asterisk2a + nominal   26

If you want to understand how an economy is performing and how sustainable its economic growth then look at the current account balance. Officially it is often ignored and there are attempts to play down its significance. After all it is always only just a few years away from an election so the very short term is considered much more important than the long term strength and economic health of the economy. Dire straits is not an underestimate of the current damaged state of the UK economy and indeed many other western economies. [ affordable only bc of City of London (Banking and Co.)! - - Novara Media - The City: In Conversation with Tony Norfield ]
UK  current  account  deficit  trade  deficit  fiscal  deficit  Brexit  western  world  secular  stagnation  inflation  targeting  nominal  GDP  targeting  austerity  aggregate  demand  USA  Manufacturing  industrial  policy  energy  policy  GBP  City  of  London  book  British  Empire  unitedkingdom  standard  of  living  living  standard  economic  history 
june 2016 by asterisk2a
Stocks are up. But it appears to us that the U.S. economy is going down. Go figure.
velocity is at 57yr low - WOW! the money that is in circulation is in less hands! the econ expanded according to GDP, but less and less $ reach on avg each hand. - "This is serious. The velocity of money tracks how often each dollar is used to buy something in the economy. Falling velocity shows that consumers and business are pulling back… becoming more reluctant to spend and invest… downsizing… and holding onto dollars rather than spending them. This has a similar effect as reducing the supply of money bidding for goods and services. Prices drop. Deflation, in other words. The bubble has developed a leak. The hot air is gushing out." //&! //&! &! - it is associated with stagnant NGDP [...] demand problem.
monetary  velocity  liquidity  trap  Richard  Koo  nominal  GDP  targeting  GDP  measurement  GDP  recovery  reflate  reflation  economic  history  money  supply  Fed  fiscal  policy  monetary  policy  Gini  coefficient  inequality  economic  harm  economic  damage  GFC  crony  capitalism  shareholder  capitalism  Greed  profit  maximisation  profit  maximization  squeezed  middle  class  Elizabeth  Warren  Joseph  Stiglitz  Paul  Krugman  Robert  Reich  Thomas  Piketty  2016  UK  USA  secular  stagnation  Pact  fiscal  stimulus  austerity  Schuldenbremse  social  mobility  income  mobility  working  poor  Precariat  low  pay  low  income  Service  Sector  Jobs  Zero  Hour  Contract  Contractor  self-employment  inflation  targeting  microeconomic  policy  macroeconomic  policy  Super  Rich  1%  plutocracy  oligarchy  capitalism  capitalism  in  crisis  self-regulation  book  shareholder  value  Wall  Street  meritocracy  meritocratic  post-racial  America  barackobama  Larry  Summers  Bernie  Sanders  Establishment  Privileged  deregulation  bank  bailout  social  safety  net  welfare  state  aggregate  demand 
april 2016 by asterisk2a
Tyler Cowen: "The Great Stagnation", Michael Vassar & Cowen Debate at Singularity Summit 2011
gains are harder to come by! low hanging fruit gone. [...] VISION IS NEEDED TO GET THE JOB DONE.
secular  stagnation  western  world  underinvestment  R&D  R&D  innovation  Innovators  Dilemma  rentier  rent-seeking  oligopol  oligopoly  winner  take  all  babyboomers  Generationengerechtigkeit  fairness  austerity  triple-lock  pension  pension  obligation  recovery  Super  Rich  1%  plutocracy  oligarchy  No  Representation  lobby  Career  Politicians  OAP  demographic  bubble  ageing  population  sick  population  health  crisis  economic  damage  climate  crisis  climate  change  global  warming  productivity  gap  output  gap  GDP  measurement  GNP  nominal  GDP  targeting  inflation  targeting  BRIC  creative  destruction  Mobile  Debt  Super  Cycle  servitude  servicing  service  income  tax  receipts  tax  evasion  tax  avoidance  Moore's  Law  COP21  macroeconomic  policy  microeconomic  policy  OECD  IMF  crony  capitalism  Privileged  Establishment  shareholder  capitalism  profit  maximisation  profit  maximization  shareholder  value  revolving  door  Wall  Street  squeezed  middle  class  working  poor  disposable  income  trickle-down  economics  neoliberal  neoliberalism  discretionary  spending  renewable  energy  infrastructure  investment  Smart  Grid  AI  artificial  intelligence  augmented  intelligence  Autonomous  Cars  ZIRP  NIRP  QE  New  stagnation 
april 2016 by asterisk2a
Piketty: EU should welcome one million immigrants a year
"The European Union has the capacity to absorb a large flow of migrants, one million per year in terms of inflow net of outflow," he said.
"This is exactly what we had between 2000 and 2010 and this was working in the sense that unemployment was being reduced.
"The problem is - with the austerity policies and with the recession - now we are in a situation where it's very difficult in particular with southern Europe, with the terrible economic situation that we have created there in particular." [...] The population of the EU has only risen by 0.2% a year since 1995, he argues, compared to 1.2% for the world's population over the same period.
According to Eurostat, the official statistical arm of the European Commission, a total of 3.4 million people came to the EU during 2013. Some 2.8 million left, leaving a net immigration figure of around 600,000. [S]low growth [...] exacerbated not just by a lack of immigration but also by austerity policies aimed at reducing public expenditure. [EU in recession 2011 forward]
immigration  migration  refugee  crisis  Integrationspolitik  Sozialpolitik  youth  unemployment  austerity  GFC  secular  stagnation  Richard  Koo  ageing  population  demographic  bubble  social  safety  net  pension  obligation  economic  history  welfare  state  Gini  coefficient  Super  Rich  inequality  social  mobility  income  mobility  plutocracy  oligarchy  Precariat  working  poor  squeezed  middle  class  hartz-iv  Aufstocker  neoliberal  neoliberalism  Soziale  Marktwirtschaft  ALG2  Zeitarbeit  Leiharbeit  Minijob  part-time  employment  Contractor  self-employment  Zero  Hour  Contract  underinvestment  disposable  income  discretionary  spending  Robert  Skidelsky  bank  bailout  Fiscal  Pact  Schuldenbremse  Wolfgang  Schäuble  Angela  Merkel  Leadership  Wall  Street  shareholder  capitalism  crony  capitalism  lobby  No  Representation  Career  Politicians  democracy  European  Union  UK  Elizabeth  Warren  Paul  Krugman  Robert  Reich  Joseph  Stiglitz  carbon  tax  policy  folly  policy  error  right-wing  far-right  Rechtsruck  recovery  nominal  GDP  targeting  inflation  targeting  finite  resources  resource  depletion  GNP  GDP  GDP  measurement  profit  maximisation  profit  shareholder  policy  income  inequality  income 
april 2016 by asterisk2a
Discussing the IMF’s research on inequality - an interview with Andrew Berg
Inequality and Unsustainable Growth (2011) - - what are the determinants of sustained growth (answer a middle class). phases of growth. institutional governance (tax evasion and tax avoidance). lobby, revolving door, no representation, career politicians. [...] redistribution should have win-win effect. //&! Richard Wilkinson: How economic inequality harms societies - - national income per head (average) is not reflective (correlates) for health and child well-being measures, social capital (volunteering, Tories Big Society), mental health, prison population, social mobility. that is why Tories redefined fuel poverty & child poverty! That is why nominal GDP targeting is double edge sword (tax evasion and average national income per head, and being dependent on a industry for GDP (ie Brazil and resources, or south UK and banking - 80% of 2015 growth was consumtion). Leads to status anxiety & materialism/
inequality  Robert  Reich  Joseph  Stiglitz  Paul  Krugman  squeezed  middle  class  working  poor  CEO  pay  shareholder  capitalism  IMF  western  world  Super  Rich  1%  plutocracy  oligarchy  discretionary  spending  disposable  income  Generation  Rent  poverty  poverty  trap  meritocracy  meritocratic  income  distribution  American  Dream  child  poverty  Thomas  Piketty  income  growth  income  inequality  income  mobility  Gini  coefficient  social  mobility  income  redistribution  Universal  Basic  tax  credit  tax  free  income  tax  evasion  tax  amnesty  tax  avoidance  HMRC  Political  Governance  Career  Politicians  revolving  door  Lobbying  lobby  lobbyist  No  Representation  Niall  Ferguson  secular  stagnation  Elizabeth  Warren  Precariat  job  insecurity  welfare  state  social  safety  net  nominal  GDP  targeting  WHO  consumerism  materialism  status  anxiety  values  social  status  self-esteem  mental  health  well  being  GNP 
april 2016 by asterisk2a
Public Investment Payoff Not Necessarily About Efficiency
electrification of public rail - reduce emissions and improve public health (health hazard of diesel train engines proven - for passengers and residents). also improve public health - people ditching their cars! // 8:40 each additional public capital investment might be less valuable after the first road to the sea port. but that does not factor in types and public health and safety. road vs train. diesel train vs electric train. slow train vs faster electric magnetic safe low maintenance train w auto pilot (augmented intelligence). less public health risks, less health hazard, more public safety = less economic damage through a less sicker population (health care cost, health care demand, less work hours lost, higher productivity - healthy, happy people) but micro and macro economists do not put this into their GDP - well being, happiness, public health. // beijings hazardous hair will prove to be hughe economic cost (public health) down the road (chronic pulmonary conditions and cancer = lower productivity, lower discretionary spending because of spending goes to medicine and medical care and down the road leads to old age poverty for some if not the family).
