James Meadway , Jan 6, 2023. BlackRock thinks inflation will come down only if central banks ‘crush’ economies into a severe recession
The world’s largest asset manager has forecast systemic economic chaos. The reality is even worse
by Philip S Golub
a slow shift towards a tripolar world monetary system no longer exclusively centred in the West
Despite worries over the end of the Chinese economic miracle and harder times because of the aftershocks of the 2008 financial crisis, global rebalancing is happening — and quickly. The International Monetary Fund's executive board announced on 30 November that the Chinese currency, the renminbi (RMB) or yuan, would soon be included in the basket of currencies that make up its Special Drawing Rights (SDR), beside the US dollar, the euro, the British pound and the yen. The decision recognised (...)
About: "The Forum for Stable Currencies was co-founded by Lord Sudeley and Sabine K McNeill. It was the result of Lord Sudeley trying to get justice for two incidents in his family of unique notoriety: Lloyd’s bank had made his great-grandfather bankrupt
The single day record for gross-value settlement, set on 19 Mar 2008, stands at US$ 10.3 trillion, for 1,113,464 payment instructions. A key feature of CLS is the settlement of gross-value instructions with multi-lateral net funding. On average, CLS netti
"Den lokalt skapade valutan stannar i den lokala ekonomin . Där finns den alltid tillgänglig. Vanliga pengar däremot, som sätts in på bank, återinvesteras mycket sällan i det område de kommer från."
Början av december, 2010. "På EU:s toppmöte den 28 oktober uppges Tysklands förbundskansler Angela Merkel ha flaggat för att Tyskland har börjat fundera på att överge EMU. ”Om det här är den klubb som euron verkar utvecklas till kanske Tyskland borde dra
July 21, 2011: "An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided m
Pimco Gross Investment Outlook January "2012 Paranormal This process of delevering has consistently been a part of PIMCO’s secular thesis but “implosion” and “bimodal fat tailed” outcomes are New Age and very “2012ish.” Perhaps the first observation to be made is that most developed economies have not, in fact, delevered since 2008. Certain portions of them – yes: U.S. and Euroland households; southern peripheral Euroland countries. But credit as a whole remains resilient or at least static because of a multitude of quantitative easings (QEs) in the U.S., U.K., and Japan. Now it seems a gigantic tidal wave of QE is being generated in Euroland, thinly disguised as an LTRO (three-year long term refinancing operation) which in effect can and will be used by banks to support sovereign bond issuance. Amazingly, Italian banks are now issuing state guaranteed paper to obtain funds from the European Central Bank (ECB) and then reinvesting the proceeds into Italian bonds, which is QE by any definition and near Ponzi by another."
Enl. Wyplosz fokuserar EU-ledrana i alltför hög grad på att gardera sig mot moral hazard ( moralisk risk: utsikten att en part som är isolerad från risk kan bete sig annorlunda än hur den skulle bete sig om parten var fullt utsatt för risk) gm att förstärka stabilitets- och tillväxtpakten. Nationalekonomerna har inte kunnat enas om en diagnos på krisen. Stabiltetapakt och/eller nytt EU-fördrag räcker inte för att lösa problemet. EU-ländernas sammanlagda skuld uppgår till 9000 miljarder euro. Stabilitetsfonden skulle kunna hosta upp 200 mrd, IMF ytterligare 200 mrd. Enast ECB kan kapitalisera bankerna. Alternativ till ett nytt EU-fördrag: "budgetdisciplinärt råd" och ECB:s regler för säkerheter (collaterals): "The proposal is for some European authority (the Commission? Or some other body?) to take over fiscal policy in a country that runs afoul of the Stability and Growth Pact. The idea that a country loses fiscal policy sovereignty is inspired by IMF programmes. " "The ECB has the authority to decide what collateral it accepts and it could decide to only accept treasury bonds issued by governments that exercise fiscal discipline. "