The possibility and speed recovery of Gaza depends on the date of ending of the military operation and subsequent growth performance – both remain unknown.
(…)
However, if the 2007–2022 growth trend persists with an average growth rate of 0.4 per cent, it will take Gaza 70 years just to restore the GDP levels of 2022, with GDP per capita continuously and precipitously declining given the population growth rate.
New York. Die links-gerichteten Präsident:innen aus Lateinamerika haben bei der 78. Vollversammlung der Vereinten Nationen grundlegende Veränderungen der globalen wirtschaftlichen und politischen Ordnung gefordert. Sie übten scharfe Kritik am internationalen Finanzsystem und am Krieg in der Ukraine, die in ihren Augen den Kampf gegen Armut, Ungleichheit und Klimawandel verhindern.
According to a quarterly report by the Bank on its asset purchase facility – the vehicle it uses to hoover up UK debt on financial markets – losses from bond purchases are poised to balloon by the early 2030s.
After the 2008 financial crisis, the Bank of England started purchasing UK government and corporate debt from financial institutions in an effort to stimulate the economy by pushing down yields.
(25.07.2023)
Try unlimited access
Only 1 € for 4 weeks
– Then 65 € per month
(today)
This will push interest rates to their highest since early 2008 and further hikes are expected this year.
If the rise goes ahead on Thursday, 3 August, it will be the 14th successive rise to the base rate and will pile more pressure on borrowers.
(today)
Zu diesem Zinssatz können sich Geschäftsbanken Geld bei der EZB leihen. Am sogenannten Hauptrefinanzierungssatz orientieren sich Banken bei der Kreditvergabe, etwa für private Baukredite.
Der sogenannte Einlagensatz, den Banken für das „Parken“ von Geldern bei der EZB erhalten, steigt somit von 3,50 auf 3,75 Prozent.
(26.07.2023)
The quarter percentage-point hike, a unanimous decision, boosted the target range for the Fed’s benchmark federal funds rate to 5.25% to 5.5%, the highest level in 22 years.
(25.05.2023)
(…)
I suspect the Bank to deny this, but they have already admitted their models of inflation based on their own understandings of the issue do not work, so little weight should be given to that.
Instead it‘s time to cut rates and remove the only excuse businesses have to increase prices because interest rates are the only cost expected to remain high, and excessively so, from now into the future.
(11 May 2023)
The Bank of England has raised interest rates by a quarter of a point to 4.5% as it forecast inflation would stay higher for longer than previously expected and the economy would perform more strongly.
The reckless, messianic fanatics who run our lives aren’t pausing for a moment, pouncing on the public coffers like a pack of hungry hyenas, emptying them for many years to come ■ With the budget deadline looming next week, pressure is mounting on the architects of the judicial coup
Mit einem erneuten Zinssprung um 0,25 Prozentpunkte liegt dieser nun in der Spanne von 5,0 bis 5,25 Prozent, wie die Federal Reserve am Mittwoch mitteilte. Das ist der höchste Wert seit 2007 – also vor Beginn der weltweiten Finanzkrise.
Damit hat der jüngste Bankenkollaps in den USA – der Zusammenbruch der First Republic Bank – die Fed nicht davon abgehalten, weiter leicht an der Zinsschraube zu drehen.
Ultimately the problem stems from an over-financialized economy. Finance is supposed to serve production, not replace it. We need to reinvest in the productive base: infrastructure, labor, health, social, and natural capital. #Kennedy24
2024 presidential candidate Robert F. Kennedy Jr. joined ‘Cavuto Live’ to discuss his forthcoming campaign, detailing his major political points on challenging President Biden.
It is not the first time for Russia to top China‘s oil supplier list. In 2022, Russia shipped the most crude oil to China on a monthly basis in May and November. In terms of the whole year of 2022, Russia exported a total of 86.25 million tons of oil to China, ranking second after Saudi Arabia‘s 87.49 million tons, according to customs data.
Russia is also China‘s main source of natural gas and coal imports, and the „ballast stone“ role of energy in bilateral trade has been further highlighted, Chinese newspaper the Economic Daily reported on Monday, citing Chinese Ambassador to Russia Zhang Hanhui.