underinvestment  public  investment  austerity  infrastructure  investment  infrastructure  productivity  productivity  gap  productive  investment  rentier  rent-seeking  commute  commuter  commuting  well  being  public  health  UK  Fossil  fuel  industry  fuel  public  health  policy  Richard  Koo  economic  history  recovery  dogma  ideology  free  market  neoliberal  neoliberalism  microeconomic  policy  added  value  USA  investment  spending  R&D  nominal  GDP  targeting  GDP  George  Osborne  output  gap  public  capital  ROI 
april 2016 by asterisk2a
George Osborne: A profile of the man behind the Budget - BBC Newsnight
// 70% of UK economy growth (GDP), 2015, was consumption. // and trade deficit/current account deficit for 2015, biggest ever on record ---- The UK's current account deficit widened to a record high in the final quarter of last year.
The deficit in the three months to December was £32.7bn, the equivalent of 7% of GDP, said the Office for National Statistics (ONS).
For all of 2015, it came to £96.2bn or 5.2% of GDP. Both figures were the highest since records began in 1948.
A current account deficit means the value of imports of goods, services and investment income exceeds exports.[...] "An obvious potential trigger for the markets losing confidence in the UK economy could be a vote to leave the EU in the 23 June referendum." [ harder to finance w weak Sterling and higher interest rates, rating agencies hinted at the case of a downgrade of UK's credit worthieness ] -
Budget2016  George  Osborne  Career  Politicians  austerity  economic  history  Tories  Conservative  Party  nasty  David  Cameron  Brexit  HS2  minimum  wage  living  wage  budget  deficit  trade  deficit  secular  stagnation  recovery  Toff  No  Representation  Privileged  Establishment  demographic  bubble  bank  bailout  Positioning  dogma  ideology  neoliberal  neoliberalism  spin  doctor  PR  disposable  income  discretionary  spending  wage  stagnation  squeezed  middle  class  consumer  debt  household  debt  credit  card  debt  Student  Loan  Generation  Rent  underinvestment  Richard  Koo  Japan  nominal  GDP  targeting  GDP  growth  of  income  shareholder  capitalism  crony  capitalism  current  account  deficit  GBP  Sterling  business  confidence  global  economy  fault  lines  ZIRP  NIRP  QE  BOE  Mark  Carney 
march 2016 by asterisk2a
Bank of England blames falling pound on Brexit fears
The BoE said disappointing business investment and the weaker outlook for global trade would offset the impact of a cheaper pound and keep inflation in check in the short term before a rise to its 2% target within the next two years.

The Bank’s nine-strong monetary policy committee (MPC) also unanimously voted to keep its quantitative easing asset purchase scheme on hold at £375bn in response to a mixed bag of indicators that it said would keep GDP growth on an upward, though subdued path. [...] [ BREXIT EFFECT, sterling down] It may also delay some spending decisions and depress growth in aggregate demand in the near term. Overall, however, the committee judges that the outlook for domestic activity to be little changed from the time of the February inflation report,” the MPC said. [...] [ CARNEY ALSO SUPPORTS FISCAL STIMULUS! ]
ZIRP  NIRP  QE  BOE  Mark  Carney  budget2016  UK  wage  growth  nominal  GDP  targeting  inflation  targeting  austerity  fiscal  policy  monetary  policy  George  Osborne  recovery  secular  stagnation  underinvestment  business  confidence  business  cycle  liquidity  trap  Richard  Koo  zombie  consumer  zombie  banks  Brexit  aggregate  demand  economic  history  fiscal  stimulus  Pact  Schuldenbremse 
march 2016 by asterisk2a
Central bankers on the defensive as weird policy becomes even weirder | Business | The Guardian
Growth is tepid, productivity is poor, and inflation is too low: all is not going according to policymakers’ masterplans [...] As far as the OECD is concerned, monetary policy is being forced to take too much of the strain. Its chief economist Catherine Mann made the point that lasting recovery required three things: stimulative monetary policy; activist fiscal policy; and structural reform. The OECD wants the second of these ingredients to be added to the recipe in the form of increased spending on public infrastructure, something it says would more than pay for itself at a time when governments can borrow so cheaply.
