Modern Monetary Theorie – ein INTERVIEW mit Dirk Ehnts
Bundesregierung inkompetent (nur mit Juristen aber ohne Ökonomen besetzt?)
intelektuelles Versagen: “Politik hat nicht verstanden was da passiert”
Bachelor Studium estes Semester:
Q: Was macht ihr wenn die Ökonomie ein Nachfrageproblem hat und die Beschäftigung sinkt?
A: Staat muss die Ausgaben erhöhen oder Zentralbank muss Zinsen senken – oder beides.
(auch der offene Brief von Herr Ehnts an die “schwarze Null” aka Wolfgang Scheuble hat dabei nichts bewirkt)
“Politik hat in den Panikmodus geschaltet und nicht mehr auf den Sachverstand vertraut”
Es ist wie so oft, die Politik hört nicht auf die Wissenschaft – wie lange soll derartige Wahrheits-Ignoranz funktionieren? (hat keine Nachhaltigkeit das wird umso deutlicher, umso stärker der Wind bläst und bei der ersten Böe könnte der auf Schwachsinn gebaute Kahn schon kenntern)
ECB hat versucht den Euro zu retten
“Er hält seit 2016 jeden Sommer einen Kurs zur Modern Monetary Theory im Rahmen der Summer School der Universität Maastricht ab.
2019 organisierte er für die Pufendorf-Gesellschaft e. V. die 1. Europäische MMT-Konferenz.
Im Juli 2019 plädierte er für die Einführung eines europäischen Finanzministeriums (Euro Treasury) und eines Rechts auf Arbeit (Job Guarantee).
Ehnts hat zahlreiche Artikel in Fachzeitschriften veröffentlicht, dazu in Tageszeitungen wie taz, FAZ und NZZ und Blogs (u. a. Makroskop und Ökonomenstimme) und war als Sachverständiger beim Finanzausschuss des Bundestags zum Thema TARGET2 eingeladen.
Für Julia Herr (SJ/SPÖ) war Ehnts im Zuge der Europawahlen 2019 an der Ausarbeitung eines Green New Deal maßgeblich beteiligt.”
There are 35 projects to develop a vaccine against the corona virus. (which if it is changing at a flue like rate, will have to be re-made new every year/season – from blood of people that already survived the virus!).
THE FEAR: is that a flu like virus could come into existence that spreads as easy as flu (during winter times in northern (colder) hemispheres) but is as severe as HIV or other disease (Spanish Flu revival).
Neither the swine nor bird flue have proven to be that deadly.
The corona virus according to who data has a global (!) mortality rate of around 3%. (depending on medical care available in the country)
BUT: flu and HIV viruses for example are “dirty copy machines” meaning: when they infect someone they reprogram human body cells to reproduce themselves (parasite style).
when a biological virus successfully compromised a human cell – some viruses tend to make very bad copies from themselves with loads of errors in the genome. (imagine to receive a fax and then copy the fax, then copy the copy and so on… until the text can almost not be read anymore).
a lot of those bad copies won’t even work (wastage) – but some of them will work – while having a completely new surface – allowing them to slip through the immune virus scanner undetected.
so the reason why mankind has the flu every year – again – is because of those bad copy / fast mutation technique of flu virus.
that is also the reason that there is not a single vaccine against all flu viruses or a vaccine against HIV (also dirty copy machine).
Should the Chinese become vegetarian?
Hygiene wise this virus could also have started in India (it is probably there, but nobody is testing X-D and counting the numbers)
India has 90% vegetarians for religious reasons (hindu).
Chinese people that have risen out of poverty love to eat meat. So the meat consumption there is skyrocketed. Not good and highly unsustainable.
Hongkong approach to the corona virus: not complete halt of tourism and flights but: everyone that wants to enter Hongkong needs to stay in quarantine for 14 days.
If you have an important business trip. That is probably what it takes to get there.
The tourism industry is suffering heavy heavy losses, while oil get’s cheap as dirt (nobody needs it).
