2015 by asterisk2a
IMF Slams Germany, Says Greece "Needs Debt Restructuring" | Zero Hedge
on the ticker. IMF'S LAGARDE SAYS DEBT RESTRUCTURING NEEDED IN GREECE. IMF'S LAGARDE SAYS FUND REMAINS 'FULLY ENGAGED' WITH GREECE. IMF'S LAGARDE SAYS IMF CANNOT GIVE GREECE SPECIAL TREATMENT // Earlier today, confirming that Germany sternly refuses to change its tune about a Greek debt haircut or even a debt "reprofiling" of Greece and would not budge an inch on Tsipras tacit request for at least some debt leeway, we reported that "the German government does not see any reason to grant Greece either a classic debt haircut or any other measures that would slash the value of money on loan to the crisis-ridden country, a spokesman for the finance ministry said on Wednesday." // IMF has admitted it was wrong to advocate for austerity, now IMF admits it was wrong to hope that its approach (together with Troika) would help Greece. // an economic model is an economic model, not the real world and especially not able to predict the future. // "Alternativlos."
Grexit  sustainable  sustainability  Greece  PIGS  sovereign  debt  crisis  debt  jubilee  haircut  debt  restructuring  ChristineLagarde  economic  history  austerity  ideology  dogma  academia  KennethRogoff  carmenreinhart  academic  economic  model  economist  economics  economic  damage  neoliberal  neoliberalism  liberal  economic  reform  Troika  IMF  ECB  MarioDraghi  BuBa  Jens  Weidmann  Angela  Merkel  Wolfgang  Schäuble  Germany  France  FrancoisHollande  European  Union  Yanis  Varoufakis  Alexis  Tsipras  referendum  Career  Politicians  No  Representation  society  bailout  zombie  banks  Gesellschaft  fairness  GFC  recovery  European  Syriza  Podemos  Indignants  Indignados  lost  generation  lost  decade  trust  trustagent  Protest  Partei  Protest  Party  symptom  voter  turnout 
july 2015 by asterisk2a
Greece’s fight is for democracy in Europe. That’s why we must support it | Owen Jones | Comment is free | The Guardian
The EU powers told Greeks their world would cave in unless they acquiesced by voting yes. The no vote has raised the political stakes even higher (by Owen Jones, author) The referendum was, of course, a rejection of an austerity programme that has unleashed what is commonly described in Greece as a humanitarian crisis. Since Lehman Brothers crashed in 2008, austerity has always relied on the displacement of blame from elites to elsewhere. It was Goldman Sachs who helped the then Greek government to cook the countrys books to win entry into the euro. It was German & French banks who profitably and recklessly lent to Greece, just as US banks disastrously showered subprime mortgages on low-paid Americans. It was Germany who benefited from being able to export its consumer goods to peripheral European countries such as Greece. [transfer of debt/risk, plunging people & welfare state downward spiral with little growth to pay off new debt = unsustainable by Wall Street] &! bit.ly/1G3v9ns
democracy  referendum  Grexit  Greece  Europe  technocrat  austerity  economic  history  GFC  Career  Politicians  IMF  World  Bank  ECB  Troika  crony  capitalism  bailout  zombie  banks  too  big  to  jail  TBTF  toobigtofail  banking  crisis  sovereign  debt  crisis  Wall  Street  capitalism  neoliberal  neoliberalism  liberal  economic  reform  Yanis  Varoufakis  Owen  Jones  Thomas  Piketty  debt  jubilee  haircut  Leadership  No  Representation  Super  Cycle  debtoverhang  debt  restructuring  dogma  ideology  propaganda  Lügenpresse  manufactured  consent  history  European  solidarity  Germany  Angela  Merkel  corporate  state  Wolfgang  Schäuble  Jean-Claude  Juncker  ChristineLagarde  MarioDraghi  academia  academics 
july 2015 by asterisk2a
Münchau: Merkel zwischen Schuldenkonferenz und Grexit - SPIEGEL ONLINE
[ Groesste feigheit und intelectual cynicism of EU history. "Alternativlos." BIS warned, time was wasted. ] Mit ideologischer Verbohrtheit beharren die Deutschen darauf, dass Griechenland all seine Kredite zurückzahlen muss - was so oder so nicht geschehen wird. Höchste Zeit also für eine Schuldenkonferenz! // Case of history - Treaty of Versailles = Nationalism (Nazi) and Rechtsruck! Happened in Greece and Co. and in Germany. // People learned and after WW2 and came together to give Europe a chance! >> London Debt Agreement (German: Londoner Schuldenabkommen) "An important term of the agreement was that repayments were only due while West Germany ran a trade surplus, and that repayments were limited to 3% of export earnings. This gave Germany’s creditors a powerful incentive to import German goods, assisting reconstruction." - bit.ly/1exF0vY bit.ly/1ep1dvW - also periphery countries like France, Italy, Spain and Portugal were encouraged by Allies not to demand war reparations.
Greece  Grexit  PIIGS  PIGS  sovereign  debt  crisis  debtoverhang  ideology  propaganda  WW1  WW2  Treaty  of  Versailles  debt  jubilee  European  History  London  Agreement  Londoner  Schuldenabkommen  common  good  common  sense  Gesellschaft  dogma  populism  economic  society  austerity  trickle-down  economics  long-term  view  long-term  thinking  solidarity  Angela  Merkel  IMF  Troika  Wolfgang  Schäuble  World  Bank  Jean-Claude  Juncker  ChristineLagarde  academia  academics  sustainable  sustainability  Super  Cycle  debt  restructuring  haircut  debt  bubble  TBTF  too  big  to  jail  toobigtofail  crony  capitalism  Career  Politicians  No  Representation  Leadership  Legacy  vision  European  Union  fiscal  transferunion  Eurobond  lost  decade  lost  generation  GroKo  Sigmar  Gabriel  manufactured  consent  corporate  state  democracy  Lügenpresse  political  theory  political  error  political  economy  political  folly  policy  folly  policy  error  ECB  MarioDraghi  Makers  Great  Depression  GFC  recovery  output  gap  bailout  zombie  banks  banking  EuropeanSystemicRiskBoard  BIS 
july 2015 by asterisk2a
Griechenland: Slavoj Zizek im Interview über Tripras - SPIEGEL ONLINE
Mehr Europa: Im Interview verteidigt der Slowene Slavoj Zizek die Tsipras-Regierung - und deren Idee eines Referendums. Von Philip Kaleta [...] Zizek: Die griechische Regierung hat wiederholt ihre Absicht klar gemacht, Griechenland sowohl in der EU als auch in der Eurozone halten zu wollen. Diese Haltung ist völlig eindeutig, Referendum hin oder her. Es geht heute darum, ob der Sparkurs weiterverfolgt wird oder neue Wege eingeschlagen werden. Die Kritiker von Tsipras versuchen, den Kern des Referendums in eine Schicksalsfrage umzudeuten. [...] Ohne einen solchen Plan [oekonomischer neuanfang] würde sich die Krise letztlich immer wieder reproduzieren. [...] Sogar der IWF hat eingeräumt, dass Griechenland einen groß angelegten Schuldenerlass braucht, um "Raum zum Atmen" zu schaffen und die Wirtschaft wieder zum Laufen zu bringen. [...] In Ihrem aktuellen Buch plädieren Sie für eine europäische Leitkultur, ... [ bailout = socialism for tbtf/jail and donors, lobby & country club ]
democracy  Slavoj  Zizek  Greece  PIGS  austerity  bailout  toobigtofail  TBTF  too  big  to  jail  Wall  Street  crony  capitalism  capitalism  Career  Politicians  No  Representation  referendum  Podemos  Syriza  Grexit  European  Union  debt  jubilee  sustainability  sustainable  debtoverhang  sovereign  debt  crisis  fiscal  sovereignty  Great  Depression  ideology  dogma  economic  history  sociology  psychology  history  Europe  solidarity  Gesellschaft  IMF  Troika  Angela  Merkel  Wolfgang  Schäuble  Jean-Claude  Juncker  Jens  Weidmann  ChristineLagarde  ECB  MarioDraghi  Leadership  fiscal  political  compromise  shared  economic  interest  EFSF  European  vision  courage  technocrat  status  quo  lost  decade  lost  generation  egalitarianism  fairness  equality  inequality  Gini  coefficient  egalitarian  culture  society  heresy  thought  thought  leader  economic-thought  trust  trustagent 
july 2015 by asterisk2a
Merkel's Leadership Has Failed in the Greece Crisis - SPIEGEL ONLINE
[ "Alternativlos." ] Angela Merkel relishes her reputation as queen of Europe. But she hasn't learned how to use her power, instead allowing a bad situation to heat up to the boiling point. Her inability to take unpopular stances badly exacerbated the Greek crisis. // &! bit.ly/1f8B8lY - Kein Unterschied, ob "Bild", "Zeit" oder ARD: In den deutschen Medien schwingen sich Journalisten reihenweise zu pöbelnden Parteigängern auf, statt Fakten und Analysen zur Griechenlandkrise zu bringen.
debt  jubilee  haircut  Grexit  Greece  PIGS  sovereign  debt  crisis  Angela  Merkel  Leadership  Career  Politicians  Germany  political  error  political  economy  political  science  political  folly  short-term  thinking  short-term  view  European  Union  IMF  ECB  BuBa  Bundesbank  Jens  Weidmann  MarioDraghi  ChristineLagarde  Jean-Claude  Juncker  France  unintended  consequences  unknown  unkown  complexity  ideology  dogma  manufactured  consent  corporate  state  bailout  solidarity  Gesellschaft  history  economic  history  austerity  Schuldenbremse  Fiscal  Pact  policy  folly  policy  error  GFC  recovery  sovereignty  Lügenpresse  media  conglomerate 
july 2015 by asterisk2a
Greek referendum: how would top economists vote? | World news | The Guardian
"A no vote would at least open the possibility that Greece, with its strong democratic tradition, might grasp its destiny in its own hands. [...] [I]s far more hopeful than the unconscionable torture of the present." [...] The troika clearly did a reverse Corleone – they made Tsipras an offer he can’t accept, and presumably did this knowingly [ Blackmail offer they (Syriza) could not accept - bbc.in/1GV19uS &! bbc.in/1TcpC7s &! youtu.be/g3YF38exVNo ]. So the ultimatum was, in effect, a move to replace the Greek government. [T]hat has to be disturbing for anyone who believes in European ideals. [...] I recommend that the Greek people give a resounding “No” to the creditors in the referendum on their demands this weekend. // &! The Guardian view on the Greek referendum: hard to imagine a more dismal choice - Editorial - bit.ly/1LZS7kv - The Greek crisis has led Brussels into the business of regime change // &! True leaders admit 2 mistakes = humility. not smartest.
jeffreysachs  Jeffrey  Sachs  Joseph  Stiglitz  Paul  Krugman  Grexit  referendum  democracy  Troika  IMF  ECB  austerity  ideology  economic  history  Career  Politicians  Angela  Merkel  Wolfgang  Schäuble  ChristineLagarde  Syriza  blackmail  dogma  economic  damage  economic  model  economic-thought  shared  economic  interest  social  tension  social  cohesion  Gesellschaft  European  Union  solidarity  propaganda  manufactured  consent  corporate  state  EFSF  haircut  debt  jubilee  Leadership  humility  MarioDraghi  Jean-Claude  Juncker 
july 2015 by asterisk2a
Greek economy close to collapse as food and medicine run short | World news | The Guardian
Banks said they had a €1bn cash buffer to see them through the weekend – equal to just €90 (£64) a head for the 11 million-strong population – and would require immediate help from the European Central Bank on Monday whatever the result of the referendum, in which the two sides are running neck and neck. Alexis Tsipras, Greece’s prime minister, was fighting for his political life on Friday night, using a rally to say that a no vote would enable him to negotiate a reform-for-debt-relief deal with the country’s creditors. [ Greece needs debt jubilee (and Allies urged also to forgo reparations) like post-WW2/Nazi Germany got that enabled it to economically succeed, but Greece (and its people) is not seen as too big to fail and not critical for European stability. A 20 year debt repayment pause that IMF last week brought in, is not enough. It is just a delay. It's economically not sound. Just opportunism to show to the public 'we do something.' ]
debt  jubilee  Germany  history  WW2  haircut  sustainable  sustainability  sovereign  debt  crisis  Grexit  PIGS  contagion  unintended  consequences  unknown  unkown  monetary  union  Leadership  IMF  ChristineLagarde  Angela  Merkel  Jean-Claude  Juncker  Wolfgang  Schäuble  Career  Politicians  European  solidarity  Gesellschaft  Greece  debt  bubble  debt  restructuring  Opportunism  opportunist  Wirtschaftswunder  economic  history  zombie  banks  bailout  Troika  EFSF  Syriza  ECB  MarioDraghi  ELA  austerity  ideology 