The Chinese currency, the yuan, has become a major player in Russia’s foreign trade, according to data from the country’s central bank. The share of renminbi in Russia’s import settlements jumped to 23% by the end of last year from only 4% in January 2022. The yuan’s share in export settlements also surged from 0.5% to 16%. At the same time, the two countries have been slashing the share of the US dollar and euro in their bilateral trade.
(5. März 2012)
Die „Übernacht-Einlagen“, die „Angstkasse“, oder besser: das Gelddepot des weltweiten Finanzkartells bei ihrer persönlichen Gelddruckerei, der Frankfurter Zentralbank des Euro-Systems, ist innerhalb von drei Tagen um weitere 43 Milliarden Euro auf über 820 Milliarden Euro explodiert. Die kapitalistische Informationsindustrie, ebenso wie die in zwei Jahrzehnten des Krieges und der weltweiten Expansion des unkontrollierten Interbankensystems („Globalisierung“) versauten „öffentlich-rechtlichen“ Medien erzählen dazu nur Dreck daher oder schweigen völlig.
Die Banken „misstrauen“ sich nicht. Die Banken weigern sich schlicht Geld in den Wirtschaftskreislauf auszugeben und stapeln ihre erfundenen Taler einfach wieder auf den Berg in der Zentralbank, während hier alle in der Währungszone nach Liquidität jabsen und am Besten gleich den ganzen Staat verkaufen sollen.
Dieser ganze finanzextremistische Wahnsinn, für den die europäischen Demokratien, Staaten und Völker nach dem Willen der Kapitalisten bluten sollen und es teilweise bereits tun, wird nun in gewohnt maximalem Zynismus durch genau die Profiteure dieses „pro-europäischen“ Finanz- und Währungssystems benutzt, um durch irrationale Zerstörungswut an den Volkswirtschaften des Kontinents auch noch irrationale Ängste vor etwas zu schüren, vor dem man sich zu allerletzt Sorgen machen kann: das irgendetwas von diesem Geld jemals in den Wirtschaftskreislauf gelangen könnte und dann zuviel davon.
The United States and the European Union could launch talks on critical materials trade when U.S. President Joe Biden welcomes European Commission President Ursula von der Leyen in the White House on Friday.
With the acceleration of inflation in the post-pandemic recovery, the debate seemed to be limited to whether the inflationary spike would be short-lived or persistent and become imbedded into inflationary expectations. While some Keynesian authors like Paul Krugman initially believed that inflation was caused by cost-push factors including by the sharp rises in energy and foodstuff prices as a result of the Ukraine war, and that it would quickly subside, the debate shifted rapidly and a new consensus according to which inflation was, in part the result of over stimulation of demand during the pandemic coupled with supply side shocks that lowered the potential level of output which provides the main theoretical justification for raising interest rates. Thus, even when most authors accept the notion that snags in the supply chain played a role in the acceleration of inflation, the main cause is to be seen on the excess demand side with the economy beyond its potential output level.
The challenge to conventional wisdom, and its emphasis on demand, has come from left
of center authors, like Robert Reich, that suggest inflation is caused by greedy corporations that have increased their profit margins during a crisis. This has brought back the old debate about the relationship between administered prices and inflation, and the proposition that inflation is directly related to highly concentrated market structures, or what might be termed oligopolistic inflation.
In other words, there is an ideological divide between those that blame inflation in an incompetent government and central bank reaction to the pandemic versus those that suggest that the real culprits are greedy corporations rising their mark up above their costs.
While the rest of America was gearing up for the Super Bowl Sunday, the Bureau of Labor Statistics revised Q4 inflation numbers higher on Friday.
This is actually huge news.
Preprogrammed algos bought billions in stock off of November and December CPI off of faulty assumptions about inflation going away easily, which sparked the huge rally.
The inflation revisions are a double whammy.
Over the past year, an alphabet soup of otherwise wonky economic statistics have become household names as American families suffered through the worst inflation in 40 years: CPI (Consumer Price Index), PPI (Producer Price Index), PCE (Personal Consumption Expenditures and ECI (Employment Cost Index).