Of course this needs to be taken serious. Studied. Monitored but not panicked about.
But if governments do not have truthful intelligent studied people in this area – than any government is fucked and we are all governed by idiots.
The French minister of Health via Twitter:
⚠️ #COVIDー19 | La prise d'anti-inflammatoires (ibuprofène, cortisone, …) pourrait être un facteur d'aggravation de l’infection. En cas de fièvre, prenez du paracétamol. Si vous êtes déjà sous anti-inflammatoires ou en cas de doute, demandez conseil à votre médecin.
in English (auto translated): # COVIDー19/ taking anti-inflammatory drugs (ibuprofen, cortisone,… ) could be an aggravating factor for infection. In case of fever, take paracetamol.
If you are already taking anti-inflammatory medicines or if you are not sure, ask your doctor for advice.
in French (original): “#COVIDー19 | La prise d’anti-inflammatoires (ibuprofène, cortisone, …) pourrait être un facteur d’aggravation de l’infection. En cas de fièvre, prenez du paracétamol.
Si vous êtes déjà sous anti-inflammatoires ou en cas de doute, demandez conseil à votre médecin.”
in Spanish (auto translated): # COVIDー19 / tomar medicamentos antiinflamatorios (ibuprofeno, cortisona,…) podría ser un factor agravante para la infección. En caso de fiebre, tome paracetamol.
Si ya está tomando medicamentos antiinflamatorios o si no está seguro, consulte a su médico.
in German (auto translated): # COVIDー19/ Einnahme von entzündungshemmenden Medikamenten (Ibuprofen, Cortison,…) könnte ein Faktor für die Verschlimmerung der Infektion sein. Bei Fieber paracetamol einnehmen.
Wenn Sie bereits entzündungshemmende Medikamente einnehmen oder Zweifel haben, Fragen Sie Ihren Arzt um Rat.
“Li Wenliang, a 34-year-old ophthalmologist at Wuhan Central Hospital, became a national hero and symbol of the Chinese government’s systemic failings last month. Li had tried to warn his medical school classmates Dec. 30 (2019) about the existence of a contagious new virus that resembled the deadly severe acute respiratory syndrome (SARS).”
governments are largely advised by lobbyists that come from big billion USD and EUR companies that have not the public well being in mind but only the profit of their company, Trump style: “sealing the deal”
especially the pharma mafia has proven again and again to be willing to kill in order to make profit
possible solution: food and water and even energy people can produce themselves if the gov would give them the land and cheap loans
all other SYSTEMS AND PRODUCTS humans lifes depend on in order to survive (medicines) need to be produced by at least one governmental institution in order to avoid being “ransomed” by private companies
is someone sick, who has the virus but shows no symptoms?
as with any flue, he/she could be a danger for very old and already sick people, so yes, docs and elderly care staff should be tested and stay home until tests are negative, but anyone else: guess no need to stay home
The ‘false’ pandemic: Drug firms cashed in on scare over swine flu, claims Euro health chief
“The swine flu outbreak was a ‘false pandemic’ driven by drug companies that stood to make billions of pounds from a worldwide scare, a leading health expert has claimed.”
“Due to delays with processing of preprints by established online services (BioRxiV, MedRxiV), we have decided to publish selected contributions with relevance to SARS-CoV-2 / COVID-19 on our own website.”
Mother nature is stronger than the US-president and capitalism – or any human made system.
Mother nature can snip with her fingers.
And that was it for species mankind.
Mankind has been arrogant.
The question is: Can mankind learn fast enough from it’s past mistakes – to evolve – to something truly educated – truly developed in spirit mind awareness intelligence and so on – or will mankind never take the leap?
And just implode as capitalism does over and over again.
Everyone thought (again like 1929) the wall street tower of Babylon would grow beyond the sky.
But it does not.
All those highly studied and trained economics and analysts made us believe – this system – that produced massive amounts of traumatized people and raped landscapes – is somehow “just” and “working great” and bringing prosperity and freedom to everyone.
