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to the West, taking with them the promise of their talent. Breaking out of the vicious cycle It is, of course, everyone’s right to choose a better life, wherever in the world they wish. We understand why they go. Talent is drawn – like a magnet – to opportunity. For the countries left behind, however, it feels like an endless vicious cycle: they need talent to create opportunity; but without opportunity, talent gravitates to the bright lights of the West. Indeed, the United Nations and t ... Eintrag gefunden am: 2020-01-01 18:19:50.217502
ring) is expected to provide the necessary discipline against the risk of mismanagement and abuses. The state provide savers with a relatively safe default option, for workers who wish to minimize risk. In summary, the current Swiss system suffers from the adoption of hybrid principles within each of the two pillars. These creates in the public opinion the false impression that a certain pension level can be guaranteed irrespective of external circumstances. This expectation must then be Fabrizio Zilibotti | ... Eintrag gefunden am: 2020-01-01 16:58:42.282772
oring sustainable growth. Moreover, it is also time to recognize that its undesirable side effects will not be adequately mitigated by macro prudential polices. Governments do not wish to recognize these unpleasant realities, because to do so implies the need for them to make some hard political decisions. Unfortunately, wishful thinking is no adequate substitute for the policy actions now required. Read also: Bill White | ... Eintrag gefunden am: 2020-01-01 16:53:37.565811
, scheint ins Lager der Pessimisten gewechselt zu haben. Er schreibt in einem neuen Beitrag : The demise of the euro would be a major crisis, no doubt about it. We shouldn’t wish for it. But if a crisis is inevitable then it is best to get on with it, while centrists and Europhiles are still in charge. Whichever way we jump, we have to do so democratically, and there is no sense in waiting forever. If the euro is eventually abandoned, my prediction is that historians 50 years from Kevin OR | ... Eintrag gefunden am: 2020-01-01 16:22:41.925113
rates down, in order to keep the debt service down. There are many reasons to believe that the fallback position will be more of the same. How can central banks free themselves? I wish that five years ago, if not longer, the central banks had said in a collective way to their governments: «You’re asking us to do something that we can’t do.» Essentially, there is an insolvency problem, an excessive debt problem. Central banks can’t handle that other than by stoking up enough inflation to William White | Ben Bernanke | Thomas Sargent | Neil Wallace | Robert Mugabe | ... Eintrag gefunden am: 2020-01-01 16:13:42.742047
between parents and children is the trade-off between working hard for school and for one’s career versus having fun with friends and other immediate enjoyments. Few parents wish that their kids blew off homework more often in exchange for some instant pleasure. Rather, many parents push their children towards harder work. The return to pushing children hard consists of the increased likelihood that they will succeed in education and do well later in life. How important this is to Fabrizio Zilibotti | Matthias Doepke | Amy Chua | ... Eintrag gefunden am: 2020-01-01 15:57:44.19721
mpaign, Macron has taken note of all these reports and adopted their bravest recommendations. The diagnosis and the medicine are correct, even if one may quibble here and there or wish for larger doses. Of course, there is a good reason why previous presidents missed their chances of doing the right thing. France is an intensely ideological country with pervasive marxist influence and a strong preference for centralization, the result of the historical postwar agreement between De Gaulle Charles Wyplosz | Emmanuel Macron | German Chancellor | ... Eintrag gefunden am: 2020-01-01 15:22:49.514659
as the only practical way to protect East Asian countries from nuclear blackmail or attack. Likewise, the vast majority of European countries – from Finland to Portugal – have no wish to reside in the shadow of Russian nuclear warheads with nothing to protect them. By effectively banning deterrence, the draft treaty could make the world even less safe than it already is. Of course, proponents of the treaty argue that it would build up public support for a nuclear-weapons ban over time, Carl Bildt | ... Eintrag gefunden am: 2020-01-01 15:05:20.533612
olish to repeat the earlier mistakes of making countries adopt the euro which are not ready for it. It would be even more foolish to force countries to adopt the euro which do not wish to do so. This would further weaken the European Union. Sogar die Minderheit der Ökonomen, die eine Ausweitung des Euro anstrebt, weiss um die Schwächen der Währungsunion. Dissens gibt es eigentlich nur bei der Einschätzung der zukünftigen Entwicklung. Während die Skeptiker da Hagen Universitaumlt | Fabrizio Coricelli | ... Eintrag gefunden am: 2020-01-01 13:45:04.964259