july 2015 by asterisk2a
Griechenland vor dem Referendum: Banken sind Herd der Krise - SPIEGEL ONLINE
Angesichts dieser Lage würden rationale Menschen den Schaden begrenzen wollen. Die einzige Möglichkeit, die es jetzt noch gibt, wäre ein verhandelter Schuldenschnitt für Griechenland ohne neues Programm, aber mit einer Refinanzierung der griechischen Banken. Mit anderen Worten: Wir müssten die Schmach über uns ergehen lassen, dass wir einem Teilverzicht unserer Forderungen zustimmen und gleichzeitig einen weiteren Kredit vergeben. So irrsinnig, wie sich das anhört, so sinnvoll wäre ein solcher Schritt aus deutscher Sicht. Nicht aus Mitleid oder Verantwortung. Sondern aus Eigennutz. Die Betonung hier liegt auf Teil-Verzicht. // // in the end it was a bank bailout through the backdoor sold to the people as Greece Bailout, the money went to the EU banks. period. so sell it as it is, the fucking pig. isn't politics about compromise? >> THUS LOL by Merkel call for more compromise - bit.ly/1Lyfjsc &! Merkel and Junker is at fault for putting them before Europe at large - bit.ly/1FxypaT
haircut  debt  jubilee  Grexit  Greece  PIGS  contagion  EFSF  IMF  Angela  Merkel  Wolfgang  Schäuble  ChristineLagarde  Career  Politicians  Leadership  unintended  consequences  2015  political  error  political  economy  European  Union  political  folly  policy  error  policy  folly  short-term  thinking  short-term  view  solidarity  Podemos  Syriza  Gesellschaft  zombie  banks  banking  bank  crisis  banking  crisis  stresstest  EuropeanSystemicRiskBoard  ECB  MarioDraghi  Jens  Weidmann  sovereign  debt  crisis  default  default  scenario 
june 2015 by asterisk2a
IMF heads must roll over shameful Greek failings - Telegraph
Whatever the eventual outcome of the Greek debt talks, there are a number of judgments can already be made; one is that a large part of the blame for this ever deepening debacle lies at the doors of the International Monetary Fund, which from the very beginning has had both its priorities and its analysis of the situation hopelessly wrong. [...] By any standards, however, the IMF’s entanglement with the eurozone crisis is a whopper of a screw-up. Nor is it something in which the IMF should have got involved in the first place. Europe, one of the richest regions in the world, should have been left to sort out its own affairs. [...] This is more particularly the case as the Greek debt crisis is almost entirely one of the eurozone’s own making. And yet unforgivably, Greece is now the IMF’s biggest bailout ever – $35bn for a population of just 11 million. [ after all it was an EU (&international) bank bailout through the backdoor. at a times where banks were not able to cope ]
IMF  ChristineLagarde  Grexit  austerity  economic  history  Leadership  Angela  Merkel  Wolfgang  Schäuble  ECB  Troika  MarioDraghi  European  Union  monetary  Europe  GFC  democracy  Career  Politicians  unintended  consequences  incomplete  information  unknown  unkown  No  Representation  fairness  Great  Depression  lost  decade  lost  generation  PIGS  bailout  EFSF  haircut  debt  jubilee  debt  restructuring 
june 2015 by asterisk2a
Griechenland: Varoufakis sagt Wahrheit über Schuldenschnitt - SPIEGEL ONLINE
Gebärden sich die Griechen bei den Verhandlungen mit ihren Gläubigern als rücksichtslose Zocker? Nein, im Gegenteil, sie argumentieren bewundernswert stringent: Ohne Schuldenschnitt kann es keine sinnvolle Einigung geben. [...] Was erklärt diese Irrationalität? Aus meiner Sicht sind es die Lügenmärchen, die wir uns seit Jahren immer wieder erzählen: dass der Euro so stark ist wie die Mark, dass eine Währungsunion auch ohne einen gemeinsamen Haushalt funktionieren kann und dass die Griechen ihre Kredite zurückzahlen. Wir hängen jetzt im Netz unserer eigenen Märchen fest. Die eine Wahrheit ist, dass die Währungsunion zerbricht oder eine Fiskalunion erzwingt. Die andere Wahrheit ist, dass die Griechen pleite sind. Und eine dritte Wahrheit ist, dass der Schuldenschnitt kommt, so oder so.
haircut  Grexit  Greece  sovereign  debt  crisis  zombie  banks  bailout  economic  history  debt  jubilee  Super  Cycle  debt  bubble  debt  restructuring  IMF  Troika  ECB  monetary  union  fiscal  union  Pact  Schuldenbremse  banking  union  Euro 
june 2015 by asterisk2a
Eurozone still in denial about Greece - BBC News
In the highly unlikely event that Greece could generate a 2% or 3% surplus year-in and year-out without its economy shrinking further (which few economists would anticipate), it would take around half a century for Greek public sector debt to fall to a level regarded as sustainable. A half century of austerity? In what modern democracy would that be regarded as a realistic option? So all these fraught talks about a release of the last 7.2bn of cash from the current rescue facility can probably be seen as displacement activity. And if there is agreement in the next day or so on a framework to release that cash, this should be seen as no more than a short-term temporary fix. [...] Or to put it another way, it is all about whether the IMF and eurozone can keep up the pretence that Greece is a sound and solvent debtor. [...] relatively small and weak private sector will ever have the capacity to pay it back.
Grexit  economic  history  PIGS  austerity  Fiscal  Pact  sovereign  debt  crisis  Super  Cycle  Europe  bailout  zombie  banks  Troika  IMF  Angela  Merkel  Wolfgang  Schäuble  Germany  bank  jog  bank  run  ECB  European  Union  banking  solvency  insolvency  insolvent  Insolvenzverschleppung  Career  Politicians  No  Representation  short-term  thinking  short-term  view  Greece  debt  jubilee  haircut  debt  bubble  bond  bubble  debt  restructuring  debt  monetisation  debt  monetization  monetary  policy  unconventional  monetary  policy  monetary  system  monetary  transmission  mechanism  Great  Depression  2015  lost  decade  lost  generation  liquidity  trap  balance  sheet  recession  deleveraging  debtoverhang  GFC  GoldmanSachs 