(well it did work for some people for a few years – and yes – China’s move from communist dictatorship to communist capitalist dictatorship has allowed many poor people to earn some money and buy a fridge or a motorbike or whatever they wanted)
In the end – those highly studied economists, analysts bankers and lawyers are just follower of a very very bad religion called capitalistic egoism.
The money religion with it’s devastating effects on the human spirit.
It turns caring people into assholes.
And guess how fucked up the world will look then?
Especially Mr Trump and many private bankers who thought they are god or godlike.
Now mother nature shows them their limits.
Capitalism proofs to be the poker card house that implodes like a over inflated balloon at the slightest crisis.
Crises are part of capitalism, they say.
But crises are just shit, as shitty as Windows 95 was.
If someone told you: “Windows 95” is the best opreating system in the world and there will be no other operating system.
Well… then mankind would be doomed. X-D
(productivity of mankind would be severely hindered… i could not type this long text without frequent reboots crashes and loss of all data X-D)
Capitalism crashes all the time – the question is not if – but when.
The state / Bundesbank may no longer print cash money, the ECB / La Garde has this right.
La Garde is a studied Lawyer that took an internship in the US, worked at the IMF (a largely US institution).
How much innovation can you expect from a lawyer?
Not a lot.
Also: Who’s orders is she following? Who does she report to? I do not trust her – neither did i trust her Italian predecessor.
Analysts gain, scream out to politics/the state to fix the problems of capitalism:
The state can “steer” capitalism and society via taxes.
Unfortunately the EU and the US states have failed to do so (because they are big company lobby controlled) as can be seen on the matter of Tax Justice (see Amazon Apple and co.)
Billions lost due to tax evasion (source: 2016 Statista / EU Commission)
France: € 10.08 Billion
United Kingdom/GB/UK: 8.52 billion €
Germany: 7.22 Billion €
Spain: 3.19 Billion €
Sweden: 2.71 billion € (IKEA!)
Netherlands: € 2.04 Billion
Belgium: € 2.01 Billion
Italy: 1.73 Billion €
Total: 37.50 billion € for these 8 countries per year!
Cash (ECB) printing money helped get private banks back on their feet in 2008 (many large companies like GM have also received government loans), but can it help this time?
The Bloomberg analysts say: no. This time the economy has to be stimulated by the tax(facilitation)side.
However, since the states are still working on the debt reduction of the last crisis, they can no longer hold forth as debtors of a FIAT (it will be light/it will be money) system.
It is as feared that modern Turbo capitalism is a (Poker)House of Cards.
Built more on Profit madness than on reason.
Some even predict in 1970 the end of the FIAT Euro and FIAT USD and that now a US-EU Bitcoin Blockchain currency “the Phoenix” could come.
(the amount of Bitcoins is not arbitrarily multipliable, but you can divide a Bitcoin trillions of times… X-D)
The DMark, by the way-was one of the first FIAT (covered by the central bank without Gold) issued currencies.
Nobody thought this would work for a long time.
But it did, because people worked hard for the paper money, even if it was just paper.
Not Gold but the value of labour – that was what gave value to paper FIAT money.
We all wish that good ideas can be implemented, but FIAT money rarely arrives in the real economy.
Seen in this way, the private banks have dug their own grave.
Unfortunately, the Elon Musk is also now in a sense under the economic crisis, because a high oil price is good for the e-mobility Alternative.
This means that there has to be a money System, where each state makes suitable (completely different) rules for itself and is “the lender of last resort” and no more dependence on private banks and Banking can arise.
But so far it has been like this: that “the system” (ECB and also Merkel: “whatever it takes”) has supported the private banks. (except for Lehmann Bank, which the US State “symbolically” let go bankrupt, in Germany all banks were bailed out).
The analyses of some private banks in this case JPMorgan are absolutely self-glorifying: “you can give the rich the freshly printed FED and ECB money, they don’t spend it, if you give the poor 0% credit, they would spend the money and there would be an Inflation”
But if the rich don’t spend the money, then the economy can’t get started either.