on, who during the 1980s served as a foreign policy advisor to Senator Alan J. Dixon of Illinois. Don’t bet on an impeachment What about impeachment? «As much as many people would wish for that, I think it’s very unlikely», Hanson warned. «Impeachment is a political process; the Republican Party would have to act on it – and I don’t see that happening.» According to Hanson, the Republican Party has made a «deal with the devil» to get things done they care about deeply: Tax and heal Brian Hanson | Donald Trump | York Times | Reagan Administration | Michail Gorbachev | Stephen Bannon | Jared Kushner | John Kelly | James Mattis | Kim Jong | Rex Tillerson | Angela Merkel | Emmanuel Macron | ... Eintrag gefunden am: 2020-01-01 13:04:27.228726
te. The Out lobby therefore enjoyed a virtual monopoly of public attention. This situation may briefly persist, even though the EU deal has now been agreed, because Cameron has no wish to antagonize his party’s implacable euroskeptics until it is absolutely necessary; but as the referendum approaches, this political imbalance will abruptly reverse. One reason is Cameron’s decision to release his ministers from party discipline during the referendum campaign. Initially viewed as a sign of David Cameron | Boris Johnson | Michael Gove | Rupert Murdoch | ... Eintrag gefunden am: 2020-01-01 12:14:54.91825
that Greece (and Portugal, and other countries) have enacted deep reforms that make them able to sustain much higher debts, presumably through faster economic growth. One can only wish that this is the case, but this is not what the financial markets seem to believe either. So this leaves us with yet another, worrisome story. In 2010, the markets panicked, as they occasionally do. The Greek government was bankrupt, they said. The euro will blow up, some argued. Now they think that the si Charles Wyplosz | ... Eintrag gefunden am: 2020-01-01 11:49:03.764278
ontinues to display a quixotic tendency to tilt at deflation windmills, with rock-bottom interest rates and purchases of massive amounts of government debt. Central bankers surely wish for a dynamic global economy. But that is not something they can influence much. Rather than discussing unrelated issues, they should be focused on explaining why their goalposts have shifted so much – and whether it is time to start moving them back. Copyright: Project Syndicate. Daniel Gros | Jackson Hole | ... Eintrag gefunden am: 2020-01-01 11:35:30.687625
, or Italy and Germany, we will see the markets react negatively, and the crisis will be back with full force. Is there no chance that the officials understand this message now? I wish there was, but Cyprus is another reminder that officials are still in denial. What the commission said last week − we are flexible, we are giving France and other countries more time to bring their budgets into balance − will not be enough to get economic growth. The ECB still has not moved, there is not e Barry Eichengreen | Philippe Béguelin | Mario Draghi | ... Eintrag gefunden am: 2020-01-01 10:58:30.430013
a huge potential loss. (The actual impact will also depend on what happens to equity prices in the coming years.) The CEA report provides a useful primer on the issues and data. I wish they weighed in more frequently on finance-related issues, rather than deferring to the US Treasury. Or they could just listen to Senator Elizabeth Warren as she speaks out repeatedly on a broad range of financial-reform issues. (Warren joined Obama in unveiling the proposal to protect retirement savers.) Simon Johnson | Dennis Kelleher | Elizabeth Warren | ... Eintrag gefunden am: 2020-01-01 10:56:55.447606
have slow growth, no inflation, low interest rates and easy monetary policy as far as the eye can see. Are we living in the best of all worlds for investors? James Montier: How I wish that that were true. The problem with the policy of raising asset prices is that you borrow returns from the future. You can think of it as the front loading of return. So what you’re really doing is pushing down future returns. So it doesn’t really help anybody a great deal in the longer term. Of course, James Montier | David Iben | Stefan Rehder | Felix Zulauf | Mario Draghis | Mona Lisa | ... Eintrag gefunden am: 2020-01-01 09:00:43.765746
m of Big Brother being able to trace almost all transactions. A column by Victoria Curzon Price. Victoria Curzon Price Drucken «If paper cash is abolished by law, people who wish to hide transactions will find alternatives, as they always have.» There are more and more signs that government and business leaders would like to see an end to cash. For example, Giovanni Kessler, head of the EU’s Anti-Fraud Office, has called for the abolition of the €500 note; Laurence Summers, f Victoria Curzon | Giovanni Kessler | Laurence Summers | Even Janet | Janet Yellen | Friedrich Schneider | ... Eintrag gefunden am: 2020-01-01 08:46:17.027991
dent, continues its strategy and the success story continues. But it does not look that Sika remains independent … We have no problem with the family wanting to exit if they wish to monetize their stake. We have clearly and publicly said to Mr Burkhard that we would be very happy having a dialogue to facilitate that. There are other options that would not cause the kind of harm to the business that we see the current deal creating. As seen at Sika’s general meetings, public shareh ... Eintrag gefunden am: 2020-01-01 07:21:13.508709
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