june 2015 by asterisk2a
John Ralston Saul: Moving Beyond Globalism - YouTube
Deregulators & the people behind intellectual cleansing (ie Larry Summers vs Elizabeth Warren back in deregulation time of Clinton&Bush No. 2), have to be held responsible; economic thought; model, thinking, trickle-down, globalisation, no oversight & consumer protection // capitalism & globalisation are not self limiting // GFC is a symptom, Oil crisis in 70/80s, dot.com, world com, enron // globalisation (trade) doesnt solve growth problem // London banking is soufflé with no hard items (no real wealth creation within economy (income growth)) // shift money to who will spend it (re:bailout) // banks & rootless tax evaders global corps have no shared economic interest // "the globalist model" will work everywhere else, according to the IMF/World Bank, democracy will work in the Middle East. said the same people from the same school of thought // globalisation created oligopolies, not more competition! // climate change=investment w ROI // AfD=symptom // added value, no comp on price
GFC  recovery  Wall  Street  crony  capitalism  corporate  culture  corporate  governance  corporatism  trickle-down  economics  globalisation  globalization  economic  model  economic-thought  economic  history  economic  cycle  economic  growth  income  growth  Super  Rich  1%  Gini  coefficient  western  world  No  Representation  Career  Politicians  bailout  gesellschaft  social  tension  social  cohesion  Bank  IMF  austerity  neoliberal  neoliberalism  neoconservatism  neoconservatives  duopoly  oligarchy  oligopoly  oligopol  policy  folly  policy  error  Makers  lobbyist  lobby  Lobbying  revolving  door  populism  propaganda  AfD  UKIP  Protest  Partei  Protest  Party  European  Election  2014  society  Debt  Super  bubble  bond  bubble  jubilee  restructuring  haircut  sovereign  crisis  monetisation  monetization  consumer  household  debtoverhang  private  public  Fiscal  Pact  Schuldenbremse  Angela  Merkel  Wolfgang  Schäuble  intellectual  honesty  climate  change  pollution  value  creation  added  value  middle  class  income  distribution  disposable  income  income  mobility  social  mobility  education  policy  vocational  education  practical  skills  practical  skill  set  differentiate  differentiation 
may 2015 by asterisk2a
The Ashcroft Interviews: Money, Blood & Revolution - YouTube
George Cooper - broken economics << is in crisis. is not offering useful guidance for policy makers because of so much conflicting views that are taken at time and voiced at times very violently. "economics is akin to astrology." ... QE will create bigger future recession. &! neoclassical = trickle-down/trickle-through &! economics teaches you a wrong view / looking glass &! neoclassical view - getting richer and richer. is that really true? &! maintaining status quo &! self-interest &! Marx says capitalism is polarising
book  economics  economist  GFC  academia  academics  centralbanks  equilibrium  disequilibrium  QE  debt  monetization  debt  monetisation  monetary  policy  unconventional  monetary  policy  debt  bubble  sovereign  debt  crisis  Super  Cycle  debt  jubilee  debt  restructuring  balance  sheet  recession  debtoverhang  debt  overhang  Gini  coefficient  income  inequality  inequality  social  cohesion  trickle-down  economics  liquidity  trap  Philosophy  LTRO  TLTRO  education  policy  social  mobility  income  mobility  fairness  tax  evasion  tax  avoidance  downward  mobility  social  safety  net  austerity  Makers  policy  folly  policy  error  Career  Politicians  Lobbying  lobbyist  lobby  Super  Rich  1%  Wall  Street  crony  capitalism 
march 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 - http://www.bbc.co.uk/news/business-31136707 &! &! &! The Dirty Little Debt Secret - http://youtu.be/0ptn-jCDizo "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. &! https://www.youtube.com/watch?v=DmCoCHZkiFs
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
Eurokrise: Angela Merkel betreibt riskante Rettung - SPIEGEL ONLINE
Es sind die inneren Widersprüche einer Währungsunion, die nur das sein will, aber nicht mehr, die uns jetzt einholen. Anstatt die Schuldenkrise durch eine Schuldenkonferenz zu lösen, verlagern wir das Problem, indem wir komplizierte Auffangschirme schaffen, die die Schulden lediglich von einer Ecke des Systems in die andere hinüberschieben. Das sieht gut aus, ändert aber an der Überschuldung von Griechenland und Portugal nicht einen Deut.
debt  jubilee  Super  Cycle  sovereign  debt  crisis  haircut  PIGS  Europe  Politics  Career  Politicians  policy  folly  policy  error  lost  generation  lost  decade  secular  stagnation  debtoverhang  deleveraging  NPL  balance  sheet  recession  greatrecession  greatdepression  2014  Germany  divergence  faultlines  global  imbalances  structural  imbalance  Impediments  structural  deficit  debt  restructuring  restructuring  infrastructure  investment  Leadership 
august 2014 by asterisk2a
Konjunktur in EU: Analyse des ersten Halbjahrs 2014 - SPIEGEL ONLINE
In anderen Euroländern dagegen ist die Lage bedenklich. Vor allem Frankreich und Italien, die nach Deutschland größten Volkswirtschaften des Währungsraums, haben große strukturelle Probleme. Und in Krisenstaaten wie Griechenland, Spanien und Portugal geht es dank schmerzhafter Spar- und Reformprogramme zwar inzwischen wieder leicht bergauf mit der Wirtschaft. Doch die Gefahr eines Rückfalls in die Krise ist noch immer groß. || http://www.spiegel.de/wirtschaft/unternehmen/eurostat-inflation-in-euro-laendern-sinkt-auf-rekordtief-a-986068.html - Neue Zahlen von der europäischen Statistikbehörde Eurostat: Die Inflation in den 18 Ländern im Euroraum ist so niedrig wie seit fast fünf Jahren nicht mehr. Das Wirtschaftswachstum kommt zum Stillstand. || + http://www.spiegel.de/wirtschaft/soziales/bip-deutsche-wirtschaft-schrumpft-um-0-2-prozent-a-986028.html + http://www.spiegel.de/wirtschaft/unternehmen/diw-chef-fratzscher-hoehere-loehne-und-konjunktur-a-986124.html "Investitionen!"
France  Germany  PIGS  Eurpope  sovereign  debt  crisis  2014  stagflation  secular  stagnation  stagnation  ECB  QE  ZIRP  NIRP  liquidity  trap  monetary  transmission  mechanism  creditcrunch  deleveraging  balance  sheet  recession  debtoverhang  Richard  Koo  economic  history  Structural  Impediments  imbalance  deficit  budget  deficit  liberal  economic  reform  NPL  zombie  banks  Career  Politicians  policy  folly  policy  error  monetary  policy  unconventional  monetary  policy  fiscal  policy  austerity  faultlines  divergence  Super  Cycle  lost  generation  lost  decade  debt  bubble  bond  bubble  hunt  for  yield  infrastructure  investment  investment  debt  monetization  debt  monetisation  haircut  debt  jubilee  debt  restructuring  public  debt  productivity  output  gap  corporatism  crony  capitalism  coward  risk  sentiment  risk  taking  creditrating  creditrisk  working  poor  Gini  coefficient  income  inequality  squeezed  middle  class  social  mobility  income  mobility  inequality 
august 2014 by asterisk2a
DIW-Chef Fratzscher zu Banken-Stresstest, Lohnerhöhung - SPIEGEL ONLINE
Die Abhängigkeit zwischen Banken und Staaten hat in den letzten Jahren besorgniserregend zugenommen. Die berechtigte Sorge ist daher, dass Bankenrettungen die Staatshaushalte der hochverschuldeten Eurostaaten überfordert. Dann könnten wir leicht wieder in eine Krisensituation wie im Sommer 2012 geraten, als die Anleihezinsen für viele Eurostaaten drastisch nach oben geschossen sind. [...] Die größte Herausforderung für Europa ist, Wachstum zu schaffen. Nur durch ein deutlich stärkeres Wachstum kann es gelingen, dass die Unternehmen Beschäftigte einstellen, die Banken faule Kredite abbauen und die Staaten ihre Finanzen in Ordnung bringen. [...] [ +see end - Income Growth across the board in Germany Needed. Recent 2017 wage floor/minimum wage was overdue. Overdue. ]
GDP  Europe  zombie  banks  PIGS  NPL  non-performing  loan  balance  sheet  recession  debtoverhang  Richard  Koo  Japan  economic  history  debt  jubilee  lost  decade  lost  generation  Super  Cycle  ECB  liquidity  trap  history  GFC  greatrecession  greatdepression  2014  infrastructure  investment  underemployed  structural  unemployment  long-term  unemployment  youth  unemployment  unemployment  Germany  France  faultlines  Impediments  structural  imbalance  structural  deficit  budget  deficit  fiscal  deficit  tradedeficit  trade  deficit  academia  academics  policy  error  policy  folly  fiscal  policy  monetary  policy  ZIRP  NIRP  OMT  QE  monetary  transmission  mechanism  deleveraging  Politics  Career  Politicians  ownership  accountability  transparency  Bundesbank  BuBa  income  growth  minimum  wage  wage  floor  coldprogression  kalte  Progression 
july 2014 by asterisk2a
Henrik Müller über Wirtschaftswachstum 2014: Die Pessimisten sind los - SPIEGEL ONLINE
GDP  Why  Software  Is  Eating  the  World  Software  Is  Eating  World  2014  economic  history  digital  economy  happiness  index  Mobile  Creative  Mobile  Creatives  knowledge  worker  knowledge  economy  Age  digital  artist  digital  content  content  creator  New  academia  academics  Wikipedia  freemium  balance  sheet  recession  liquidity  trap  hunt  for  yield  ZIRP  QE  NIRP  deflation  deflationary  lost  generation  lost  decade  Year  of  Code  White-collar  Blue-collar  hybrid  work  workless  6-hour  work  day  workforce  working  poor  squeezed  middle  class  productivity  output  gap  Silicon  Valley  education  policy  practical  skills  practical  skill  set  disposable  income  leisure  time  Robert  Skidelsky  volunteering  volunteer  maximisation  of  happiness  Jack  of  All  Trades  Future  Future  of  book  Tim  Ferriss  work  life  balance  worklife  underemployed  self-employment  freelance  freelancing  complexity  unknown  unknowns  GFC  greatdepression  greatrecession  Europe  UK  USA  PIGS  debtoverhang  sovereign  debt  crisis  Richard  Koo  Super  Cycle  debt  monetization  debt  monetisation  debt  bubble  debt  jubilee  Japan  BOE  Fed  ECB  Open  Source  Linux  GitHub  BOJ  sharing  economy  less  more  zeitgeist  generational  change  Millennials  generationy  Consumerism  digital  digital  consume 
july 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. +++ https://www.facebook.com/PeterSchiff/posts/10154276062445062
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
Live chart: The low countries - YouTube
Timothy Geithner says no risk of U.S. losing it's AAA credit rating - http://youtu.be/0HDCvqgxrrE || Geithner: Japan's 'Lost Decade' Not America's Fate - http://youtu.be/fax8BIPKcP8 "the hope it's gonna heal itself, to hope you can grow yourself out of it" growing your way out of it" || +!!! Timothy Geithner Fired Robert Shiller? http://youtu.be/bIwBEYoSqKY >> economics has no humans in it !!! no real world example. Conventional wisdom so strong. "We've got too scientific." And anybody who is 'flaky' gets pushed out [Robert Schiller]. >>Wenn du dich auf andere verlaesst, bist du verlassen.<< || Robert Shiller: Speculative Asset Prices - http://youtu.be/oBXPOWytDMs "present value". google.co.uk/search?q=present+value+Robert+Schiller || + Robert Shiller: Nobel Prize Winning Economist - http://youtu.be/ABvtKGrIDUs "it can't be an exact science (forecasting) because of the complexity, mass data; uncertain, certain, and data that can't be put in numbers, storystelling -> feedback loops ...
bond  bubble  Japan  USA  UK  Europe  Germany  hunt  for  yield  lost  decade  lost  generation  deflation  deflationary  liquidity  trap  financial  repression  economic  history  Tim  Geithner  Timothy  Geithner  austerity  balance  sheet  recession  Richardkoo  Richard  Koo  creditrating  creditrisk  debt  monetization  debt  monetisation  QE  ZIRP  NIRP  monetary  transmission  mechanism  monetary  policy  monetary  stimulus  unconventional  monetary  policy  monetary  theory  Super  Cycle  debt  jubilee  GFC  deleveraging  debtoverhang  Career  Politicians  Makers  policy  folly  policy  error  toobigtofail  TBTF  systemrelevanz  Lobbying  lobbyist  lobby  fiscal  stimulus  fiscal  sovereignty  PIGS  sovereign  debt  crisis  Thomas  Piketty  Mobile  Creative  Mobile  Creatives  flat  world  globalisation  globalization  savings  glut  faultlines  Structural  Impediments  unemployment  deficit  imbalance  GDP  economic  model  Robert  Skidelsky  Robert  Reich  Paul  Krugman  consumer  debt  public  debt  debt  restructuring  household  debt  zombie  banks  creditcrunch  creditcrisis  ECB  BOE  BOJ  Abenomics  Fed  BuBa  leadership  Democratic  Process  democracy  trust  trustagent  confidence  greatrecession  greatdepression  history  evolution  Why  Software  Is  Eating  the  Software  Is  Eating  skill-biased  techn 
june 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
BBC News - When will the UK pay its way in the world?
In absolute terms it has been impossible for UK debts to fall. >> Now what was a little worrying was that the deficit on the current account reached 5.6% of GDP, or economic output, in the third quarter of 2013 and fell to just a little bit lower, 5.4%, in the fourth quarter. That 5.6% was - ahem - something of a milestone: it was the biggest quarterly deficit since records began in 1955. And it explains why the record aggregate indebtedness of the UK has been falling so slowly, and is still not much below 500% of GDP on the Mckinsey measure (though see my previous blog). [...] UK's - limp trading performance - for YEARS! ... COMPETING against BRICs, Europe, G8, ... now and in the future competing with MINT countries too ( http://en.wikipedia.org/wiki/MINT_countries ). [...] "We have not got forever to reconstruct our economy and become a bit more like the European export emperor, Germany."
UK  Debt  Super  Cycle  zombie  corporations  zombie  banks  zombie  consumer  sovereign  crisis  private  consumer  bubble  jubilee  monetization  household  public  debtoverhang  monetisation  restructuring  austerity  current  account  deficit  economic  history  2014  fiscal  policy  monetary  policy  Mark  Carney  davidcameron  GeorgeOsborne  public  policy  financial  repression  New  Normal  QE  ZIRP  NIRP  hunt  for  yield  deflationary  productivity  output  gap  competitiveness  knowledge  worker  skill-biased  technological  change  skill  capital  skills  London  White-collar  Blue-collar  Mobile  Creative  Mobile  Creatives  value  creation  Industrial  globalisation  globalization  competitive  advantage  comparative  advantage  21stcentury  BRIC  MINT  Europe  free  trade  Germany  exports  export 
may 2014 by asterisk2a
British austerity is no model for the rest of the world - FT.com
the pace of fiscal contraction has slowed over the past two years. This means that the brake on growth caused by fiscal policy is becoming more attenuated. So the turnround in growth over the past 18 months is as much evidence against austerity as it is pro-austerity. Second, faced with the potential damage caused by the deficit reduction to demand and economic growth, the UK government has been forced to introduce a number of extraordinary measures to support lending. [...] It certainly should not, however, be seen as any kind of inspiration to other companies or countries. + http://www.telegraph.co.uk/finance/economics/10807988/Rapid-rate-rises-could-throw-UK-back-into-recession.html
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may 2014 by asterisk2a
Why Americans Are Moving Less: New Jobs Aren't Worth It - Richard Florida - The Atlantic Cities
[symptom of the working poor and squeezed middle class and wage stagnation || http://youtu.be/_k9q8rBfRVY + http://youtu.be/akVL7QY0S8A + http://youtu.be/nIimu0LF4JA + http://youtu.be/BOMoC0_m5pQ // Americans are moving less—and not as far—because it's not nearly as worthwhile economically. Most moves are local, from neighborhood to neighborhood in the same city or county, and are largely driven by seeking better housing or more proximity to family and friends. But long-distance moves between states are different. These interstate moves are typically driven by those seeking better job opportunities. Since the 1980s, neither the job opportunities nor the potential for better wages have made such moves worth it, according to the study. It finds that by 2013 the rate of interstate relocations had fallen 51 percent below its 1948 to 1971 average levels, the peak years for such longer-distance moves.
working  poor  squeezed  middle  class  wage  stagnation  inequality  income  mobility  income  inequality  social  mobility  USA  fiscal  policy  public  policy  Gini  coefficient  middle  class  Robert  Reich  economic  history  Thomas  Piketty  economics  microeconomic  policy  microeconomics  macroeconomic  policy  macroeconomics  elizabethwarren  Elizabeth  Warren  babyboomers  generational  contract  Debt  Super  Cycle  sovereign  crisis  private  consumer  bubble  jubilee  zombie  consumer  Consumerism  productivity  minimum  wage  living  wage  secular  stagnation  stagnation  labour  market  labour  market  participation  Super  Rich  lobby  Lobbying  lobbyist  crony  capitalism  revolving-door  presidency  barackobama  Career  Politicians  accountability  transparency  democracy  corporate  governance  governance  job  market  job  creation  skill-biased  technological  change  skills  knowledge  worker  White-collar  Blue-collar  Higher  Education  bubble  formal  cost  Apprenticeships  on  job  training  Germany  UK  Europe 
april 2014 by asterisk2a
BBC News - UK government finances show £4.7bn surplus in January
The total pile of government debt now stands at £1.24tn, equivalent to 74.6% of the UK's total economic output.
UK  Debt  Super  Cycle  sovereign  crisis  jubilee  public  household  2014  austerity 
february 2014 by asterisk2a
Wie Europa Schulden loswerden kann - SPIEGEL ONLINE
[Rogoff & Reinhart advocating financial repression] [...] [Because Austerity didn't work.] Tatsächlich habe die europäische Wirtschaftspolitik - die Haushaltsdefizite senkt und Strukturreformen für mehr Wachstum durchführt - recht wenig getan, um den Schuldenberg wirklich zu verringern. Die Politik könnte die Last für die nächsten Jahre sogar verschlimmert haben, sagen viele Volkswirte. Die Sparpolitik hat das Wachstum überraschend stark beeinträchtigt. Während die Hinweise darauf, dass die Strukturreformen tatsächlich die Wirtschaft beflügeln, eher überschaubar ausfallen. Stattdessen sinken Einkommen, Gewinne und Steuereinnahmen, was die Schuldenlast immer schwerer erträglich macht.
debt  servicing  sovereign  debt  crisis  consumer  debt  Super  Cycle  Europe  zombie  consumer  zombie  corporations  ZIRP  liquidity-trap  QE  KennethRogoff  liberal  economic  reform  economic  history  MarioDraghi  ECB  unconventional  monetary  policy  monetary  theory  monetary  transmission  mechanism  deflation  deflationary  debtoverhang  balance  sheet  recession  GFC  greatrecession  greatdepression  lostdecade  lostgeneration  youth  unemployment  austerity  IMF  Japan  UK  USA  budget  deficit  France  financial  repression  hunt  for  yield  asset  bubble  speculative  bubbles  New  Normal  PIMCO  Mohamed  El-Erian  debt  jubilee  debt  bubble  debt  monetization  debt  monetisation  debt  restructuring  private  debt  public  debt  household  debt  carmenreinhart  WallStreet  inflation  targeting  inflation  expectation  communication  babyboomers  haircut  PIGS  toobigtofail  TBTF  Richardkoo 
january 2014 by asterisk2a
Bubbles, Regulation, and Secular Stagnation - NYTimes.com
In brief, there is a case for believing that the problem of maintaining adequate aggregate demand is going to be very persistent – that we may face something like the “secular stagnation” many economists feared after World War II. [...] The stability of prices and output masked an underlying unsustainable growth in leverage. [...] Our current episode of deleveraging will eventually end, which will shift the IS curve back to the right. But if we have effective financial regulation, as we should, it won’t shift all the way back to where it was before the crisis. Or to put it in plainer English, during the good old days demand was supported by an ever-growing burden of private debt, which we neither can nor should expect to resume; as a result, demand is going to be lower even once the crisis fades. [...] our current situation may well go on much longer than anyone currently imagines.
student  loan  debt  lobby  deregulation  monetary  policy  lobbyist  asset  bubble  modern  monetary  theory  reflation  dual  mandate  fiscal  stimulus  Lobbying  BOE  BOJ  macroeconomics  policy  folly  QE  liquidity  trap  inflation  targeting  fiscal  policy  UK  debt  bubble  political  error  paulkrugman  austerity  unknown  unkown  greatdepression  nominal  GDP  targeting  dis-inflation  deleveraging  regulation  economics  public  debt  secular  stagnation  inflation  private  debt  balance  sheet  recession  mandate  debt  jubilee  GFC  complexity  excess  monetary  theory  unintended  consequences  consumer  debt  liquidity-trap  political  folly  WWII  lostdecade  greatrecession  policy  error  regulators  debtoverhang  Wicksellian  natural  interest  rate  NIRP  Fed  microeconomics  economic  history  Super  Cycle  stagflation  Great  Moderation  leverage  stagnation  sovereign  debt  crisis  recovery  ZIRP  USA  household  debt  fiscal  theory  Japan  fiscal  deficit 
september 2013 by asterisk2a
Carmen Reinhart: "No Doubt. Our Pensions Are Screwed." | Zero Hedge
Only when inflation picks up, which is ultimately going to happen, will it become obvious that central banks have become subservient to governments." [...] Nations "seldom just grow themselves out of debt," as so many believe is possible, "you need a combination of austerity, so that you don't add further to the pile of debt, and higher inflation, which is effectively a subtle form of taxation," with the consequence that people are going to lose their savings. Reinhart succinctly summarizes, "no doubt, our pensions are screwed." [...] http://www.spiegel.de/international/business/interview-with-harvard-economist-carmen-reinhart-on-financial-repression-a-893213.html / http://www.spiegel.de/international/europe/how-central-banks-are-threatening-the-savings-of-normal-germans-a-860021.html
monetization  unemployment  monetary  policy  deposit  haircut  modern  monetary  theory  transferring-wealth  reflation  academia  zombie  banks  New  Normal  BOE  carmenreinhart  banking  crisis  deflation  BOJ  deposit  levy  creditcrisis  QE  2013  moralhazard  debt  monetisation  debt  bubble  creditcrunch  bail-in  austerity  greatdepression  zombie  consumer  deleveraging  inflation  centralbanks  debt  monetization  balance  sheet  recession  GFC  debt  jubilee  haircut  unintended  consequences  Troika  negative  real  interest  rate  ECB  debt  restructuring  bank  crisis  Abenomics  greatrecession  debtoverhang  Fed  economic  history  financial  repression  sovereign  debt  crisis  ZIRP  bailout 
april 2013 by asterisk2a
For Everyone Shocked By What Just Happened... And Why This Is Just The Beginning | Zero Hedge
Today, lots of people woke up in shock and horror to what happened in Cyprus: a forced capital reallocation mandated by political elites under the guise of an "equity investment" in insolvent banks, which is really code for a "coercive, mandatory wealth tax." If less concerned about political correctness, one could say that what just happened was daylight robbery from savers to banks and the status quo. These same people may be even more shocked to learn that today's Cypriot "resolution" is merely the first of many such coercive interventions into personal wealth, first in Europe, and then everywhere else. [...] And with inflation woefully late in appearing and "inflating away" said debt overhang, Europe first is finally moving to Plan B, and is using Cyrprus as its Guniea Pig. http://www.scribd.com/doc/130778664/BCG-Back-to-Mesopotamia
debtoverhang  ESM  2013  Politics  debt  jubilee  financial  repression  economic  history  Europe  reflation  debt  bubble  sovereign  debt  crisis  PIIGS  greatdepression  deflation  debt  restructuring  Cyprus  inflation  greatrecession  bailout  IMF  balance  sheet  recession 
march 2013 by asterisk2a
IMF's epic plan to conjure away debt and dethrone bankers - Telegraph
The Chicago Plan Revisited

http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf

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
Five years on, the Great Recession is turning into a life sentence - Telegraph
Five years on it is clear that subprime was merely the first bubble to pop, a symptom not a cause. Europe had its own parallel follies. Britons were extracting almost 5pc of GDP each year in home equity by the end. Spain built 800,00 homes in 2007 for a market of 250,000. Iceland ran amok, so did Latvia and Hungary. The credit debacle was global. If there was an epicentre, it was Europe’s €35 trillion banking nexus.

There comes a point when extra debt draws down prosperity from the future. The future arrived in 2008.

A study by Stephen Cecchetti at the Bank for International Settlements concludes that debt turns “bad” at roughly 85pc of GDP for public debt, 85pc for household debt, and 90pc corporate debt. If all three break the limit together, the system loses its shock absorbers.

http://www.bis.org/publ/work352.htm

Much of the debt will have to be written off. Whether this done by inflation (1945-1952) or default (1930-1934) will be the great political battle of this decade.
politics  policy  folly  policy  error  default  scenario  inflation  reflation  debt  jubilee  economic  history  globalisation  global-economy  global  imbalances  savings  glut  creditcrunch  economic-thought  economic  model  BIS  banking  crisis  bank  crisis  balance  sheet  recession  deleveraging  debt  bubble  debtoverhang  credit  bubble  subprime  property  bubble  sovereign  debt  crisis  UK  China  USA  Europe  2012  2008  lostdecade  GFC  greatrecession 
august 2012 by asterisk2a
Stephen Roach Mops Floor With Keynesianism And Former Fed Governor Larry Meyer | ZeroHedge
ex Fed member Larry Meyer:
'we do models, to do forecasts ... otherwise we don't know'

Roach replies: your models don't work, and thus your forecasts - because they use empirical (the past) data.

Your models are not based on science, what you (the Fed) is doing is working with assumptions.

-

Fed models / assumptions do not account deleveraging, debt overhang, outcome of financial crisis etc etc. disrupting and distorting the entire monetary system - which they build.

Because this is a different kind of gargantuan crisis than ever before.

One can only think about it that the system is broken (monetary system) - it may take 10-20 years to fully recover. Now one as to admit to that, that it is broken beyond patch work repair (QE, ZIRP and Co). And start think a new, and consider a debt jubilee. Basically a cold reset for the monetary system.
keynes  miltonfriedman  Europe  sovereign  debt  crisis  debt  jubilee  monetary  theory  monetary  policy  creditcrunch  deleveraging  debtoverhang  NPL  zombie  banks  Japan  UK  USA  lostdecade  greatdepression  GFC  greatrecession  benbernanke  paulkrugman  KennethRogoff  carmenreinhart  economic  history  economic-thought  economic  model  Fed  richardkoo  stephenroach 
august 2012 by asterisk2a
Morgan Stanley takes a hatchet to UK growth forecasts | ForexLive
Only Italy has lagged UK growth in the past year among major economies but the outlook continues to sour.

Morgan Stanley has cut is 2012 estimate to -0.5% from +0.5% and its 2013 forecast to +1.0% from +1.8%.

They cite four factors:
A deterioration in external outlook, a risk of further muddling through in the eurozone, worse than expected GDP growth in the first half of 2012 and higher borrowing costs and continued weak credit growth in prospect.

Morgan Stanley is now below the consensus for 2012 (0%) and 2013 (1.55%).

---

UK prospects hinges on outcome and developments in Europe. Period. Its banks are exposed to EU big time, Europe is its biggest trading partner, and a weaker Sterling hasn't helped. BOE policy efforts helps only marginally, from here on forward.

BOE QE and ZIRP wont push UK out of subliminal decline.
Current policy forward only reflates debt levels lower.
currency  debasement  double-dip  lostdecade  financial  repression  ZIRP  QE  austerity  BOE  debt  monetisation  debt  jubilee  reflation  stagflation  stagnation  2012  property  bubble  deleveraging  debtoverhang  banking  crisis  bank  crisis  Europe  sovereign  debt  crisis  greatrecession  UK 
august 2012 by asterisk2a
Hugh Hendry: When I Speak On TV It Gives The Impression That I Am Full Of Myself | ZeroHedge
Word that describe the GFC and the LIBOR rigging scandal (which will see central banks, bank bosses and regulators aware of the issue at the hight of the crisis 2008) ::

“We have reached a profound point in economic history where the truth is unpalatable to the political class – and that truth is that the scale and magnitude of the problem is larger than their ability to respond – and it terrifies them.”

[...]

For example, he reckons US government bond yields, already at record lows, will continue to fall. And, although he professes not to be a contrarian, he is more optimistic about the US than many investors and is “long the debt-saddled west and short the vastly over-vaunted and over-owned” Bric quartet of Brazil, Russia, India and China.

He believes that financial markets are single-digit years away from a crash that will present investors with opportunities of a lifetime. “Bad things are going to happen and I still think the closest analogy is the 1930s.”
USA  status  quo  BRIC  Japan  Leverage  HughHendry  debt  jubilee  deleveraging  debt  bubble  debtoverhang  greatrecession  GFC  LIBOR  rigging  scandal 
july 2012 by asterisk2a
BBC News - Why does the UK love the monarchy?
"What is it about our country that we retain such affection for a system which appears at odds with the meritocratic principles of a modern liberal democracy?"

[...]

Bagehot had identified a developing national characteristic. As colonial power and the riches of empire declined, there was an increasing desire to define greatness as something other than wealth and territory. Britain wanted to believe it was, intrinsically, special. "People yield a deference to what we may call the theatrical show of society," he wrote. "The climax of the play is the Queen."

[Everything around the Monarchy, the Queen and hereditary authority acts as IT for] national communion. [Simply British national life held high with pride.] "Uniquely ours."

The explanation, I think, is that the 1950s were also a period in which the country was anxious about how global, institutional and social change might threaten its identity.

Monarchy represented a bulwark against rapid and scary change.
reason  nationality  identification  identity  2012  Diamond  Jubilee  austerity  immigration  globalisation  anxiety  culture  change  society  democracy  meritocratic  meritocracy  liberal  democracy  liberal  Britain  UK  history  monarchy 
june 2012 by asterisk2a
Bank of England's money printing is putting UK economy at risk - Telegraph
In its annual report, the Swiss-based Bank for International Settlements (BIS) warned that artificially low rates and inflated asset prices could also be holding back growth by masking lenders' bad debts and deterring them from cleaning up their balance sheets.
"Prolonged and aggressive monetary accommodation may delay the return to a self-sustaining recovery," "It can undermine the perceived need to deal with banks' impaired assets."
Political pressure for loose monetary policy, including quantitative easing (QE), also threatened to damage central banks' credibility and destroy their independence,
at risk the central banks' price stability objective, their credibility and, ultimately, their independence.
governments, banks and households struggling with too much debt were dragging down the world's economy and that more needs to be done to make the banking system safer.

http://www.bloomberg.com/news/2012-06-25/central-banks-commit-to-ease-as-threat-of-lost-decades-rises-1-.html
debt  jubilee  policy-makers  policy  folly  policy  error  politics  economics  economic-thought  economic  model  greatrecession  GFC  lostgeneration  lostdecade  debtoverhang  balance  sheet  recession  richardkoo  monetary  theory  System  confidence  trust  trustagent  ECB  bubble  Japan  QE  ZIRP  unintended  consequences  economic  history  BOJ  Fed  BOE  monetary  policy  UK  zombie  banks  NPL  BIS 
june 2012 by asterisk2a

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