Absolutely stupid and short-sighted statement, an analyst who certainly deserves well at JPMorgan.
But you notice: it is not thought holistically.
Everyone just sees his perspective.
Part1: what can be done? possible solutions
New holistic systems must be conceived and implemented.
This can happen on countries and even county or city and village level.
But it should happen.
The governments of this planet – if they still have a spark of intelligence-should promote their citizens in it.
And yes: the system of government, democracy, also seems to be in a state not conducive to the population.
Here, too, new forms of government should be experimented with at the regional level.
What is not only clear since yesterday: the current form of democracy tends to make unwise to incompetent decisions and is driven by lobbyists, massively susceptible to corruption and not very innovative.
So: capitalism collapses on itself.
How often can it be repaired?
ECB FED BitCoin are NOT the solution but another step towards 1984 digital dictatorship.
Part2: auto translated article from:
by Christian Kirchner
13 March 2020
“Two things should be clear after yesterday.
First, markets, banks, Fintechs and, of course, the real economy are experiencing a new “Lehman Moment”.
Yesterday’s price reductions at Deutsche Bank (-18%), Commerzbank (-21%) or Wirecard (-18%), for example, cannot be explained by short-term exaggerations alone. Instead, they reflect the fact that public life and thus large parts of the economy could be paralyzed for weeks, if not months, because of the Corona Virus.
And secondly: In a world in which the American president is imposing an entry ban for people from all over continental Europe without prior consultations – in such a world, therefore, one should not count on an internationally coordinated anti-crisis policy. Neither in the fight against the Virus, nor in terms of helping the sick, nor in terms of any economic measures.
Which brings us to the banks.
Because: whether people like it or not, the Corona crisis is also a banking crisis. Which of course does not mean that a Deutsche Bank, a Commerzbank or a Sparkasse Hintertupfingen deserves the same solidarity as those directly affected by the Virus out there. And yet, what was already true in 2008: when the banks crash, then we all crash. Which is why we have to ask: what is to be done now so that this does not happen?
In any case, the struggle for existence has begun. After all, even if the capital and liquidity ratios may read well on paper, even if yesterday’S ECB easing measures are rather underestimated – whether the (German) banking industry would pass the real stress test that is now coming to it without external support, this can be doubted. Or to put it more clearly: anyone who earns hardly any money or even suffers severe losses at the peak of a business cycle and with record-low loan losses, simply has to reckon with the fact that he could get caught up in the crisis that is now unfolding.
Unless a miraculous”V” recovery begins, the banks and savings banks will soon have many loans flying around their ears. After all, complete industries such as aviation, tourism or the oil and gas industry are facing highly uncertain months. And the same applies to countless small and medium-sized companies in particularly affected areas such as gastronomy, Events, trade fair construction. Not to mention the losses on the stock market. Or the consequences for consumption.
Banks will have to write off securities holdings, customers will have completely different concerns than to give the banks commission business. Too dark a scenario? Perhaps. But the capital markets, with discounts of 20%, are pricing in just that within hours.
The history of the Corona Virus is the history of an underreaction in Europe. This is precisely what the German and European banking sectors cannot afford, namely an underreaction – because the potential consequences would be fatal. The banks are vital to the functioning of our economy. That is why we must be 100% sure that the banking system will work in the crisis we are currently being thrown into. Otherwise, a total economic standstill threatens.
Hoping for the best will not be enough. You have to expect the worst instead. In case of doubt, this can also mean the need to accept industry-wide liquidity support and capitalisation measures. Stigmatisation as in the Lehman era must not exist, nor must small states within the three pillars, i.e. private banks, savings banks and comrades. It is to be hoped that the politicians (even if they have completely different concerns at the moment) understand this. And that the banks themselves understand it.” auto translated from: https://finanz-szene.de/banking/diese-krise-ist-auch-eine-banken-krise-drum-whatever-it-takes/