PS/Nebenbei: Du bist mit Wolfgang Münchau einer Meinung

Gaby , Dienstag, 03.12.2013, 14:02 (vor 4417 Tagen) @ Ashitaka

Moin,

noch als Nachtrag:

"The ECB, meanwhile, is close to exhausting its conventional monetary policies. It can fiddle around the edges with a funding-for-lending scheme, more long-term liquidity operations, or maybe another tiny rate cut. But this will hardly be enough to counter the deflationary pressure from the credit crunch, and the adjustment of prices and wages in the south with no offsetting adjustment in the north.

The eurozone would risk the scenario recently described by Lawrence Summers, former US Treasury secretary – a secular stagnation with permanently negative real interest rates. It is hard to imagine a decentralised monetary union such as the eurozone surviving in those circumstances. If Mr Summers is right, the eurozone is dead."

Aus der ft.com. Da aber dort eine Registrierung erforderlich ist, hier ein Alternativlink.

Daraus übrigens auch: "t is a lack of preparedness by the political class for what will hit it in the next four years. The big threat to Germany over the next four years is not demography but the unfolding eurozone debt crisis. No matter which crisis resolution scenario prevails, some promises made to the electorate are going to be broken.

Just take a sample of last week's news. The Organisation for Economic Co-operation and Development is forecasting that the Greek sovereign debt ratio will stabilise at 160 per cent of gross domestic product in 2020. The EU and the International Monetary Fund have been basing their entire bailout arithmetic on a target of 124 per cent. Over the next four years, some political promises will have to be broken. Greece will either default or exit the euro - or both. The EU's "pretend-and-extend" strategy of revolving loans at longer maturities and lower interest rates is approaching a natural limit."

Viele Grüße

Gaby

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