asterisk2a + liberal + currency-war   5

Holes in the walls of the Brics by FT Hard Currency
most are domestic problems. low hanging fruits have been picked in the last 20 years during the race with global economy. can not rely on west to export to. as west is in secular stagnation with debtoverhang of private secort/household debt/consumer debt. BRIC's have to build social safety net, welfare state, health care insurance, access to justice system, patent system protection, property rights, infrastructure, ... // investors have to pick local future champions (serving emerging middle class), can not bet just on ETF/national index if they want to outperform for the next 20 years.
BRIC  China  Russia  India  Brazil  reform  liberal  economic  reform  credit  bubble  global  economy  global  trade  fiscal  policy  monetary  policy  democracy  Makers  corruption  bribery  killer  apps  Niall  Ferguson  2015  QE  currency-war  currency  war  currency  debasement  AIIB  Frontier  Markets  emerging  middle  class  emerging  market  Developing  World  western  Politics 
october 2015 by asterisk2a
Austerity Now: Brazil's Downgrade and Reckoning - Bloomberg View
Brazil faces its deepest recession in 25 years, policy drift and now a reputation deficit that threaten to undo years of prosperity and social gains. [...] even years on, with the economy set to shrink by two percent this year, and unemployment and consumer debt spiking, Brazil looks more likely cast as the leader of submerging markets and the sick man of the BRICS, the club of outsize developing nations -- Brazil, Russia, India, China and South Africa -- once touted to lead world growth.
liberal  economic  reform  economic  reform  BRIC  credit  bubble  2015  Brazil  China  India  Russia  hot-money  currency-war  currency  debasement  currency  war  centralbanks  BIS  distortion  ZIRP  NIRP  QE  global  trade  global  economy  GFC  recovery  PBOC  economic  history  monetary  policy  unconventional  monetary  policy  monetary  transmission  mechanism  liquidity  liquidity  trap  2008  asset  allocation  asset  bubble  Carry  speculative  bubbles  speculative  speculation  hunt  for  yield  FOMO  equity  bubble  reflate  reflation  commodity  prices  South  Africa  democracy  Career  Politicians  No  Representation  bribery  corruption 
september 2015 by asterisk2a
Group of 20 Financial Leaders Agree to Act to Bolster Growth - The New York Times
Ms. Lagarde was even more explicit, making it clear that governments had for too long relied on the supply of cheap cash from central banks that have been running ultra-loose monetary policy. “Monetary policy alone will not cut it,” she said. “It is necessary, it is recommended from our perspective, particularly in Europe and in Japan still, but it will not cut it on its own. “Clearly in the fiscal sphere as well as in the structural reforms sphere, more needs to be done, and it needs to accompany and eventually take the baton from the central bank governors.”
Europe  IMF  UK  USA  western  world  Richard  Koo  recovery  fiscal  policy  fiscal  stimulus  long-term  view  long-term  thinking  underinvestment  productive  investment  infrastructure  investment  industrial  policy  STEM  R&D  austerity  George  Osborne  ChristineLagarde  OECD  GFC  economic  history  trickle-down  economics  neoliberalism  neoliberal  liberal  economic  reform  Research  competitiveness  differentiate  differentiation  value  creation  added  value  Manufacturing  job  creation  Niedriglohnsektor  Service  Sector  Jobs  Future  of  Work  Smart  Grid  renewable  energy  business  investment  consumer  debt  household  debt  debtoverhang  monetary  policy  QE  ZIRP  NIRP  Germany  Pact  Schuldenbremse  Angela  Merkel  Wolfgang  Schäuble  inequality  Gini  coefficient  education  policy  David  Cameron  dogma  ideology  academia  academics  Mark  Blyth  Joseph  Stiglitz  Robert  Reich  Paul  Krugman  wage  growth  income  growth  G20  wage  stagnation  secular  stagnation  globalisation  globalization  flat  world  borderless  competitive  competition  currency  war  currency-war  currency  debasement  Exportweltmeister  BRIC  credit  bubble  global  economy  global  trade  global  imbalances  faultlines  structural  imbalance  Impediments  American  Dream  economy  energy  energy  policy 
september 2015 by asterisk2a
China's impossible trinity - BBC News
At the heart of China's problem is the "impossible trinity" of international macroeconomics. The impossible trinity - or trilemma - is the idea that it is impossible for a country to have three things at the same time: a stable currency, the free movement of capital (i.e. the absence of capital controls) and independent monetary policy. A country can instead choose just two of the options from this policy suite. The UK, in common with most developed economies, has free capital movement and an independent monetary policy - but not a controlled exchange rate. The Bank of England sets interest rates at a level it thinks is right for the UK economy and - as capital can flow into and out of the UK at will - the exchange rate is determined by the market. [...] But the bigger criticism is usually over the nature of the post-2009 stimulus package [...] But, for all the criticism, the counterfactual is rarely stated. What would global growth have looked like without it? [//+ deflation factors]
China  liberal  economic  reform  2015  credit  bubble  devaluation  currency  debasement  Yuan  RMB  PBOC  IMF  SDR  macroeconomics  monetary  policy  fiscal  policy  QE  recovery  GFC  economic  history  banking  crisis  shadow  banking  NPL  debtoverhang  balance  sheet  recession  deleveraging  property  bubble  hot-money  BRIC  western  world  global  trade  global  economy  deflationary  deflation  reflate  reflation  equity  bubble  asset  bubble  asset  allocation  distortion  unknown  unkown  unintended  consequences  Fed  BOE  BOJ  Abenomics  currency  war  currency-war  aggregate  demand  short-fall  aggregate  demand  Richard  Koo  consumer  debt  household  debt  student  loan  debt  debt  servitude  sovereign  debt  crisis  debt  bubble  Super  Cycle  student  debt  public  debt  debt  monetisation  debt  monetization  private  debt  globalisation  globalization  technological  progress  flat  world  wage  growth  wage  stagnation  secular  stagnation  borderless  global  imbalances  faultlines  structural  imbalance  savings  glut  Impediments  inequality  squeezed  middle  class  Europe  UK  OECD  marginal  propensity  to  consume  Sozialer  Abstieg  working  poor  precarious  work  income  growth  deregulation  self-regulation  Workers  Union  wage  pressure  disposable  income  income  distribution  income  redistribution  low  income  income  inequality  American  Dream  USA  Gini  Super  coe 
september 2015 by asterisk2a
Stephen Roach On Why Abe's Aggression Won't Save Japan //via ZeroHedge
The politicization of central banking continues unabated.