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march 2016 by asterisk2a
Weltwirtschaft: Ökonomen halten Ende des Wachstums für unvermeidlich - SPIEGEL ONLINE
Weltwirtschaft: Ökonomen halten Ende des Wachstums für unvermeidlich [...] Ein Beispiel: Wenn das Bruttosozialprodukt eines Landes 10 Milliarden Euro beträgt und um eine Milliarde Euro wächst, dann entspricht das einer Steigerung von zehn Prozent. Wenn das BIP aber 1000 Milliarden Euro beträgt, dann müsste die Wirtschaft schon um 100 Milliarden Euro wachsen, um ein Wachstum von zehn Prozent zu schaffen. Wächst das BIP wie vorher um eine Milliarde Euro, entspricht das nur noch einer Steigerung von 0,1 Prozent. Die Wirtschaft wäre dann sozusagen ausgewachsen. Die alten Zeiten kehren nicht mehr zurück [...] Sollten die Ökonomen recht haben, hätte das für Staat und Sozialsysteme einschneidende Folgen: Die Planung von Bundeshaushalt oder Rentenkasse geht von einem Wachstum irgendwo zwischen ein und zwei Prozent pro Jahr aus. [...] Die Wirtschaft "unabhängiger vom Wachstum gestalten"
G20  George  Osborne  UK  austerity  Europe  Schuldenbremse  Fiscal  Pact  Germany  Wolfgang  Schäuble  Angela  Merkel  secular  stagnation  Richard  Koo  aggregate  demand  budget  deficit  economic  history  finite  resources  resource  depletion  economic  growth  global  economy  policy  monetary  policy  policy  error  policy  folly  Japan  Abenomics  demographic  bubble  ageing  population  AI  artificial  intelligence  Robotics  self-driving  cars  autonomous  car  structural  unemployment  unemployment  long-term  unemployment  youth  unemployment  productivity  output  gap  squeezed  middle  class  Precariat  working  poor  low  pay  low  income  precarious  work  Zero  Hour  Contract  Contractor  underinvestment  marginal  cost  competitiveness  energy  policy  energy  price  flat  world  borderless  globalization  globalisation  economics  of  abundance  post-capitalism  Larry  Summers  Gini  coefficient  inequality  Super  Rich  1%  plutocracy  oligarchy  democracy  social  democracy  Soziale  Marktwirtschaft  trickle-down  economics  dogma  ideology  free  market  self-regulation  neoliberalism  neoliberal  education  policy  income  inequality  GDP  nominal  GDP  targeting  inflation  targeting  liquidity  trap  credit  bubble  distortion  ZIRP  NIRP  QE  USA 
february 2016 by asterisk2a
What Really Caused the Crisis and What to Do About It - YouTube
"There are not perfect markets, and there is no perfect planner. [...] we will never arrive at perfect solutions. [...] market will never allocate perfectly ... [...] market will always tend to lend to property and land, and less into productive means (businesses = risk of 100 loss, land or property ... you have a loss when you sell it. << China, UK ) [...] not all credit is good credit. [...] need for macroprudential policy to dampen bubbles bc rate hikes could dampen normal non-speculative area of economy. ie loan to value limits [...] interest rate setting is blunt hammer that people though is the magic wand along the line of self-regulation, free market, neoliberalism and trickle-down [...] GFC can be traced back to the 60-70's - macroecon + micro with absurd assumptions (ie rational expectations, equilibriums, no bubbles) & math & pure theoretical base (no empirical analysis ie of what banks really do ie greed) = makes job of economist as policy advisor real easy.
bank  crisis  JohnMaynardKeynes  keynes  Keynesianism  book  Richard  Koo  aggregate  demand  austerity  liquidity  trap  deleveraging  balance  sheet  recession  debtoverhang  GFC  recovery  secular  stagnation  western  world  dogma  ideology  underinvestment  productive  investment  infrastructure  investment  monetary  policy  monetary  theory  trickle-down  economics  neoliberalism  neoliberal  budget  deficit  economic  history  credit  bubble  output  gap  productivity  inflation  targeting  nominal  GDP  targeting  asset  allocation  economics  investment  banking  zombie  banks  retail  banking  financial  product  CDS  CDO  hunt  for  yield  VAR  risk  aversion  deflationary  deflation  ZIRP  NIRP  QE  debt  monetisation  debt  monetization  Glass-Steagall  self-regulation  regulators  regulation  leverage  margin  trading  property  bubble  arbitrage  speculative  bubbles  asset  bubble  UK  USA  Europe  ECB  Fed  BOE  zombie  consumer  squeezed  middle  class  zombie  corporations  NPL  junk  bond  realestate  macroprudential  policy  mortgage  market  equilibrium  disequilibrium  Economist  economists  Adair  Turner  hayek 
february 2016 by asterisk2a
Interview With Mohamed El-Erian: Masters in Business (Audio) by Bloomberg View
7:50 New Normal is secular stagnation and decades-long NIRP, ZIRP, QE distortion. structural, secular. no cyclical recovery. but long secular challenges; prolonged period of low growth. // also inequality! // currently policy makers subsidise debtors, subsidise creditors - financial repression. promote risk taking. // richard koo would not agree with el-erian's notion that gov balance sheets are same as household balance sheets. // 12:10 demographic issue! political. and economic elements in it of secular stagnation. [...] borrowing growth // rise of far-right! // corps sitting on cash // inequality! // bc of lived in artificial world of borrowed growth, created massive divergence. // min 15:30 richard koo would not agree that central banks are the only game in town. central banks have complained abt austerity gov. // min 20 - Feds intellectually inflexible. comfort zone. self-regulation & great moderation. // reflation didnt work bc no fixed fundamentals // perfect storm! lost trust.
New  Normal  financial  repression  NIRP  ZIRP  QE  economic  history  secular  stagnation  GFC  credit  bubble  book  western  world  emerging  middle  class  debtoverhang  Richard  Koo  deleveraging  debt  servitude  Super  Cycle  household  debt  consumer  debt  credit  card  debt  car  loan  student  loan  debt  student  loan  student  debt  KennethRogoff  carmenreinhart  sovereign  debt  crisis  austerity  Paul  Krugman  Gini  coefficient  inequality  Joseph  Stiglitz  distortion  monetary  policy  fiscal  policy  monetary  transmission  mechanism  liquidity  trap  unconventional  monetary  policy  monetary  theory  monetary  system  retirement  demographic  bubble  ageing  population  far-right  Rechtsextremismus  Rechtsruck  zombie  consumer  zombie  corporations  zombie  banks  Pact  Schuldenbremse  tax  avoidance  tax  evasion  inflation  targeting  inflation  expectation  nominal  GDP  targeting  GDP  reflate  reflation  trust  trustagent  distrust  business  confidence  consumer  confidence  public  sentiment  public  perception  bank  bailout  Japan  Abenomics  AIIB  IMF  China  BRIC  self-regulation  Great  Moderation 
february 2016 by asterisk2a
The trap of materialism - YouTube
Consumerism! The more we consume, the better our lifes will be. ... Keeping up with the jonses. [...] the true cost of an item is not the price. as long as carbon, pollution is not priced in. thus the carbon tax and pollution tax (ecological and environmental). [...] WALL E is true. leaving a planet full of junk. and pollution, inhospitable environment. [...] post-capitalism = post-consumerism in age of abundance and marginal cost (energy, water, food). [...] a man's life does not lie in the abundance of his possessions. and be fearful of greed << Bible [...] consumerism does not equal to tue individuality or individualism of a human being among many. its a choice you can pick from and define yourself in public with it ie which color your iPhone has or what case for it [ min 8 Adam Smith; let flourish self-interested selfish economic interest through consumption = growth ] [...] shopping as experience. shopping as a way of life. self-medication. coping mechanism in the rat race.
consumerism  materialism  inequality  Greed  Gini  coefficient  Super  Rich  1%  plutocracy  oligarchy  capitalism  post-capitalism  zombie  consumer  GDP  nominal  GDP  targeting  credit  credit  card  debt  household  debt  consumer  debt  status  symbol  status  anxiety  socioeconomic  status  social  status  class  warfare  carbon  tax  carbonfootprint  carbon  trading  scheme  carbonemission  COP21  ecosystem  ecological  disaster  environmental  disaster  poverty  income  distribution  global  warming  climate  change  climate  crisis  economic  damage  economic  history  resource  depletion  finite  resources  Spiritual  spirituality  Mindfulness  happiness  index  well  being  mental  health  Religion  Wertegesellschaft  Gesellschaft  Wegwerfgesellschaft  society  sociology  psychology  rat  race  coping  mechanism  substance  abuse  self-medication  chronic  stress  American  Dream  marketing  advertisement  advertising  advertisement  targeting  advertisement  re-targeting  Big  Data  mass  culture  Popular  PR  spin  doctor  exploitation  self-regulation  Wall  Street  shareholder  value  profit  maximisation  Protection 
february 2016 by asterisk2a
Amid market turmoil and confusion, there are four key economic trends shaping society
The UK economy currently gets nowhere near its target of 2%. Inflation would decrease the value of current debts, making them less of a burden. In a world without much inflation, it is hard to get wages up. The worse case scenario is that debt costs increase, as prices and wages stagnate. [ ignoring debt and income growth - stagnation at their peril - - gov is no household budget, Steve Keen + Richard Koo ] [...] And in this age of austerity, these factors will work against governments seeking to reduce the welfare bill. Recent data shows that, in UK cities, growing numbers of low paid jobs have led to rising claims for welfare such as housing benefits, defeating the government’s aims to reduce spending.
economic  history  secular  stagnation  inflation  targeting  nominal  GDP  targeting  fiscal  policy  monetary  policy  inflation  wage  growth  wage  stagnation  squeezed  middle  class  job  creation  Service  Sector  Jobs  low  pay  low  income  minimum  wage  UK  Mark  Carney  austerity  tax  credit  housing  benefit  working  tax  credit  debt  servitude  Super  Cycle  Richard  Koo  liquidity  trap  monetary  transmission  mechanism  monetary  stimulus  debtoverhang  balance  sheet  recession  deleveraging  household  debt  consumer  debt  credit  card  debt  western  world  GDP  wage  inflation  income  growth  disposable  income  discretionary  spending  income  distribution  Gini  coefficient  Super  Rich  1%  inequality  income  inequality  income  redistribution  tax  evasion  tax  avoidance  monetary  system  monetary  theory  student  debt  student  loan  debt  student  loan  Bubble  debt  monetisation  debt  monetization  zombie  banks  monetary  velocity  Niall  Ferguson  NPL  junk  bond  zombie  corporations  zombie  consumer  ZIRP  NIRP  QE  Taper  China  credit  BRIC  output  gap  productivity  industrial  policy  public  investment  productive  investment  business  investment  infrastructure  investment  property  financial  repression  speculative  bubbles  asset  allocation  Generationengerechtigkeit  fairness  money  supply  faultlines  global  imbalances  recovery  working  poor  Precariat 
february 2016 by asterisk2a
Insatiability, and the 15-hour week - YouTube
// book wealth of nations //&! Prof Lord Robert Skidelsky - How Much is Enough? The Economics of the Good Life - //&! Guaranteed Employment & Basic Income - //&! Why the precariat requires a basic income (Prof. Guy Standing) (ENG) - //&! The Precariat: The new dangerous class - Sydney Ideas -
book  Robert  Skidelsky  income  distribution  GDP  nominal  GDP  targeting  macroeconomic  policy  happiness  index  microeconomic  policy  4-day  work  week  6-hour  work  day  economic  history  well  being  public  health  policy  public  health  leisure  time  work  life  balance  burnout  western  society  western  world  secular  stagnation  life  hacker  life  lesson  inequality  Gini  coefficient  wealth  distribution  tax  evasion  tax  avoidance  social  democracy  No  Representation  democracy  welfare  state  social  safety  net  minimum  wage  Universal  Basic  Thomas  Piketty  precarious  work  Precariat  working  poor  poverty  in  old  age  poverty  UK  USA  Europe  transferring-wealth  wealth-distribution  trickle-down  economics  neoliberalism  neoliberal  Super  Rich  1%  plutocracy  oligarchy  Greed  zombie  consumer  consumerism  consumerist  status  anxiety  Selbstdarstellung  Selbstfürsorge  sociology  philosophy  Aristotle  low  income  tax  free  income  income  redistribution  income  inequality 
january 2016 by asterisk2a
Bank of Japan shocks markets by adopting negative interest rates | World news | The Guardian
BOJ shock decision to adopt negative interest rates, in an attempt to protect the flagging economy from market volatility and fears over the global economy. In a 5-4 vote, the bank’s board imposed a 0.1% fee on deposits left with the Bank of Japan (BoJ) – in effect a negative interest rate. The move, which follows the similarly aggressive precedent set by the ECB in June 2014, is designed to encourage commercial banks to use excess reserves they keep with the central bank to lend to businesses. //&! The Disturbing Reasons Why The Bank Of Japan Stunned Everyone With Negative Rates - - encouraging capex, supporting existing bubbles ie equity and bonds (joining draghi). Citing examples of Sweden and Switzerland with NIRP. And ECB of combining QE and NIRP. Combating China exporting deflation. And keep the pace of JGB purchases, keeping the bubble floating. [A] "last-ditch measure"[.] [I]t may be time to panic. - 2016/2017 //&! Currency War -
ECB  BOJ  ZIRP  NIRP  QE  debt  monetisation  debt  monetization  monetary  policy  monetary  transmission  mechanism  monetary  theory  unconventional  monetary  policy  monetary  stimulus  monetary  system  deposit  levy  MarioDraghi  Abenomics  economic  history  deleveraging  debtoverhang  balance  sheet  recession  GFC  recovery  Yen  Euro  credit  bubble  liquidity  trap  distortion  asset  bubble  asset  allocation  equity  bubble  speculative  bubbles  bond  bubble  property  bubble  debt  bubble  New  Normal  financial  repression  faultlines  global  economy  structural  imbalance  global  imbalances  demographic  bubble  ageing  population  Japan  UK  secular  stagnation  western  world  inflation  expectation  inflation  targeting  nominal  GDP  targeting  deflation  Sweden  Switzerland  China  Yuan  JGB  2016  USA  Europe  sovereign  debt  crisis  austerity  business  confidence  consumer  confidence  Super  Cycle  recession  currency-war  currency  debasement  currency  war 
january 2016 by asterisk2a
Carney: No need for interest rate rises now - BBC News
Carney said that collapsing oil prices and an "unforgiving" global environment meant that tighter monetary policy was not yet necessary. [...] He pointed out that the Fed's rate rise had only brought the US interest rate to the same "lofty level" as the Bank of England's. The Governor said that three factors would be the strongest guide to when interest rates might rise. First, that economic growth in the UK would be higher than the average trend. He said that growth at an average quarterly rate of 0.5% in 2015 had "disappointed". Second, that wage growth strengthens and productivity improves. And, third, that core inflation starts to approach the target rate of 2%. //&! Rate rise pause till early 2017? - - [ global risks are building, global imbalances, faultlines. ] There's a frying pan - the global growth slowdown - and a fire - high levels of indebtedness - out there. &!
Fed  BOE  2016  Taper  UK  USA  monetary  policy  Mark  Carney  Fed  mandate  productivity  output  gap  inflation  expectation  inflation  targeting  nominal  GDP  targeting  deflationary  deflation  Oil  price  commodity  prices  wage  inflation  GDP  secular  stagnation  economic  history  austerity  fiscal  policy  property  bubble  consumer  debt  household  debt  credit  card  debt  mortgage  market  ZIRP  NIRP  QE  private  debt  corporate  debt  Europe  ECB  China  credit  bubble  2015  global  economy  BRIC  OPEC  aggregate  demand  Richard  Koo  overcapacity  Supply  and  and  Supply  liquidity  trap  monetary  transmission  mechanism  monetary  stimulus  monetary  theory  unconventional  monetary  policy  debt  monetisation  debt  monetization  zombie  consumer  zombie  corporations  zombie  banks  debtoverhang  balance  sheet  recession  deleveraging  margin  trading  speculative  bubbles  equity  bubble  Super  Cycle  debt  servitude  leverage  George  Osborne  dogma  ideology  neoliberalism  neoliberal  faultlines  global  imbalances  distortion  emerging  middle  class  emerging  market  Frontier  Markets  sovereign  debt  crisis  unintended  consequences  unknown  unkown  QT  financial  repression  New  Normal 
january 2016 by asterisk2a
The Great Unraveling Looms - Blame The 'Austrians'? | Zero Hedge
Well, well: who would have believed it. First the Bank for International Settlements comes out with a paper that links credit booms to the boom-bust business cycle, then Britain's Adam Smith Institute publishes a paper by Anthony Evans that recommends the Bank of England should ditch its powers over monetary policy and move towards free banking. [...] The BIS paper will be the more influential of the two in policy circles, and this is not the first time the BIS has questioned the macroeconomic assumptions behind the actions of the major central banks. [...] Targeting nominal GDP is not a perfect answer.
credit  bubble  economic  history  BIS  GFC  QE  ZIRP  NIRP  distortion  squeezed  middle  class  secular  stagnation  working  poor  credit  card  debt  household  debt  property  bubble  consumer  debt  monetary  policy  liquidity  trap  monetary  stimulus  monetary  theory  unconventional  monetary  policy  monetary  system  China  USA  subprime  car  loan  debt  servitude  discretionary  spending  disposable  income  Student  debt  Super  Cycle  debtoverhang  sovereign  debt  crisis  debt  bubble  debt  monetisation  debt  monetization  Fed  ECB  BOE  Japan  BOJ  Abenomics  nominal  GDP  targeting  inflation  targeting  wage  growth  wage  stagnation  income  distribution  income  inequality  low  income  income  redistribution  inequality  Gini  coefficient  Super  Rich  1%  plutocracy  oligarchy  group  think  think  tank  vested  interest  interest  groups  lobbyist  lobby  Lobbying  revolving  door  Career  Politicians  No  Representation  social  democracy  democracy 
january 2016 by asterisk2a
Interview ǀ Weg vom BIP-Wachstumswahn — der Freitag
Interview Hans Diefenbacher ist Ökonom und hat eine Alternative zum allmächtigen Bruttoinlandsprodukt entwickelt //&! „Ökonomen verhindern einen Wirtschaftswandel" Interview An der Cusanus-Hochschule werden alternative Wirtschaftsmodelle gelehrt. Die Professorin und Ökonomin Silja Graupe erzählt im Gespräch, warum das notwendig ist -
BIP  GDP  nominal  GDP  targeting  economic  model  trickle-down  economics  neoliberalism  neoliberal  crony  capitalism  capitalism  economics  of  abundance  liberal  economic  reform  austerity  economic-thought  economic  history  economic  damage  tax  evasion  tax  avoidance  Greed  shared  economic  interest  Wall  Street  shareholder  value  profit  maximisation  macroeconomic  policy  economic  growth  happiness  index  climate  change  short-termism  Generationengerechtigkeit  fairness  inequality  Gini  coefficient 
december 2015 by asterisk2a
Bundesbank Open to Significant ECB Stimulus in June if 2016 Inflation Forecasts Lowered -
BuBa  Bundesbank  ECB  unconventional  monetary  policy  monetary  transmission  mechanism  monetary  system  monetary  policy  monetary  theory  sovereign  debt  crisis  Super  Cycle  PIGS  recovery  2014  ZIRP  OMT  negative  real  interest  rate  NIRP  monetary  stimulus  stimulus  economic  history  deflation  deflationary  nominal  GDP  targeting  inflation  targeting  long-term  unemployment  structural  imbalance  Impediments  structural  unemployment  Europe  Career  Politicians  IMF  MarioDraghi  participation  rate  productivity  Germany  unintended  consequences  unknown  unknowns  asset  bubble  hunt  for  yield  speculative  bubbles  structural  deficit  negative  deposit  rate  deposit  facility  overnight  deposit  facility 
may 2014 by asterisk2a
Bubbles, Regulation, and Secular Stagnation -
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.
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september 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
Ausblick 2013: Die Krise kommt nach Europa zurück - SPIEGEL ONLINE
Aber die Fed liegt hier voll im Trend. Mark Carney, der jüngst ernannte nächste Gouverneur der Bank of England, denkt gar über ein nominales Ziel für das Bruttoinlandsprodukt nach. Das würde die Notenbank regelrecht zwingen, Inflation zu erzeugen, wenn das Realwachstum gering ist - so wie jetzt. Und der frisch gewählte japanische Regierungschef Shinzo Abe will ebenfalls, dass seine Notenbank Staatsanleihen kauft, um die Inflation anzukurbeln. Überall um uns herum wird die Geldpolitik in dramatisch aufgelockert, nur in der Euro-Zone nicht.

Die EZB hingegen muss auch weiter dem alleinigen Ziel der Preisstabilität huldigen. So steht es in den europäischen Verträgen. Zu deren strikter Einhaltung mahnen fast jeden Tag die Bundesbank und die meisten deutschen Leitartikler. Die Folgen dieser Diskrepanz in der Geldpolitik zwischen EZB und fast allen anderen großen Notenbanken sind in den Märkten überhaupt noch nicht durchgesickert. Ich erwarte eine kräftige spekulative Aufwertung des Euro...
benbernake  MarioDraghi  Mario  ECB  greatrecession  GFC  PIIGS  monetization  monetary  theory  currency-war  currency  debasement  sovereign  debt  crisis  Euro  2013  2012  BOE  Fed  inflation  reflation  BOJ  nominal  GDP  targeting  Mark  Carney  monetary  policy 
december 2012 by asterisk2a
Münchau: Warum Draghis Programme keine Inflation bringen - SPIEGEL ONLINE
Milton Friedmans Monetarismus ist nicht gescheitert, weil er falsch war, sondern weil sich die Welt geändert hat.


Um Inflation wirklich zu verstehen, bedarf es des Verständnisses einer komplexen Dynamik, die eine ganze Reihe von Faktoren mit einschließt - unter anderem die gesamtwirtschaftliche Nachfrage, die Entwicklung an Rohstoffmärkten, Arbeitslosigkeit, die Lücke zwischen Auslastung der Industrie und ihrer Kapazität sowie die Entwicklung von Krediten und anderen Finanzindikatoren. Fast alle diese Indikatoren deuten auf eine deflationäre Entwicklung hin.


Die Aufgabe der Notenbank wird es dann nicht mehr sein, Inflation zu bekämpfen, sondern für ein Mindestmaß an Inflation zu sorgen. Noch besser wäre es, wenn die Notenbanken nicht mehr ein isoliertes Inflationsziel setzen, sondern ein nominales Wachstumsziel verfolgen.
2012  richardkoo  miltonfriedman  PIIGS  nominal  GDP  targeting  OpertationTwist  BOJ  BOE  Fed  balance  sheet  recession  economic  history  lostdecade  greatrecession  GFC  deflation  deleveraging  debtoverhang  sovereign  debt  crisis  Japan  centralbanks  monetary  theory  monetary  policy  monetarism  System  LTRO  SMP  ECB  QE  ZIRP  inflation  reflation 
september 2012 by asterisk2a

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