Tuesday‘s CPI reading will come as investors recalibrate expectations for high interest rates will go this year after Fed Chair Jerome Powell implied in a speech last week that the battle against inflation was in its early stages. For much of the year, many were betting the U.S. central bank would pause its interest rate hiking campaign this year.
He said: “It‘s like the ghost of Trichet has come back and taken over.”
Recession fears driven by soaring gas prices and looming blackouts pushed the euro to a 20-year low of $0.9536 against the dollar in September.
During a visit to the Philippines, U.S. Vice President Kamala Harris will demonstrate America‘s commitment to defending its treaties by flying to an island province facing the disputed South China Sea.
This week, Harris met with President Ferdinand Marcos Jr. for talks aimed at reinforcing Washington‘s oldest treaty alliance in Asia and strengthening economic ties.
(11.11.2022)
But as of now, for weeks 51 and 52, carriers have scheduled no blank sailings on the Asia-North America West Coast route, which Murphy says is a reflection of the carriers‘ indecision as to how to approach the potential pre-Chinese New Year rush.
„It appears more to be a wait-and-see approach, in terms of whether there will be a seasonal demand spike,“ he added.
With the economic and social costs mounting from conflicting policy directives, Beijing needs to set explicit criteria for reopening based on vaccination coverage and the availability of intensive care units for treating an inevitable exit wave of cases, according to Yu Jie, a senior research fellow at Chatham House, a UK think-tank.
Ultimately, such conditions must be set, she said, “because it is no longer just a public health question, it is an economic question”.
Der aktuelle Chef des Stiftungsrates der Münchner Sicherheitskonferenz, Wolfgang Ischinger, hat in einem Interview mit dem Springer-Blatt BILD die Bundesregierung aufgefordert, alles in die Wege zu leiten, um Deutschland in eine „Kriegswirtschaft“ zu führen. Die Bundesrepublik stände erst „erst am Anfang der Zeitenwende“, so der langjährige deutsche Spitzendiplomat und Botschafter in den USA. Die vom ihm nun platzierte Forderung ist mehr als nur ein indirektes Eingeständnis, dass, zumindest nach seinem Verständnis, die Bundesrepublik sich bereits im Krieg mit Russland befindet.
(14.09.2022)
Haben Sie mehr Geld in der Tasche, weil die Leitzinsen sinken oder die Geldmenge steigt? Nein, natürlich nicht.
Relevant ist die Verständigung Europas auf eine China-Linie auch deshalb, weil im Dezember in Brüssel der Asien-Europa-Gipfel ASEM stattfinden soll. Dann wird auch eine chinesische Delegation erwartet.
(…)
(14.09.2022)
Während die Chicago Boys Milton Friedmans neoliberale Lehren in Pinochets Chile umsetzten, wurden Friedmans geldpolitische Lehren also zeitgleich ausgerechnet in der Bundesrepublik Deutschland erstmalig eingeführt. Bis heute gilt die Bundesbank als „Hort“ der Monetaristen und es gibt wohl kein Land, in dem die ökonomischen Fakultäten der Universitäten so sehr in der Hand der Monetaristen sind, wie Deutschland. Wen wundert es also, dass auch sehr viele Finanzjournalisten, die an eben jenen Universitäten studiert haben, monetaristische Positionen vertreten?
(22.08.2022)
The current inflation situation hasn’t been about all goods in the economy getting more expensive at the same rate. Specific goods – food, fuel, cars and housing – have been experiencing massive price shocks, raising the general inflation level substantially. Controlling these changes would require aggregate demand to shrink to unbearable levels for average Americans – essentially making people too poor to buy goods, and thus alleviating bottlenecks. Rate hikes are not only ill suited to bring down these essential prices but risk a recession throwing millions out of work.
(05.10.2022)
Raising interest rates to tame demand — and therefore inflation — is not the right solution, as high prices have been driven mainly by supply chain shocks, one analyst said.
Global manufacturers and suppliers have been unable to produce and deliver goods to consumers efficiently during Covid lockdowns. And more recently, sanctions imposed on Russia have also curtailed supply, mainly of commodities.
If the idea of withdrawing from the JCPOA was always bad, it is even more detrimental now considering the political shifts in Tehran. The moderate administration of Hassan Rouhani which sought better relations with the West has been wholly discredited by Trump’s aggressive policies. The hardliners who now dominate the whole political landscape in Iran have always been skeptical of the JCPOA.