[...] [... GFC USA Aftermath ...]

When the bubbles burst, households understandably became fixated on balance-sheet repair – namely, paying down debt and rebuilding personal savings, rather than resuming excessive spending habits.

[...]

US consumers have pulled back as never before. In the 19 quarters since the start of 2008, annualized growth of inflation-adjusted consumer spending has averaged just 0.7% – almost three percentage points below the 3.6% trend increases recorded in the 11 years ending in 2006.

[...]

Not only is QE’s ability to jumpstart crisis-torn, balance-sheet-constrained economies limited; it also runs the important risk of blurring the distinction between monetary and fiscal policy. Central banks that buy sovereign debt issued by fiscal authorities offset market-imposed discipline on borrowing costs, effectively subsidizing public-sector profligacy.
UK  stephenroach  liquidity-trap  currency-war  currency  debasement  banking  crisis  debtoverhang  France  structural  imbalance  status  quo  Politics  liberal  economic  reform  PIIGS  Europe  savings  glut  zombie  consumer  greatrecession  GFC  Richardkoo  zombie  banks  Japan  lostgeneration  lostdecade  2013  sovereign  debt  crisis  unintended  consequences  debt  monetisation  ZIRP  QE  economic  history  2012  monetary  theory  monetary  policy  Abenomics  BOE  BOJ  ECB  Fed  USA  balance  sheet  recession  consumption  consumer 
december 2012 by asterisk2a

related tags

1%  Abenomics  Abstieg  academia  academics  added  Africa  aggregate  AIIB  allocation  American  Angela  apps  asset  austerity  automation  balance  banking  banks  biotechnology  BIS  Blyth  BOE  BOJ  borderless  Brazil  bribery  BRIC  bubble  bubbles  business  Cameron  Career  Carry  centralbanks  China  ChristineLagarde  class  coefficient  commodity  competition  competitive  competitiveness  consequences  consume  consumer  consumption  corruption  cost  creation  credit  crisis  currency  currency-war  Cycle  David  debasement  debt  debtoverhang  deflation  deflationary  deleveraging  demand  democracy  deregulation  devaluation  Developing  differentiate  differentiation  disposable  distortion  distribution  dogma  Dream  Eating  ECB  economic  economics  economy  education  emerging  energy  equity  Europe  Exportweltmeister  faultlines  Fed  Ferguson  fiscal  flat  FOMO  for  France  Frontier  Future  G20  George  Germany  GFC  Gini  global  globalisation  globalization  glut  greatrecession  Grid  growth  history  hot-money  household  hunt  ideology  imbalance  imbalances  IMF  Impediments  income  India  industrial  inequality  infrastructure  investment  Is  Japan  job  Jobs  Joseph  killer  knowledge  Koo  Krugman  liberal  liquidity  liquidity-trap  loan  long-term  lostdecade  lostgeneration  low  macroeconomics  Makers  Manufacturing  marginal  Mark  market  Markets  mechanism  Merkel  middle  monetary  monetisation  monetization  neoliberal  neoliberalism  Niall  Niedriglohnsektor  NIRP  No  NPL  OECD  of  Osborne  Pact  Paul  PBOC  PIIGS  policy  Politicians  Politics  poor  precarious  pressure  price  prices  private  productive  progress  propensity  property  public  QE  quo  R&D  recession  recovery  redistribution  reflate  reflation  reform  Reich  renewable  Representation  Research  Rich  Richard  Richardkoo  RMB  Robert  Robotics  Russia  savings  Schuldenbremse  Schäuble  SDR  Sector  secular  self-regulation  Service  servitude  shadow  sheet  short-fall  Smart  Software  South  sovereign  Sozialer  speculation  speculative  squeezed  stagnation  status  STEM  stephenroach  Stiglitz  stimulus  structural  student  Super  technological  The  theory  thinking  to  trade  transmission  trap  trickle-down  UK  unconventional  underinvestment  unintended  Union  unknown  unkown  USA  value  view  wage  war  western  Wolfgang  work  worker  Workers  working  world  yield  Yuan  ZIRP  zombie 

Copy this bookmark:



description:


tags: