asterisk2a + liberal + deleveraging   9

Selling Off the State in China - Bloomberg View
China's latest batch of ugly data offers a stark message to President Xi Jinping: Whatever he's doing to prop up growth isn't working. Even worse than the 5.5 percent drop in exports last month was the 13.8 percent plunge in imports, indicating that domestic demand is weaker than the external sector. The good news is Xi is changing tack. Rather than just tossing more stimulus at the economy and stocks, he's redoubling efforts to reform the inefficient and opaque state-owned enterprises at the root of so many of China's vulnerabilities. In other words, Xi is finally working to strengthen China's foundations rather than papering over the cracks. The bad news is that Xi could just as easily be making things worse.
China  liberal  economic  reform  2015  credit  bubble  debtoverhang  balance  sheet  recession  deleveraging  PBOC  QE  macroeconomic  policy  microeconomic  policy  welfare  state  social  safety  net  savings  glut  public  health  care  system  disposable  income  discretionary  spending  fiscal  policy  fiscal  stimulus  monetary  policy  NPL  shadow  banking  banking  crisis  economic  reform 
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
BBC News - 'Colossal' spending cuts to come, warns IFS
Current Austerity focus is running UK economy into the ground. Not towards the futures. Yes to cut waste. Yes to trim here and there. But there is no sight of investment into the future; ie pushing apprenticeships and industrial (STEM, research) practical skill set (dual college & university courses modelled after Germany), living wage, reduction on reliance on service sector and consumption. There is no inspiration. No future in his head. Just managing the status quo. Moving the pieces. Just like any other career politician. &! http://www.bbc.co.uk/news/business-30318870
austerity  George  Osborne  general  election  2015  UK  recovery  education  policy  Year  of  Code  Software  Is  Eating  The  World  industrial  policy  fairness  Gerechtigkeit  tax  avoidance  tax  evasion  Toff  Establishment  No  Representation  Super  Rich  Privileged  1%  tax  free  income  disposable  income  productivity  output  gap  liquidity  trap  zombie  consumer  zombie  corporations  zombie  banks  monetary  transmission  mechanism  sovereign  debt  crisis  Super  Cycle  living  wage  working  poor  child  poverty  food  poverty  poverty  public  health  policy  public  health  sick  population  NHS  practical  skills  practical  skill  set  STEM  apprenticeships  un-college  education  bubble  Liberal  Arts  democracy  Democratic  Process  Career  Politicians  Makers  policy  error  policy  folly  GFC  debtoverhang  deleveraging  flat  globalisation  globalization  competitive  competitiveness  comparative  advantage  Mobile  Creative  Mobile  Creatives  war  for  talent 
december 2014 by asterisk2a
BBC News - ECB cuts rates and launches stimulus programme
1-Day Before: http://youtu.be/_6D_xVeoIXs "ECB faces crunch on deflation threat" +++ The ECB has cut its benchmark interest rate to 0.05%, and introduced new stimulus measures. The ECB had earlier cut its rate from 0.25% to 0.15% in June, and also became the first major central bank to introduce negative interest rates. It will also launch an asset purchase programme, which will buy debt products from banks. It is hoped this move will add liquidity to the financial system and revive lending. [...] "[A] last roll of the dice". "The ECB has now almost exhausted its ammunition for preventing the Eurozone sliding into a devastating deflationary, contractionary spiral," +++ Analysis: http://youtu.be/IErml4SmKmE "European banks – Work those ABS" +++ bit.ly/1A6pmLU - France and Friends: Merkel Increasingly Isolated on Austerity "Europe ... is threatened with lasting weak growth should the deficit rules continue to be strictly interpreted. [ BuBa demands higher wages, ECB fiscal stimulus ]."
ABS  OMT  LTRO  ECB  monetary  transmission  mechanism  monetary  policy  unconventional  monetary  policy  austerity  PIGS  faultlines  Structural  Impediments  IMF  Germany  BuBa  deflation  deflationary  communication  zombie  banks  confidence  trustagent  trust  balance  sheet  recession  fiscal  policy  QE  bond  bubble  deleveraging  lost  decade  lost  generation  SME  SMB  Mittelstand  creditcrunch  creditcrisis  economic  history  debtoverhang  NPL  EuropeanSystemicRiskBoard  riskaversion  ZIRP  NIRP  negative  real  interest  rate  secular  stagnation  Makers  policy  error  policy  folly  Career  Politicians  inflation  expectation  stagnation  Betongold  Beton  Gold  hunt  for  yield  unintended  consequences  complexity  incomplete  information  France  liberal  economic  reform  Stability  Pact  Italy  academics  academia  deficit  budget  deficit  fiscal  deficit  wage  growth  wage  inflation  fiscal  stimulus  Wolfgang  Schäuble  Angela  Merkel  Sick  Man  of  Europe  infrastructure  investment  investment  business  investment  labor  market  reform  recovery 
september 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
EZB hält Leitzins auf historischem Tiefstand - SPIEGEL ONLINE
Trotz der niedrigen Zinsen kommt das billige Geld derzeit nicht bei Unternehmen und Haushalten an. Vor allem in Südeuropa ist die Kreditvergabe weiter rückläufig. Um das zu ändern, wird im EZB-Rat über den Einsatz unkonventioneller Instrumente nachgedacht. Dazu gehören zum Beispiel negative Zinsen für Einlagen der Banken der EZB, aber auch neue langfristige Finanzspritzen.
liquidity-trap  ECB  unconventional  monetary  policy  modern  monetary  theory  monetary  system  monetary  theory  monetary  policy  monetary  transmission  mechanism  ZIRP  NIRP  QE  LTRO  OMT  negative  real  interest  rate  deflationary  deflation  asset  bubble  speculative  bubbles  unintended  consequences  complexity  faultlines  Structural  Impediments  sovereign  debt  crisis  Europe  PIGS  recovery  austerity  liberal  economic  reform  trust  trustagent  confidence  policy  error  policy  folly  political  folly  political  error  economic  history  IMF  balance  sheet  recession  deleveraging  divergence  Super  Cycle  lostdecade  lostgeneration  stagflation  stagnation  secular  stagnation  Japan 
december 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
Economic policy: Paved with good intentions | The Economist
Although the debate [austerity] relates to the UK, I think it has a much wider resonance. And indeed, to a student of history, it has fascinating parallels; economic policy-making was rethought in the mid-1970s, but the same debates are popping up again. [...] Margaret Thatcher on ZIRP & QE "Let us print the money instead. Because what that is saying is let us quietly steal a cerain amount from every pound saved in building societies, in national savings, from every person who has been thrifty." [...] [ZIRP & QE is no free lunch - it has consequences, known and unknown, unintended.]
infrastructure  investment  monetary  policy  Margaret  Thatcher  Mark  Carney  Europe  reflation  zombie  banks  New  Normal  BOE  deflation  macroeconomics  macroeconomic  policy  QE  intellectual  fiscal  policy  free  lunch  UK  PIGS  debt  monetisation  Martin  Wolf  austerity  greatdepression  zombie  consumer  economic-thought  deleveraging  economics  debt  monetization  Richardkoo  liberal  economic  reform  IMF  GFC  output-gap  unintended  consequences  margaretthatcher  Troika  davidcameron  greatrecession  debtoverhang  economic  history  financial  repression  Super  Cycle  sovereign  debt  crisis  monetarism  ZIRP  demand-curve  PIIGS  fiscal  theory  supply-demand  MervynKing  GeorgeOsborne 
may 2013 by asterisk2a

related tags

1%  Abenomics  ABS  Abstieg  academia  academics  advantage  aggregate  allocation  American  Angela  apprenticeships  Arts  asset  austerity  avoidance  balance  balancesheet  bank  banking  banks  benbernanke  Beton  Betongold  BIS  BOE  BOJ  bond  borderless  BRIC  BuBa  bubble  bubbles  budget  business  Buy  capitalism  care  Career  carmenreinhart  Carney  centralbanks  child  China  class  Code  coefficient  communication  comparative  competitive  competitiveness  complexity  confidence  consequences  consume  consumer  corporate  corporations  corporatism  coward  Creative  Creatives  credit  creditcrisis  creditcrunch  creditrating  creditrisk  crisis  crony  currency  currency-war  Cycle  davidcameron  debasement  debt  debtoverhang  decade  deficit  deflation  deflationary  deleveraging  demand  demand-curve  democracy  Democratic  deregulation  devaluation  discretionary  disposable  distortion  distribution  divergence  Dream  Eating  ECB  economic  economic-thought  economics  economy  education  election  employment  equity  error  Establishment  Europe  EuropeanSystemicRiskBoard  Eurpope  evasion  expectation  exuberance  fairness  faultlines  Fed  financial  fiscal  flat  folly  food  for  France  free  Funding  gap  general  generation  George  GeorgeOsborne  Gerechtigkeit  Germany  GFC  Gini  global  globalisation  globalization  glut  Gold  governance  greatdepression  greatrecession  growth  haircut  health  Help  history  hot-money  household  hunt  imbalance  imbalances  IMF  Impediments  income  incomplete  industrial  inequality  inflation  information  infrastructure  intellectual  interest  investment  Is  Italy  Japan  jubilee  KennethRogoff  Koo  labor  LBO  Lending  leverage  liberal  liquidity  liquidity-trap  living  loan  lost  lostdecade  lostgeneration  low  LTRO  lunch  M3  macroeconomic  macroeconomics  Makers  Man  Margaret  margaretthatcher  marginal  MarioDraghi  Mark  market  Martin  mechanism  Merkel  MervynKing  microeconomic  middle  Mittelstand  Mobile  mobility  modern  monetarism  monetary  monetisation  monetization  negative  net  New  NHS  NIRP  No  Normal  NPL  OECD  of  OMT  ope  Osborne  output  output-gap  Pact  PBOC  PIGS  PIIGS  policy  political  Politicians  POMO  poor  population  poverty  practical  precarious  pressure  private  Privileged  Process  productivity  progress  propensity  property  public  QE  rate  real  rebalancing  recession  recovery  redistribution  reflate  reflation  reform  Representation  repression  restructuring  Rich  Richard  Richardkoo  risk  riskaversion  RMB  safety  savings  Scheme  Schäuble  SDR  secular  self-regulation  sentiment  servitude  set  shadow  sheet  short-fall  sick  skill  skills  SMB  SME  social  Software  sovereign  Sozialer  speculative  spending  squeezed  Stability  stagflation  stagnation  state  STEM  stimulus  structural  student  Super  supply-demand  system  taking  talent  tax  technological  Thatcher  The  theory  to  Toff  trade  transmission  trap  Troika  trust  trustagent  UK  un-college  unconventional  unemployment  unintended  Union  unknown  unkown  USA  wage  war  welfare  western  Wolf  Wolfgang  work  Workers  working  world  Year  yield  Yuan  ZIRP  zombie 

Copy this bookmark:



description:


tags: