asterisk2a + 2013   166

BBC News - Scottish public spending deficit rises, say latest Gers figures
http://www.bbc.co.uk/news/uk-scotland-26538402 "In terms of productivity, the part of Britain that comes closest to inner London - though, admittedly, it's not that close - is the north-east of Scotland. That oil and gas factor shows it's as productive as Berkshire, Buckinghamshire and Oxfordshire. Broken down into 'sub-regions', Aberdeen city and Aberdeenshire together comprise the sixth most productive area per hour worked, while Edinburgh was ninth. At the wrong end of the table, rural areas dominate. Sorry to be the bearer of bad news to beautiful places, but within the UK's least productive 10 sub-regions are Orkney, the Scottish Borders and Caithness and Sutherland. It could be worse. You could be in Powys."
Scottish  Independence  budget  deficit  2013  Scotland  Aberdeen  productivity 
march 2014 by asterisk2a
BBC News - Many Britons 'fear mortgage arrears'
Campbell Robb, chief executive of Shelter, which helps a million people a year with housing problems, said that despite recent discussion of an economic recovery, a combination of high housing costs, wage freezes, and rising food and energy bills had created a "nightmare scenario" for many families. He said: "It's a worrying sign of the times that so many are starting the New Year worried about how they'll pay their rent or mortgage in 2014. "Unless they get help, some of the families struggling now could face the very real prospect of losing their home this year."
working  poor  squeezed  middle  class  recovery  2013  2014  asset  bubble  mortgage  market  mortage  ZIRP  QE  NIRP  hunt  for  yield  unintended  consequences  BOE  UK  monetary  policy  complexity  property  bubble  speculative  bubbles  zombie  consumer  private  debt  Super  Cycle  consumer  debt  Consumerism  fiscal  policy  GeorgeOsborne  davidcameron  error  policy  folly  Funding  for  Lending  Scheme  Help  to  Buy  Scheme  Mark  Carney  political  folly  Career  Politicians  Toff  political  error 
january 2014 by asterisk2a
BBC News - Debt crisis will hurt millions, says think tank
Millions of UK households will face "perilous" levels of debt when interest rates begin to rise, according to a think tank focused on living standards. The number of people using more than half their disposable income to repay debt could rise from 600,000 to a 1.1 million by 2018 if interest rates rise to 3%, said the Resolution Foundation. If rates hit 5%, two million households would face huge repayments, it said. Mortgages are the largest source of UK household debt.
Debt  Super  Cycle  household  UK  private  consumer  mortage  property  bubble  housing  market  2013  ZIRP  QE  unintended  consequences  complexity  zombie  consumer  NPL  unconventional  monetary  policy  monetary  theory  BOE  Mark  Carney  NIRP  negative  real  interest  rate  hunt  for  yield 
december 2013 by asterisk2a
Wolfgang Münchau: Die Gefahren des Jahres 2014 - SPIEGEL ONLINE
Beide Seiten haben Grund zu Pessimismus. Die strukturkonservative Bundeskanzlerin sieht mit Schrecken, dass Frankreich, Spanien und Italien keineswegs geneigt sind, deutsch zu werden. Euro-föderale Kritiker wie ich sind darüber enttäuscht, dass es weder eine Fiskalunion noch eine echte Bankenunion geben wird. Für uns ist das, was letzte Woche beschlossen wurde, keine Bankenunion, sondern nur ein schlechter Witz. Jedes Land bleibt für seinen eigenen Bankensektor verantwortlich. Das vorrangige ökonomische Ziel, die Risiken von Banken und Staaten zu trennen, ist dahin. Stattdessen ist die Bankenunion nur noch ein komplizierter administrativer Prozess.
Europe  europeanunion  banking  union  banking  crisis  bank  crisis  sovereign  debt  crisis  fiscal  sovereignty  austerity  2013  2014  France  Spain  Italy  liberal  economic  reform  greatrecession  greatdepression  lostdecade  lostgeneration  Japan  economic  history  history  Angela  Merkel  political  folly  political  error  FrancoisHollande  policy  error  policy  folly  ECB  creditcrisis  creditcrunch  M3  monetary  transmission  mechanism  monetary  policy  fiscal  policy  Richardkoo  reflation  deflationary  deflation  inflation  ZIRP  QE  LTRO  unintended  consequences  NIRP  negative  real  interest  rate  unconventional  monetary  policy 
december 2013 by asterisk2a
2 New Gonorrhea Cases…In Porn This Time It’s Antibiotic Resistant « MikeSouth.Com
+ http://www.mikesouth.com/stds-in-porn/super-gonorrhea-in-porn-valley-confirmed-8816/ + http://www.mikesouth.com/stds-in-porn/the-super-gonorrehea-story-update-8823/ "I do know that the Health department has notified at least one person in the biz that they were exposed and should see a doctor immediately." + http://www.mikesouth.com/avn/mark-kernes-displays-his-ignorance-7537/ CDC "calling on doctors to “prevent a return to the era of untreatable gonorrhea.” + CDC urge people who are not abstinent or mutually monogomous to “use a condom every time you have anal, vaginal, or oral sex.” http://www.cdc.gov/std/prevention/default.htm
Gonorrhea  CDC  post-antibiotic  era  superbug  STD  Porn  multidrug-resistant  2013 
december 2013 by asterisk2a
BBC News - Most people classed as being in poverty 'have job'
In the 2011-12 period, the amount of earnings before a household was said to be in poverty was £128 a week for a single adult; £172 for a single parent with one child; £220 for a couple with no children, and £357 for a couple with two children. [...] It said the number of people in low-paid jobs had risen, with average incomes falling by 8% since their peak in 2008. [...] But it said that while the overall poverty rate in the UK expressed as a proportion of the population was 21% - the second lowest since reliable official statistics began to be collected in the mid-1990s - the figures understated the squeeze there had been on people with low incomes and those affected by benefit changes. Julia Unwin, Chief Executive of JRF, said: "We have a labour market that lacks pay and protection, with jobs offering precious little security and paltry wages that are insufficient to make ends meet.
living  standard  working  poor  underemployed  unemployment  minimum  wage  wage  floor  poverty  UK  stagflation  child  poverty  food  poverty  2013 
december 2013 by asterisk2a
Hamburg, München, Berlin: Mieten in Großstädten steigen weiter - SPIEGEL ONLINE
Ursache sei vor allem die Wohnungsknappheit in den Städten, in die immer mehr Menschen zögen. Die Entwicklung gebe es aber bereits seit einigen Jahren. "Nach mehreren Jahrzehnten stagnierender Immobilienpreise befindet sich der deutsche Immobilienmarkt seit 2010 in einer Boomphase", teilte das Institut mit. Die höchsten Mietpreissteigerungen habe es seit Anfang 2010 in Berlin, München, Freiburg, Ulm und Wolfsburg gegeben.
unintended  consequences  ZIRP  Beton  Gold  QE  hunt  for  yield  asset  bubble  speculative  bubbles  Germany  NIRP  negative  real  interest  rate  ECB  2013  urbanisation  Gentrified  urban  planning  demographics  demography  Demographic 
december 2013 by asterisk2a
BBC News - Worrying trends for the UK economy
In other words, the record amount of private debt, which has just reached £1.43 trillion, points to how borrowing has fuelled consumption. As we saw from the crash five years ago when debt was lower than now, debt-fuelled consumption isn't a sustainable or reliable source of growth. [...] Could the UK be facing what the US economist Larry Summers has described as America's "secular stagnation". It's a worry that the ageing population and a slower growth of the labour force mean a slower growing economy.
GFC  greatdepression  greatrecession  UK  2013  economic  history  recovery  austerity  deflationary  deflation  inflation  working  poor  squeezed  middle  class  zombie  consumer  consumer  debt  deleveraging  balance  sheet  recession  output-gap  productivity  larrysummers  stagflation  stagnation  secular  cycle  Japan  lostdecade  lostgeneration  fiscal  policy  monetary  policy  liquidity-trap  spare  capacity 
december 2013 by asterisk2a
BBC News - Autumn Statement: IFS on UK cost of living statistics
More people are in work than in 2007, but incomes have fallen in real terms over that time as costs have generally risen faster than wages.
cost  of  living  greatrecession  purchasing-power  income-growth  greatdepression  GFC  2013  unintended  consequences  inflation  deflation  deflationary  economic  history  UK  working  poor  squeezed  middle  class 
december 2013 by asterisk2a
Koalitionsvertrag von Union und SPD: Fünf Konzepte, die fehlen - SPIEGEL ONLINE
2006 stellte der Wirtschaftsweise Peter Bofinger zusammen mit dem Arbeitsmarktforscher Ulrich Walwei ein Sozialstaatskonzept vor. Kernforderung: Wie bei den Steuern soll es auch bei den Sozialabgaben einen Freibetrag in Höhe des Existenzminimums geben. Anfang 2007 machte die SPD Bofingers Papier zur Parteiposition - um es kurz darauf wieder zu vergessen. [Arbeit muss sich lohnen.]
working  poor  squeezed  middle  class  Taxation  Lobby  Germany  Politics  2013  Career  Politicians 
november 2013 by asterisk2a
Banks Warn Fed They May Have To Start Charging Depositors | Zero Hedge
In other words, just like Europe is already toying with the idea of NIRP (and has been for over a year, if still mostly in the rheotrical and market rumor phase), so the Fed's IOER cut would also result in a negative rate on deposits which the FT tongue-in-cheekly summarizes "depositors already have to cope with near-zero interest rates, but paying just to leave money in the bank would be highly unusual and unwelcome for companies and households."
Fed  Taper  ECB  NIRP  ZIRP  negative  real  interest  rate  modern  monetary  theory  unconventional  monetary  policy  monetary  policy  banking  crisis  bank  crisis  UK  IOER  hunt  for  yield  unintended  consequences  economic  history  balance  sheet  asset  bubble  complexity  2013 
november 2013 by asterisk2a
David Stockman Blasts "It's 2007/8 All Over Again" | Zero Hedge
"This is a destructive poisonous monetary medicine that is being put into the system that is distorting all kinds of economic mechanisms with malinvestments on a massive scale"
QE  ZIRP  Fed  WallStreet  NIRP  negative  real  interest  rate  hunt  for  yield  unconventional  monetary  policy  monetary  transmission  mechanism  USA  UK  Europe  2013  asset  bubble  reflation  deflation  deflationary  unintended  consequences 
november 2013 by asterisk2a
OECD Warns UK Faces Housing Bubble | Zero Hedge
The Great House Price Bubble? - http://www.bbc.co.uk/programmes/b03j0nw1 + http://www.zerohedge.com/news/2013-09-13/uk-realtors-ask-central-bank-halt-housing-bubble " Estate agents and surveyors have become so concerned about the dangers of another unsustainable housing boom that their trade body is urging the Bank of England to limit national house price growth to 5 per cent a year. " ... same in Germany's Cities.
property  bubble  UK  demand  and  supply  supply-demand  Funding  for  Lending  Scheme  Help  to  Buy  Scheme  Politics  GeorgeOsborne  davidcameron  2013  policy  folly  policy  error  Germany  speculative  bubbles  asset  bubble  bubble  unintended  consequences  ZIRP  QE  NIRP  negative  real  interest  rate  monetary  policy  BOE  ECB 
november 2013 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
▶ Help to Buy sparks supply and demand fears - YouTube
UK's property market is the most unappetizing one around Europe. Too prizy for shitty weather. Then the prize of mortages are cheap because of ZIRP ... once rate rise in 3-5 years ... people on median income who wouldn't have been able to afford one otherwise can't afford one now - when rate rise. peoples houses get repossessed and gov with the scheme (gov guarantees 15% of the loan) is having to pay part of the bill. George Bush did the same in his first year as President - subprime was the result.
state  guarantee  Repossession  Career  Politicians  2013  incentive  economic  history  demand  and  supply  fiscal  policy  property  bubble  UK  loan-guarantee  political  error  fiscal  stimulus  and  Help  to  Buy  Scheme  davidcameron  political  folly  financial  incentive  guarantees  subsidies  GeorgeOsborne  policy  error  subsidizing  policy  folly 
october 2013 by asterisk2a
▶ Breakingviews: Austrian Banks - Europe's next problem child? - YouTube
min 2:20 ... Central Banks trying to prep markets that QE and ZIRP has to end; forward guidance.
QE  monetary  policy  2013  communication  Fed  modern  monetary  theory  monetary  theory  forward  guidance  ZIRP  Taper  BOE  ECB  centralbanks 
september 2013 by asterisk2a
PIMCO Mohamed El-Erian nonfarm payroll labor market 23 September 2013 | ForexLive
But – these headline numbers are not the full picture, there is much detail in the report that paints a much more sobering view: [...] Taken together, “rather than confirming the paradigm of gradual and steady improvement, these disaggregated numbers attest to a highly segmented, multi-speed labor market – one with features that could become more deeply embedded in the structure of the economy” http://www.project-syndicate.org/commentary/the-downside-of-us-labor-market-data-by-mohamed-a--el-erian
microeconomic  policy  unemployment  2013  monetary  policy  Fed  communication  microeconomics  GFC  complexity  economic  history  NFP  working  poor  stagflation  recovery  babyboomers  USA  Taper  participation  rate  barackobama  greatdepression  WallStreet  long-term  unemployment  presidency  greatrecession 
september 2013 by asterisk2a
▶ Dan Mitchell testifies on the debt ceiling in front of the Joint Economic Committee on C-SPAN 3 - YouTube
private sector is a tax base/revenue stream. as well as resources like land, oil, dams, fracking. gov has a conflict of interest in terms of regulation and taxation - long-term thinking diminished to zero plus influenced by lobby.
debtceiling  2013  Politics  fiscal  sovereignty  short-term  thinking  economic  history  fiscal  policy  Debt  Super  Cycle  fiscal  discipline  budget  deficit  fiscal  stimulus  sovereign  crisis  USA  default  barackobama  treasury  democracy  ceiling  presidency  fiscal  deficit 
september 2013 by asterisk2a
Five Years After Lehman, BIS Ex-Chief Economist Warns "It's Worse This Time" | Zero Hedge
The share of "leveraged loans" or extreme forms of credit risk, used by the poorest corporate borrowers, has soared to an all-time high of 45% - 10 percentage points higher than at the peak of the crisis in 2007. + http://www.zerohedge.com/news/2013-09-14/record-high-grade-leverage-means-pik-toggle-lbo-debt-back-and-worse-ever // The Bank Of International Settlements Warns The Monetary Kool-Aid Party Is Over www.zerohedge.com/news/2013-06-23/bank-international-settlements-warns-monetary-kool-aid-party-over ""central banks must head for the exit and stop trying to spur a global economic recovery... cheap and plentiful central bank money had merely bought time, warning that more bond buying would retard the global economy’s return to health by delaying adjustments to governments’ and households’ balance sheets." http://www.telegraph.co.uk/finance/10310598/BIS-veteran-says-global-credit-excess-worse-than-pre-Lehman.html
unemployment  employment  monetary  policy  Mark  Carney  ope  reflation  zombie  banks  monetary  transmission  mechanism  BOE  banking  crisis  carmenreinhart  BOJ  LBO  balancesheet  policy  folly  QE  liquidity  2013  fiscal  policy  UK  debt  monetisation  political  error  unknown  unkown  greatdepression  zombie  consumer  deleveraging  debt  monetization  Richardkoo  centralbanks  liberal  economic  reform  faultlines  GFC  monetary  theory  exuberance  MarioDraghi  unintended  consequences  global  economy  monetary  stimulus  Help  to  Buy  Scheme  liquidity-trap  zombie  corporations  ECB  monetary  system  political  folly  benbernanke  bank  crisis  Abenomics  rebalancing  China  greatrecession  policy  error  productivity  LTRO  NIRP  OMT  Fed  communication  economic  history  Super  Cycle  stagflation  leverage  KennethRogoff  sovereign  debt  crisis  recovery  unconventional  monetary  policy  ZIRP  USA  BIS  POMO  Funding  for  Lending  Scheme  corporate  governance  fiscal  deficit 
september 2013 by asterisk2a
Reuters Breakingviews: Beware the "blinkered" Fed - YouTube
Fed policy / theory goes along the line that you can ignore rising and falling asset prices (bubbles) that come and go according with your policy actions.
unemployment  monetary  policy  complexity  asset  bubble  monetary  theory  reflation  unintended  consequences  rebalancing  greatrecession  QE  NIRP  2013  communication  Fed  short-term  thinking  economic  history  stagflation  structural  imbalance  recovery  ZIRP  Taper  USA  greatdepression  WallStreet  inflation  faultlines 
september 2013 by asterisk2a
BBC News - Bank of England must limit house price booms, says Rics
The Bank said it was being vigilant. - http://www.zerohedge.com/news/2013-09-13/uk-realtors-ask-central-bank-halt-housing-bubble // "The Bank of England now has the ability to take the froth out of future housing market booms, without having to resort to interest rate increases," is the way the UK's realtor association explains their demand that the BoE limit national house price growth to 5% a year. While they would benefit from short-term gains, it seems the Royal Institution of Chartered Surveyors (RICS) sees the dangers of another unsustainable housing boom outweigh them.
