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December 08 2010

02mydafsoup-01
Studiogespräch: “Es ist natürlich ein Skandal” | quer-Blog 20101126 blog.br-online.de

Max Otte ist Professor für Betriebswirtschaft an der Fachhochschule in Worms. Den Börsencrash von 2008 hatte er schon 2006 vorhergesagt. Über Lobby und Juristen, meint er, schreiben sich die Banken den größten Teil ihrer Gesetze selbst.

September 15 2010

The Empire strikes back

Avinash Persaud, 14 September 2010

The role of financial institutions in the global crisis has led to a consensus that financial regulation must change. This column argues that the banking lobby, far from depleted, has struck back with a vengeance. It has managed to postpone the much needed regulation for a time when the need for it will be forgotten.

Full Article: The Empire strikes back
Reposted from02myEcon-01 02myEcon-01

EU stress tests and sovereign debt exposures

Adrian Blundell-Wignall, Patrick Slovik, 14 September 2010

Despite the encouraging results from the stress tests of the EU’s banking sector, market confidence in the financial system remains subdued. This column argues that while most of the sovereign debt held by EU banks is on their banking books, the EU stress test only considered their smaller trading book exposures. Market participants do not have the luxury of being so selective.

Full Article: EU stress tests and sovereign debt exposures
Reposted from02myEcon-01 02myEcon-01

The IMF Calls for Job Creation

As Paul Krugman noted, the OECD has "climbed down" from its recommendation that advanced nations begin cutting spending and raising interest rates right away. The IMF seems to be tempering its message as well:

I.M.F. Calls for Countries to Focus on Creating Jobs, by Liz Alderman, NY Times: Rising long-term unemployment, especially among young people, poses the next big threat to the global economic recovery, the International Monetary Fund warned on Monday. ... Dominique Strauss-Kahn, the managing director of the I.M.F., said the financial crisis “won’t be over until unemployment significantly decreases.”
Mr. Strauss-Kahn urged governments to start factoring back-to-work policies into their overall equation for stoking growth. He added ... that a failure to halt persistent high joblessness could fan social tensions in several countries and restrain growth over time. ...
While governments hit by the financial crisis have had to tighten their belts, in part to address investor concern about rising debt, countries that need to rebuild credibility should first reallocate spending to get the long-term unemployed and young people back into the labor market, said Olivier J. Blanchard, the I.M.F.’s chief economist. ...
Countries that have so far avoided the harsh judgment of financial markets could afford a small increase in debt to ward off persistent joblessness, Mr. Blanchard said. He added that such a move could pay for itself in the form of increased economic activity. ...
Policy makers at the conference referred to the prospect of rising long-term unemployment as a crisis... Mr. Blanchard ... said the United States, too, should consider subsidies to help the long-term unemployed...
Reposted from02myEcon-01 02myEcon-01

May 31 2010

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The Gods of Money - German style
F. William Engdahl: The German banks played casino with Wall Street and now demand austerity from Greece
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02mydafsoup-01

May 30 2010

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Banks still the powerhouse in DC
David Arkush: Bank lobbyists outnumber reform lobbyists 11 to 1 on derivatives legislation alone
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Reposted bykellerabteil kellerabteil

May 28 2010

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Finance bill doesn't prevent "structural blackmail"
Gerald Epstein: Support the bill, but it's only one small step towards real financial reform
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May 26 2010

May 25 2010

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Finance Bill: a few good measures but mostly show
William Black: Senate Finance Bill has a few good reforms, but maintains structural blackmail
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Time: 09:03 More in News & Politics

May 20 2010

Die Missachtung der Größenverhältnisse von Bankenrettung, Konjunkturprogrammen und Griechenland-Hilfe

Immer wieder wird in diesen Tagen die gewaltige Größe des Programms zur Unterstützung Griechenlands beklagt. Und immer wieder lesen wir Klagen über die Finanzierung von Konjunkturprogrammen auf Pump. Dabei werden die Relationen dieser Ausgaben im Vergleich zu den Ausgaben zur Bankenrettung in Deutschland oft außer acht gelassen – vermutlich mit Absicht. Albrecht Müller. Das EU- [...]
Reposted bykrekk krekk

May 18 2010

Kommentar zum Euro: Alles Lüge | Frankfurter Rundschau - Wirtschaft | Robert von Heusinger 20100518

Der Euro ist stark, nicht schwach. Erstmals seit vielen Jahren ist er wieder fair bewertet. [...] Der Euro notiert bei rund 1,23 Dollar. Seit seiner Einführung vor elf Jahren bei 1,17 Dollar sank er erst bis auf 82 US-Cent. Das war im Herbst 2000. Danach verdoppelte er sich auf 1,60 Dollar, das war im Sommer 2008. Während all dieser Jahre lag der fundamentale Wert bei rund 1,20 Dollar, wie unzählige Studien herausgefunden haben. Deshalb ist der Außenwert des Euro heute endlich mal wieder fair bewertet.

[...] Seit dem Ausbruch der Finanzkrise müsste es ein Gemeinplatz sein, dass Finanzmärkte nicht effizient sind, sondern geprägt vom Herdentrieb. [....] Warum akzeptiert die Gesellschaft, die Politik, überhaupt flexible Wechselkurse? Warum darf der wichtigste Kurs der Weltwirtschaft so irre schwanken? [...] Weil Banken daran verdienen [...] [Es] ist [...] höchste Zeit, die Mutter aller Spekulationen durch feste Kurszielzonen zu ersticken.

Kommentar zum Euro: Alles Lüge | Frankfurter Rundschau - Wirtschaft | Robert von Heusinger 20100518

Der Euro ist stark, nicht schwach. Erstmals seit vielen Jahren ist er wieder fair bewertet. [...] Der Euro notiert bei rund 1,23 Dollar. Seit seiner Einführung vor elf Jahren bei 1,17 Dollar sank er erst bis auf 82 US-Cent. Das war im Herbst 2000. Danach verdoppelte er sich auf 1,60 Dollar, das war im Sommer 2008. Während all dieser Jahre lag der fundamentale Wert bei rund 1,20 Dollar, wie unzählige Studien herausgefunden haben. Deshalb ist der Außenwert des Euro heute endlich mal wieder fair bewertet.

[...] Seit dem Ausbruch der Finanzkrise müsste es ein Gemeinplatz sein, dass Finanzmärkte nicht effizient sind, sondern geprägt vom Herdentrieb. [....] Warum akzeptiert die Gesellschaft, die Politik, überhaupt flexible Wechselkurse? Warum darf der wichtigste Kurs der Weltwirtschaft so irre schwanken? [...] Weil Banken daran verdienen [...] [Es] ist [...] höchste Zeit, die Mutter aller Spekulationen durch feste Kurszielzonen zu ersticken.

May 13 2010

02mydafsoup-01

Immer mehr Bankenpleiten

Wie am Freitag [30.04.2010 - oanth] bekannt wurde, kam es zum Zusammenbruch von weiteren sieben US-Banken. Es wurden drei Banken in Puerto Rico, zwei in Missouri sowie eine in Michigan und eine im Washington geschlossen. Der Einlagensicherungsfonds Federal Deposit Insurance Corp. (FDIC) hat die Westernbank Puerto Rico mit Sitz in Mayaguez, die R-G Premier Bank of Puerto Rico mit Sitz in Hato Rey und die Eurobank mit Sitz in San Juan übernommen. Weiterhin schloss der FDIC die CF Bancorp mit Sitz in Port Huron, Michigan, die Champion Bank, Creve Coeur, Missouri, die BC National Banks, Butler, Missouri, und die Frontier Bank mit Sitz in Everett, Washington. Insgesamt kam es damit seit Anfang des Jahres schon zu 64 Bankenpleiten.
Reposted fromFreeminder23 Freeminder23

May 05 2010

STIGLITZ: Can the Euro be Saved?

It is not too late for the EU to implement the institutional reforms needed to make the euro work, and thus live up to the ideals, based on solidarity, that underlay the common currency's creation. But if Europe cannot do so, then perhaps it is better to admit failure and move on than to extract a high price in unemployment and human suffering in the name of a flawed economic model.

---------------------------------------------------

[...]

Moreover, Europe has no way of helping those countries facing severe problems. Consider Spain, which has an unemployment rate of 20% – and more than 40% among young people. It had a fiscal surplus before the crisis; after the crisis, its deficit increased to more than 11% of GDP. But, under European Union rules, Spain must now cut its spending, which will likely exacerbate unemployment. As its economy slows, the improvement in its fiscal position may be minimal.

Some hoped that the Greek tragedy would convince policymakers that the euro cannot succeed without greater cooperation (including fiscal assistance). But Germany (and its Constitutional Court), partly following popular opinion, has opposed giving Greece the help that it needs.

To many, both in and outside of Greece, this stance was peculiar: billions had been spent saving big banks, but evidently saving a country of eleven million people was taboo! It was not even clear that the help Greece needed should be labeled a bailout: while the funds given to financial institutions like AIG were unlikely to be recouped, a loan to Greece at a reasonable interest rate would likely be repaid. [...]


[...] Germany (like China) views its high savings and export prowess as virtues, not vices. But John Maynard Keynes pointed out that surpluses lead to weak global aggregate demand – countries running surpluses exert a “negative externality” on their trading partners. Indeed, Keynes believed that it was surplus countries, far more than deficit countries, that posed a threat to global prosperity; he went so far as to recommend a tax on surplus countries. [...]

There is a second solution: the exit of Germany from the eurozone or the division of the eurozone into two sub-regions. The euro was an interesting experiment, but, like the almost-forgotten exchange-rate mechanism (ERM) that preceded it and fell apart when speculators attacked the British pound in 1992, it lacks the institutional support required to make it work. [...]

April 19 2010

Paul Krugman: Looters in Loafers

What role did fraud play in the financial crisis?:

Looters in Loafers, by Paul Krugman , Commentary, NY Times: Last October, I saw a cartoon by Mike Peters in which a teacher asks a student to create a sentence that uses the verb “sacks,” as in looting and pillaging. The student replies, “Goldman Sachs.”
Sure enough, last week the Securities and Exchange Commission accused the Gucci-loafer guys at Goldman of engaging in what amounts to white-collar looting. ...
Most discussion of the role of fraud in the crisis has focused on two forms of deception: predatory lending and misrepresentation of risks. Clearly, some borrowers were lured into taking out complex, expensive loans they didn’t understand — a process facilitated by Bush-era federal regulators... And ... subprime lenders ... sold off the loans to investors, in some cases surely knowing that the potential for future losses was greater than the people buying those loans (or securities backed by the loans) realized.
What we’re now seeing are accusations of a third form of fraud..., the S.E.C. is charging that Goldman created and marketed securities that were deliberately designed to fail, so that an important client could make money off that failure. That’s what I would call looting. And Goldman isn’t the only financial firm accused of doing this. ...
So what role did fraud play in the financial crisis? Neither predatory lending nor the selling of mortgages on false pretenses caused the crisis. But they surely made it worse, both by helping to inflate the housing bubble and by creating ... assets guaranteed to turn into toxic waste once the bubble burst.
As for the alleged creation of investments designed to fail, these may have magnified losses at ... banks..., deepening the banking crisis that turned ... into an economy-wide catastrophe.
The obvious question is whether financial reform of the kind now being contemplated would have prevented some or all of the fraud that now seems to have flourished over the past decade. And the answer is yes.
For one thing, an independent consumer protection bureau could have helped limit predatory lending. Another provision in the proposed Senate bill, requiring that lenders retain 5 percent of the value of loans they make, would have limited the practice of making bad loans and quickly selling them off to unwary investors.
It’s less clear whether proposals for derivatives reform — which mainly involve requiring that financial instruments like credit default swaps be traded openly and transparently, like ordinary stocks and bonds — would have prevented the alleged abuses by Goldman (although they probably would have prevented the insurer A.I.G. from running wild and requiring a federal bailout). What we can say is that the final draft of financial reform had better include language that would prevent this kind of looting — in particular, it should block the creation of “synthetic C.D.O.’s,” cocktails of credit default swaps that let investors take big bets on assets without actually owning them.
The main moral you should draw from the charges against Goldman, though, doesn’t involve the fine print of reform; it involves the urgent need to change Wall Street. Listening to financial-industry lobbyists and the Republican politicians who have been huddling with them, you’d think that everything will be fine as long as the federal government promises not to do any more bailouts. But that’s totally wrong — and not just because no such promise would be credible.
For the fact is that much of the financial industry has become a racket — a game in which a handful of people are lavishly paid to mislead and exploit consumers and investors. And if we don’t lower the boom on these practices, the racket will just go on.
Reposted from02myEcon-01 02myEcon-01

March 30 2010

Politik unter Kontrolle - Wie Banken die Demokratie ausschalten 1-5

Text zum Video / yt sidebar

24.03.10, "Gier und Größenwahn - Wie die Banken die Politiker über den Tisch zogen". Diese Dokumentation kann man für das Verständnis der Machtverhältnisse in Deutschland nicht hoch genug bewerten. Die Ereignisse im Jahre 2008 und 2009 sind erst ein Jahr später in der Gesamtbetrachtung zu erfassen. Die Personalverminderung in den Kontrollbehörden, welche Banken- und Wirtschaftstätigkeit erfassen und überprüfen sollten, scheint für die Handlungsfreiheiten privilegierter natürlicher und juristischer Personen von höchster Wichtigkeit. Zum Vergleich muss man sich die Kontrollmöglichkeiten, durch die Zusammenlegung von Arbeitsagenturen und Sozilämtern gegenüber der normalen Bevölkerung vor Augen halten. Hinterfragen Sie die herrschende Lehre aus dem Politikunterricht. Die Strukturen der politischen Entscheidungsfindung sind eine Fassade der Demokratie. Demokratische [...] (s. Einigung der Parteispitzen über Grundgesetzänderung am 24.03.2010 - Landtagswahlkampf in NRW absurd )
Reposted byyumekeliaspolitikreturn13romanofskireturn13potatoereturn13bassshuttle

March 22 2010

February 12 2010

02mydafsoup-01

Steueraffäre: Interview mit Jean


Ziegler Schweizer Schizophrenie

 

2010-02-09 T08:10:00 CEST+0100

  1. Sie lesen jetzt Schweizer Schizophrenie
  2. Wie die Schweiz künftig funktioniert
Interview: Hans von der Hagen

Wenn das Bankgeheimnis als Menschenrecht gilt: Der streitbare Schweizer Politiker und Autor Jean Ziegler über den Zorn der Bürger auf die Deutschen - und die "Geldsäcke aus Zürich".

Jean ziegler, reuters, ap

Jean Ziegler: "Die ganze Schweiz übt sich in Loyalität im Verhältnis zu den Banken. Das ist ein Feudalverhalten. Es ist der Finanzindustrie gelungen, aus privaten Steuerbetrugsfällen einen interstaatlichen Konflikt zu machen." Foto: Reuters, AP

Jean Ziegler hat sich als Politiker, Wissenschaftler und Buchautor in der Schweiz viele Feinde geschaffen. Zwei Bücher, eines über Geldwäsche ("D

Steueraffäre: Interview mit Jean Ziegler - Schweizer Schizophrenie - Wirtschaft - sueddeutsche.de
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