Moreover, an influential faction within the hardline camp sees the JCPOA as irrelevant at best and constraining Iran’s security options at worst. According to this line of thinking, Iran has already weathered the storm of the U.S. sanctions. Following on from that, what Iran needs now is not to get sanctions lifted, but rather to further immunize Iran from them by seeking closer ties with Russia and China. Iran notably has become a full-fledged member of the Shanghai Security Organization.
The unnamed member of the parliamentary Conservative party told Bloomberg political editor Kitty Donaldson that they had handed in their letter to the 1922 committee on Sunday night.
While Tory MPs say letters have been going in for more than a week, this may be the first report of an MP personally admitting they have sent one themself.
Current rules give Liz Truss until next September before she can be ousted – but these could be changed by MPs.
– Prime Minister Liz Truss and Chancellor Kwasi Kwarteng backtracked amid threat of losing Commons vote
Um die Inflation zu bekämpfen, erhöht die Nationalbank den Leitzins und beendet damit die Zeit der Negativzinsen
The ECB, for its part, is due to take its key interest rates significantly higher.
The Bank of England decided to lift interest rates by a half-point to the highest level since 2008 in a contested decision, as the U.K. central bank joins peers across the globe in trying to bring inflation down by quelling demand.
The vote was 5-to-4 to bring rates to 2.25%, with three members calling for a 75-basis-point hike while one voted for a quarter-point increase. It was the seventh consecutive rate hike for the U.K. central bank.
Collectively, Americans have nearly $900 billion dollars in credit card debt, and if you carry a balance, your bill is about to get more expensive, as the Federal Reserve raised its key interest rate for the fifth time this year. Currently, the average interest rate on a new credit card offer is more than 21%, according to LendingTree’s Matt Schulz. “You can expect that average to go up to over 22% in the next couple of months because banks don’t tend to waste a lot of time on raising rates when the Fed does,” Schulz said.
Das Hauptproblem: Die hohen Zinssätze treiben den US-Dollar in die Höhe – zum Nachteil anderer Länder. Denn nicht nur Importe werden teurer, sondern auch die Bedienung von Krediten. Die straffe Geldpolitik der US-Notenbank bekommen daher vor allem einkommensschwächere Länder zu spüren, die sich während der Pandemie hoch verschuldet und ihre Kredite in US-Dollar aufgenommen haben – selbst aber keine Dollars verdienen.
Es ist nicht einfach, die Zusammenhänge rund um Leitzinsen, Geldmenge und Inflation so zu erklären, dass sie auch für Nicht-Ökonomen verständlich sind. Da ein Fachartikel, den nur einige wenige Leser verstehen, gegen das Selbstverständnis der NachDenkSeiten spricht, von möglichst vielen Lesern verstanden zu werden, hole ich in diesem Artikel etwas weiter aus und versuche mein Bestes, allgemeinverständlich zu argumentieren. Haben Sie also bitte Verständnis dafür, dass ich nicht alle Randaspekte beleuchte und Fachbegriffe vereinfacht benutze.
(…)
Haben Sie mehr Geld in der Tasche, weil die Leitzinsen sinken oder die Geldmenge steigt? Nein, natürlich nicht. Zumindest nicht zwangsläufig. Es ist ja nicht so, dass die Zentralbanken „Geld drucken“, wie es die Monetaristen gerne ausdrücken. Geld wird geschöpft, wenn der Staat, die Unternehmen oder der Privatsektor Kredite aufnehmen.
“What supply chains thrive on is predictability,” said Simon Geale, executive vice president of procurement at Proxima, in an interview with CNBC. “And the only thing we can say about China at the moment is that for many businesses, they’re looking at China as being predictably unpredictable.”
Meanwhile, the Chinese Yuan has already become a de facto reserve currency in Russia. Russian leadership turned to China after facing sanctions from the West due to its invasion of Ukraine earlier this year. Now, 17% of Russia’s foreign reserves are denominated in yuan. The yuan is also the third most demanded currency on The Moscow Exchange.
As these partnerships become stronger, the yuan’s status as a reserve currency could be further entrenched.