monetary  policy  Politics  asset  bubble  unintended  consequences  zombie  banks  Help  to  Buy  Scheme  monetary  transmission  mechanism  liquidity-trap  davidcameron  BOE  political  folly  policy  error  policy  folly  debtoverhang  QE  NIRP  2013  communication  fiscal  policy  Debt  Super  Cycle  property  bubble  UK  monetisation  bubble  political  error  sovereign  crisis  ZIRP  zombie  consumer  deleveraging  inflation  expectation  subsidies  Funding  for  Lending  Scheme  monetization  GeorgeOsborne  subsidizing  balance  sheet  recession 
september 2013 by asterisk2a
Carney: BOE to consider more stimulus if financial conditions tighten or recovery risks falling short | ForexLive
http://www.bankofengland.co.uk/publications/Documents/speeches/2013/speech675.pdf >> Comments from Bank of England Governor Mark Carney: Upward move in market expectations of BOE rates could, at margin, affect real economy BOE’s forward guidance was clear that we would provide more stimulus if necessary Signs are the UK recovery is broad based, set to continue Period of growth needed to begin to reduce space capacity meaningfully Depressed output, temporary inflation factors mean it is right to bring inflation back to target more slowly Nobody should assume 7% unemployment is trigger for rate hike Unemployment must be at least 7% for hike BOE to reduce required liquid asset holdings for major banks meeting 7% capital thresholds Acutely aware of unsustainable credit and house price growth, will monitor it closely
QE  ZIRP  NIRP  BOE  2013  greatdepression  monetary  policy  communication  Mark  Carney  UK  greatrecession  forward  guidance 
august 2013 by asterisk2a
▶ Reuters Breakingviews: UK inflation an embarrassment to BoE - YouTube
Mark Carney left CAD with house price bubble Mark Carney ignores house price bubble and impending doom of too much debt when interest rates wise - one or the other way.
unemployment  monetary  policy  Politics  asset  bubble  monetary  theory  unintended  consequences  Help  to  Buy  Scheme  davidcameron  EPS  BOE  monetary  system  political  folly  policy  error  policy  folly  2013  short-term  thinking  Debt  Super  Cycle  stagflation  property  bubble  UK  political  error  bubble  sovereign  crisis  dividends  austerity  WallStreet  zombie  consumer  inflation  Funding  for  Lending  Scheme  GeorgeOsborne 
august 2013 by asterisk2a
▶ Lower living standards in Britain: The squeezed middle - YouTube
in details picture of UK is not healthy ... is not even moving into a healthier picture. debt plays still a huge role >> Number of buy-to-let rising http://www.youtube.com/watch?v=pBrNrv_H9dM >> lack of stable skills jobs is one of the root. and the short-term thinking that debt will be affordable for ever. + >> http://www.forexlive.com/blog/2013/08/12/uk-home-buyers-boost-purchases/
manufacturing  unemployment  employment  monetary  policy  Politics  Mark  Carney  unintended  consequences  davidcameron  squeeze  negative  real  interest  rate  standard  of  living  living  standard  macroeconomics  macroeconomic  policy  QE  Buy-to-Let  NIRP  2013  economic  history  Debt  Super  Cycle  fiscal  policy  stagflation  working  poor  property  bubble  UK  ZIRP  austerity  middle  class  zombie  consumer  long-term  unemployment  GeorgeOsborne  wage  stagnation 
august 2013 by asterisk2a
BBC News - UK wages decline among worst in Europe
The money left over at the end of each month is getting less and less because our salaries have been flatlining while shopping, petrol and energy bills have been rising steadily. [...] Clamping down on inflation, which has been above its 2% target for four years, doesn't appear to be a priority for the new regime at the Bank of England. Mark Carney et al say they will tolerate it above target until unemployment falls below 7%. The tolerance of voters might be tested in the interim as their spending power continues to get eroded.
2013  monetary  policy  economic  history  Mark  Carney  fiscal  policy  working  poor  stagflation  UK  austerity  BOE  greatdepression  inflation  greatrecession 
august 2013 by asterisk2a
The Federal Reserve in a Time for Doves by Kenneth Rogoff - Project Syndicate
The importance of technical competence in monetary policy has been proved repeatedly by central banks around the world. [...] the quality of monetary policy depends critically on whether central bankers have a clear and nuanced understanding of policy making and inflation. The 1920’s, 1930’s, and 1970’s are replete with examples of central bankers who did not understand the basics, and whose economies paid the price. What this means is not just competence in setting interest rates, but also competence in regulatory policy. [...] For the past 25 years, the mantra of “inflation targeting” (introduced in my 1985 paper) has served as a mechanism for containing inflation expectations by reassuring the public of the central bank’s intentions. But excessive emphasis on low inflation targets can be counterproductive in the aftermath of the worst financial crisis in 75 years. Rather than worrying about inflation, central bankers should focus on reflating the economy.
Donald  Kohn  Larry  Summers  unemployment  2013  monetary  policy  2014  Fed  financial  repression  inflation  targeting  Debt  Super  Cycle  monetary  theory  reflation  sovereign  crisis  New  Normal  Janet  Yellen  deflation  nominal  GDP  targeting  monetary  system  long-term  unemployment  benbernanke  deflationary  inflation  centralbanks 
august 2013 by asterisk2a
Weltwirtschaftfonds warnt Deutschland vor hartem Sparkurs - SPIEGEL ONLINE
Mit dem Sparen kann man es auch übertreiben: Das ist eine Kernbotschaft des neuen IWF-Berichts über die Lage in Deutschland. Um die heimische Wirtschaft zu stärken, empfiehlt der Fonds auch Lohnerhöhungen. >> http://www.spiegel.de/wirtschaft/soziales/iwf-frankreich-soll-weniger-sparen-a-914953.html
France  debtoverhang  austerity  2013  economic  history  Debt  Super  Cycle  Europe  IWF  lostdecade  greatrecession  sovereign  crisis  IMF 
august 2013 by asterisk2a
Cash in as our desperate government inflates a new housing bubble - MoneyWeekMoneyWeek
So if prices are going up, people think that their situation is improving. Happy families make happy voters – and happy voters vote for the party in power. That’s why a massive mortgage subsidy scheme – Help to Buy – has been thrust upon us. And it seems to be working. Prices and sales are rising. [...] Trouble is, interest rates right now are at or near record lows. So mortgage servicing costs are only likely to rise. Ironically enough, it could be an economic recovery that does the damage: a recovery would result in higher rates, pushing mortgage payments up, and making many loans unaffordable. [...] As long as things look good come May 2015, it will happily ignore any potential collateral damage. And the scheme has had an almost-immediate impact. Formally launched in this year’s budget in April, it has already seen sales of new homes surge. The government now plans to expand it from next year.
state  guarantee  microeconomic  policy  2013  Politics  microeconomics  fiscal  policy  property  bubble  UK  unintended  consequences  loan-guarantee  Help  to  Buy  Scheme  collateral  damage  davidcameron  subsidies  guarantees  Funding  for  Lending  Scheme  GeorgeOsborne  subsidizing 
august 2013 by asterisk2a
Zinstief kostet deutsche Sparer laut neuer Postbank-Studie Milliarden - SPIEGEL ONLINE
Die extrem niedrigen Zinsen in Europa kosten deutsche Sparer offenbar Milliarden: Nach Berechnungen der Postbank verlieren die Sparvermögen bei Banken in Deutschland allein in diesem Jahr real rund 14 Milliarden Euro an Wert, wie die "Bild"-Zeitung unter Berufung auf die Studie berichtet.
monetary  policy  monetary  theory  unintended  consequences  zombie  banks  New  Normal  monetary  transmission  mechanism  babyboomers  liquidity-trap  BOE  banking  crisis  ECB  BOJ  monetary  system  bank  crisis  lostdecade  debtoverhang  NIRP  2013  Fed  lostgeneration  financial  repression  Debt  Super  Cycle  sovereign  crisis  unconventional  monetary  policy  ZIRP  zombie  consumer  deleveraging  centralbanks  balance  sheet  recession 
august 2013 by asterisk2a
FAZ.NET-Fernsehkritik: Alles, was wir privat nannten, ist jetzt weg - FAZ.NET-Frühkritik - FAZ
„Alles, was wir einmal Bürgerrechte oder Privatsphäre nannten: Das ist alles weg.“ Ein fulminanter Satz. In historischer Perspektive bedeutet das nichts anderes als den Verlust dessen, was unsere Vorfahren seit der Aufklärung als die Essenz der bürgerlichen Gesellschaft erkämpft haben. Gerade die Bundeskanzlerin, wie auch der Bundespräsident, sollten als ehemalige DDR-Bürger wissen, was das bedeutet. [...] Ihr „Nullsprech“ mag politisch opportun sein, wäre aber nichts anderes als die Bankrotterklärung Europas vor seiner eigenen Geschichte. [....] >> https://www.facebook.com/monitor.wdr/posts/576794722359472 "eine solche Opposition hat keine Chance gegen eine Kanzlerin, die im politischen Niemandsland alleine durch Schweigen ihre Mehrheit sichert." + http://www.faz.net/aktuell/feuilleton/debatten/ueberwachung/offener-brief-an-angela-merkel-deutschland-ist-ein-ueberwachungsstaat-12304732.html
Bürgerrechte  angelamerkel  XKeyScore  Constitution  julianassange  Europe  accountability  JoachimGauck  transparency  liberty  barackobama  History  individual  liberty  political  folly  career  politician  Edward  Snowden  civil  society  democracy  Julian  Assange  policy  error  policy  folly  political  theory  2013  Tempora  Orwellian  State  UK  political  error  GCHQ  PRISM  Glenn  Greenwald  liberal  democracy  election2013  civil  liberty  FBI  USA  surveillance  civil  rights  general  election  FSA  liberal  conservative  Whisteblower  Germany  BND  presidency 
july 2013 by asterisk2a
Ökonomen starten Aufruf zur Unterstützung der EZB - SPIEGEL ONLINE
Das sehen allerdings nicht alle Ökonomen so. Ifo-Präsident Sinn jedenfalls reagierte verhalten auf den Aufruf: "Niemand bestreitet, dass sich die Kapitalmärkte beruhigen lassen, wenn man den Käufern der südlichen Staatspapiere mit Hilfe des OMT kostenlosen Versicherungsschutz anbietet", sagte er SPIEGEL ONLINE. Eine solche Lösung sei zwar "für Schuldner und Gläubiger gleichermaßen attraktiv", allerdings nicht für die Steuerzahler der bislang "noch gesunden Länder Europas". Diese müssten am Ende die Verluste der EZB tragen.
monetary  policy  complexity  MarioDraghi  unintended  consequences  monetary  transmission  mechanism  liquidity-trap  deflation  ECB  monetary  system  political  folly  policy  error  lostdecade  policy  folly  QE  LTRO  OMT  NIRP  2013  lostgeneration  economic  history  PIGS  debt  monetisation  political  error  creditcrunch  sovereign  debt  crisis  ZIRP  inflation  debt  monetization 
july 2013 by asterisk2a
Breakingviews: Don't sink the pound, Governor Carney! - YouTube
UK inflation rises less than expected in June, but still jumps to its highest level in over a year. With prices rising faster than wages, the new BoE Governor Mark Carney mustn't push down the pound.
currency  debasement  monetary  policy  consumer  squeeze  currency  war  Mark  Carney  modern  monetary  theory  monetary  transmission  mechanism  liquidity-trap  BOE  deflation  greatrecession  QE  NIRP  2013  UK  recovery  unconventional  monetary  policy  austerity  ZIRP  greatdepression  sticky  wages  zombie  consumer  wage  inflation  inflation  GeorgeOsborne 
july 2013 by asterisk2a
Bernanke - what was so dovish about his Q&A? | ForexLive
He recognised that the unemployment rate understates weakness in employment market. This was a good point from Bernanke and emphasises that its not just the unemployment rate that the fed looks at for a guide to the health of the labor market, the unemployment rate is just a broad summary.
participation  rate  Taper  USA  employment  unemployment  2013  monetary  policy  Fed  inflation  targeting  economic  history  benbernanke  recovery 
july 2013 by asterisk2a
The Reason For China's Epic 1 Trillion Yuan Deleveraging: The Biggest Housing Bubble Ever | Zero Hedge
We shall see how much they approve when the massive deleveraging results in a 3% GDP print as we warned previously, crushing their year end bonuses in the process. [...] The country is about to undergo an unprecedented deleveraging that could amount to over CNY1 trillion in order to force reallocate capital in a more efficient basis. That's right: a massive deleveraging coming dead ahead in China just in time to shock the market still reeling from the threat of the Fed's tapering. [...] So there you have it: no matter what China has attempted, no matter how much it has punished the Shanghai Composite, it has been completely unable to offset the endogenous and/or exogenous (Fed, ECB, BOJ hot money) credit from sending the Chinese housing bubble into absolutely stratospheric levels. [...] http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10164580/Chinese-banking-a-Wild-West-in-the-Far-East.html
currency  debasement  real  estate  bubble  monetary  policy  currency  war  capital  allocation  stimulus  unintended  consequences  zombie  banks  fiscal  stimulus  BOE  banking  crisis  negative  real  interest  rate  ECB  shadow  economy  BOJ  bank  crisis  creditcrisis  hot  money  China  credit  bubble  banking  system  NIRP  2013  recession  Fed  shadowbanking  economic  history  NPL  shadow  banking  fiscal  policy  bubbles  property  bubble  creditcrunch  bad  bank  ZIRP  USA  Taper  zombie  bank  deleveraging  toobigtofail  PBOC  Muddy  Waters  Research  faultlines 
july 2013 by asterisk2a
Mark Carney wastes no time in stamping his authority - Telegraph
Osborne fiscal plan of austerity till 2015/16 Rates don't go up beyond 2015 If market rates go up and make it more expensive for gov to borrow during tough times - will do QE - artificially lower the price again. >>> "Carney’s “not warranted” comment was tantamount to saying he expects rates to remain at 0.5pc until at least 2015. The vogue for “communication” is catching. In Australia, the central bank governor, Glenn Stevens, demonstrated how not to do it, after a “joke” backfired earlier this week, crashing the currency until his deputy calmed things down. [...] At the European Central Bank, president Mario Draghi was more successful. In a break with protocol, he said rates would be at current or lower levels “for an extended period of time”, delighting stock markets on the continent as they interpreted it to mean 2016 at the earliest."
currency  debasement  unemployment  monetary  policy  currency  war  Mark  Carney  modern  monetary  theory  Europe  MarioDraghi  output-gap  foreignexchange  BOE  ECB  benbernanke  greatrecession  QE  NIRP  2013  Fed  communication  PIGS  UK  debt  monetisation  sovereign  debt  crisis  youth  unemployment  forward  guidance  unconventional  monetary  policy  austerity  ZIRP  participation  rate  Taper  PIIGS  greatdepression  deleveraging  RBA  GeorgeOsborne  debt  monetization  centralbanks  balance  sheet  recession 
july 2013 by asterisk2a
What's Next For Portugal? | Zero Hedge
The Portuguese economy cannot afford further delays Under the optimistic scenario forecast by the EU/IMF/ECB Troika, Portuguese debt is still expected to peak at 124% of GDP in 2014. Any delays will likely see this rise quickly, especially with growth already underperforming. Portuguese ten year borrowing costs have already shot up a staggering 1.5% since Gaspar’s resignation, reaching close to 8%. This highlights the fragility of the economic situation. Only a month ago, there was widespread talk of Portugal returning to the markets ahead of schedule – now it is difficult to see how it will exit its bailout programme in spring 2014 without any further assistance (the ECB’s bond buying programme, the OMT, still remains the most likely candidate).
Portugal  debtoverhang  OMT  2013  PIGS  Europe  European  Commission  sovereign  debt  crisis  bail-in  austerity  Troika  PIIGS  greatdepression  ECB  policy  error  greatrecession  policy  folly  bailout 
july 2013 by asterisk2a
Breaking Bad Habits by Stephen S. Roach - Project Syndicate
Unable to facilitate balance-sheet repair or stimulate real economic activity, QE has, instead, become a dangerous source of instability in global financial markets. [...] There is good reason to believe that China’s new leaders are now determined to wean the economy off ever-mounting (and destabilizing) debt – especially in its rapidly expanding “shadow banking” system. [...] Financial markets are having a hard time coming to grips with the new policy mindset in the world’s two largest economies. [...] Breaking bad habits is hardly a painless experience for liquidity-addicted investors.
monetary  policy  GFC  unintended  consequences  New  Normal  monetary  transmission  mechanism  banking  crisis  monetary  system  addiction  benbernanke  bank  crisis  creditcrisis  greatrecession  China  QE  NIRP  2013  Fed  Greenspan-Put  alangreenspan  shadowbanking  financial  repression  stephenroach  creditcrunch  bubble  ZIRP  Taper  USA  greatdepression  deleveraging  toobigtofail  PBOC  balance  sheet  recession 
july 2013 by asterisk2a
Schwache Wirtschaft: Frankreich gerät in die Rezession - SPIEGEL ONLINE
Belastet wurde die Wirtschaftsentwicklung im Quartalsvergleich vor allem durch gesunkene Investitionen und geringere private Haushaltsausgaben. Zudem fielen die Exporte, während die Importe stiegen. Gestützt wurde das Bruttoinlandsprodukt lediglich durch gestiegene Staatsausgaben. Diese Stütze für die Konjunktur könnte aber auch bald ausfallen: Frankreichs Regierung will 2014 zum ersten Mal seit mehr als 50 Jahren weniger ausgeben als im laufenden Jahr.
2013  recession  trust  stagflation  Europe  confidence  structural  imbalance  France  austerity  greatdepression  competitiveness  Impediments  faultlines  liberal  economic  reform  greatrecession 
june 2013 by asterisk2a
The Fed isn’t the most important central bank in the world right now | ForexLive
A credit crunch may be underway in China as the PBOC turns its back on the money market. One-day repo rates rose to a more than 5-year high today at today at 11.0% from 6.3% at the open in the Chinese interbank market (CHIBOR). Interbank repo rates hit 15% for overnight lending a 12% for two weeks (up more than 400 bps).
monetary  policy  2013  interbank  market  trust  property  bubble  interbank  lending  confidence  creditcrunch  trustagent  deleveraging  PBOC  creditcrisis  China  money  market  balance  sheet  recession 
june 2013 by asterisk2a
Fotos von Kilian Foerster: Spaniens verlorene Generation - SPIEGEL ONLINE
Keine Arbeit, keine Perspektive, keine Hoffnung - in Spanien wächst die Generación Cero heran. Der Fotograf Kilian Foerster hat Jugendliche in Madrid fotografiert, die unter den Folgen der Wirtschaftskrise leiden.
austerity  greatdepression  2013  society  GFC  lostgeneration  Spain  human  tragedy  property  bubble  Generación  Cero  greatrecession  youth  unemployment 
june 2013 by asterisk2a
UBS CIO Warns Of Japanese "Abegeddon" Scenario | Zero Hedge
With Nikkei 225 futures having faded their European morning bounce and pressuring back towards the 20% 'bear market' correction levels once again, it seems the 'stampede' is out of growth-expectation-driven equities as JGBs are bid for now. That bid (no matter how hard the BoJ tries) is unlikely to last if the doubt grows as Japan's debt-to-GDP would rise above 300% (from 226% currently) and the 10Y JGB yield could approach 5%!
QE  monetary  policy  2013  Politics  lostgeneration  inflation  targeting  monetary  theory  stagflation  reflation  debt  monetisation  structural  imbalance  ZIRP  BOJ  monetary  system  inflation  Abenomics  debt  monetization  Japan  lostdecade  policy  error  policy  folly 
june 2013 by asterisk2a
Hilfe für Finanzkonzerne: Deutschland bremst Bankenunion aus - SPIEGEL ONLINE
Gerade wegen der Probleme im Bankensektor würden die geldpolitischen Impulse nicht mehr wirken. "Die EZB wird auf Dauer nicht erfolgreich sein können, wenn wir den Bankensektor nicht grundlegend reformieren",
ESM  angelamerkel  monetary  policy  PIIGSFB  monetary  theory  MarioDraghi  Europe  unintended  consequences  zombie  banks  monetary  transmission  mechanism  banking  union  banking  crisis  ECB  monetary  system  political  folly  bank  crisis  Recapitalisation  debtoverhang  2013  Wolfgang  Schäuble  NPL  PIGS  debt  monetisation  creditcrunch  political  error  monetarism  sovereign  debt  crisis  Recapitalization  PIIGS  deleveraging  Germany  debt  monetization  balance  sheet  recession 
june 2013 by asterisk2a
Türkei: Porträts von Anti-Erdogan-Demonstranten in Istanbul - SPIEGEL ONLINE
Experten warnen vor einem Riss durch die Gesellschaft. Meinungsforscher warnen vor einem tiefen Riss, der sich durch die türkische Gesellschaft zieht. Das "Wall Street Journal" zitiert Bekir Agirdir von einem unabhängigen Umfrageinstitut: Der Experte beobachtet eine "Besorgnis erregende Polarisierung", es gehe in eine "gefährliche Richtung". So macht sich bei einigen Demonstranten denn auch Resignation breit und Erschöpfung. "Ich fürchte, es ändert sich wenig", sagt Canan E., 36, die als Englischlehrerin arbeitet, "aber wir geben die Hoffnung nicht auf". + http://www.spiegel.de/politik/ausland/protesten-in-der-tuerkei-die-helfer-der-revolte-a-903799.html
Erdogan  2013  society  AKP  Turkey  demonstration 
june 2013 by asterisk2a
Istanbul und Ankara: Zehntausende fordern Erdogans Rücktritt - SPIEGEL ONLINE
- in today's world, black swan events, ... society & culture. - ereignisse die das fass zum ueberlaufen bringen. - Economic growth has be wobbily and uneven. Inequality increased. jada jada jada ...
Erdogan  Pressefreiheit  2013  society  Politics  Istanbul  freedom  of  press  Turkey  Europe  demonstration  culture 
june 2013 by asterisk2a
Wolfgang Münchau: EU-Pläne zum Sparkurs helfen nicht - SPIEGEL ONLINE
Der EU-Plan zur Aufweichung des Sparkurses ist weder politisch, rechtlich noch moralisch akzeptabel - er löst nicht einmal das Problem der Krise. Die neuen Taschenspielertricks aus Brüssel sind der Höhepunkt der Verlogenheit. [...] Die Angst geht um in Brüssel. Nach zwei Jahren harter internationaler Kritik gegen den wirtschaftspolitischen Sparkurs knickt die EU-Kommission jetzt ein. Sie will von der Austerität abweichen und auf Wachstum setzen.
unemployment  PIIGSFB  GFC  Europe  accounting  zombie  banks  Troika  banking  crisis  bank  crisis  greatrecession  debtoverhang  2013  economic  history  Debt  Super  Cycle  PIGS  budget  deficit  sovereign  crisis  youth  unemployment  austerity  PIIGS  greatdepression  zombie  consumer  deleveraging  Germany  IMF  balance  sheet  recession 
may 2013 by asterisk2a
Wall Street Journal article: BOJ Chief Struggles With Dilemma of Untested Policy | ForexLive
“There is the dichotomy of what the BOJ’s trying to do, which is spark inflation, which is bad for bonds, and then what they’re actually doing, which is buying bonds,” http://online.wsj.com/article/SB10001424127887323975004578501012808721012.html
JGB  2013  monetary  policy  BOJ  economic  history  political  folly  political  error  policy  error  Japan  policy  folly  Yen 
may 2013 by asterisk2a
UBS On Japan - Are You 'Abe'liever? | Zero Hedge
[MONETARY POLICY CAN SOLVE STRUCTURAL PROBLEMS & CULTURE/SOCIETY] .... So we sum it all up like this. There are definitely signs that Japan’s economy are improving cyclically. However, structurally demographics remain a major headwind to raising aggregate demand. We feel many investors have not yet considered what slower growth for Asia will mean for Japan in the medium term. This will make it more difficult to raise aggregate demand above supply since capacity is sticky and Japan already has excess capacity.
JGB  2013  BOJ  economic  history  Abenomics  Japan  Yen 
may 2013 by asterisk2a
Quote Of The Day | Zero Hedge
ECB'S WEIDMANN WISHES JAPAN `GOOD LUCK IN THEIR EXPERIMENTS'
ZIRP  QE  JGB  NIRP  Jens  Weidmann  2013  monetary  policy  BOJ  Japan  Yen 
may 2013 by asterisk2a
Deutsche Steuerzahler sollen vor dem Sommer Euro-Banken retten | DEUTSCHE WIRTSCHAFTS NACHRICHTEN
Chef der Euro-Gruppe, Dijsselbloem: „Wir arbeiten sehr hart an allen Elementen der Banken-Union. (…) Unsere aktuelle Arbeit konzentriert sich auf zwei Elemente: Die Richtlinie zur Abwicklung von Banken, die sich in Schwierigkeiten befinden, und das zweite Element ist die direkte Rekapitalisierung der Banken. Ob eine direkte Rekapitalisierung der Banken aus Länder, die bereits einem Bailout-Programm unterstehen, rekapitalisiert werden können, ist noch nicht entschieden. (…). Aber wir versuchen, eine Einigung vor der Sommerpause zu erreichen, aber natürlich gibt es keine Garantien.“
Recapitalisation  trustagent  ESM  banking  union  2013  trust  capitalisation  Europe  confidence  creditcrunch  zombie  banks  Recapitalization 
may 2013 by asterisk2a
Sir Mervyn King issues Help to Buy mortgage warning
The outgoing Bank of England governor warns a government plan to boost the housing market with part-mortgage guarantees has no long-term place. >> http://www.youtube.com/watch?v=2_gEzqfRltw - facilitating even more an unequal society. Political Voter Move.
QE  debtoverhang  NIRP  monetary  policy  2013  fiscal  policy  property  bubble  UK  reflation  Help  to  Buy  Scheme  bubble  ZIRP  BOE  greatdepression  deleveraging  MervynKing  Funding  for  Lending  Scheme  GeorgeOsborne  greatrecession  balance  sheet  recession 
may 2013 by asterisk2a
Are Japanese Banks On The Verge Of Insolvency? | Zero Hedge
The inability of the BoJ to 'control' Japanese interest rates (JGB rates spiking unprecedentedly day after day) has put the banking system in a lot of trouble. As we explained recently the banks appeared to initially 'hedge' their huge JGB positions but now appear to recognize that first out wins and are reducing exposure overall (YTD -3.7% according to local data). [...] According to BOJ estimates, a 100 basis point (parallel) rise in market yields would lead to mark-to-market (MTM) losses of 20 percent of Tier-1 capital for regional banks (not taking into account net unrealized gains on securities), against 10 percent for the major banks. [...] >> He who sells first wins... <<
QE  JGB  NIRP  2013  lostgeneration  economic  history  inflation  targeting  reflation  Yen  ZIRP  banking  crisis  BOJ  bank  crisis  inflation  Abenomics  Richardkoo  lostdecade  Japan 
may 2013 by asterisk2a
Saxo Bank CEO On The 'Eurozone Minefield': "This Crisis Will Not Pass" | Zero Hedge
Cyprus was indeed a template for bail ins and that outright confiscatory wealth taxes, disguised as solidarity payments, could be used to raise funds. "The governments of Europe need money, and the private sector has it. It is as simple as that. Be very paranoid," he said, warning investors that the mattress may be a safer place to deposit money over the weekend than their bank accounts. "Frankly, it is a complete mess. And it is a mess that gets worse and worse every day," is how the outspoken truthiness begins, adding, "anyone with a rational view of the world now sees the currency collaboration as a historic failure that can lead to even further fatal consequences for Europe and the continent’s competitiveness vis-à-vis the rest of the world."
currency  union  2013  Politics  lostgeneration  economic  history  Europe  Saxo  Bank  unintended  consequences  Political  error  Lars  Seier  Christensen  Euro  Policy  bail-in  europeanunion  Troika  greatdepression  folly  Cyprus  NiallFerguson  greatrecession  lostdecade  folly 
may 2013 by asterisk2a
David Stockman On The New Deal Myths Of Recovery | Zero Hedge
"The new deal was a political gong show, not a golden era of enlightened economic policy. It shattered the foundation of sound money and inaugurated a régime of capricious fiscal and regulatory activism that inexorably fueled the growth of state power and the crony capitalism which thrives on it. But it did not end the Great Depression or save capitalism from the alleged shortcomings which led to the crash. In fact, the New Deal introduced a severe dose of economic nationalism and autarky at a time when the only hope for speedy recovery was a reopening of world trade and reestablishment of a stable international monetary régime.... in reality, the notion that the New Deal had pioneered a road map to recovery by means of countercyclical fiscal policy is mostly a postwar academic legend."
QE  NIRP  2013  monetary  policy  GFC  financial  repression  New  Normal  ZIRP  austerity  greatdepression  book  toobigtofail  greatrecession 
may 2013 by asterisk2a
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