Organisations

https://www.bloomberg.com/graphics/2019-asset-management-in-decline/

… maybe it’s time to put money to the use it should be intended do: develop mankind peacefully.

International Monetary Funds Chief Economist Olivier Blanchard speaks during the World Economic Outlook (WEO) press conference, October 8, 2008 at the IMF Headquarters in Washington DC. The world economy is entering a major downturn in the face of the most dangerous financial shock in mature financial markets since the 1930Õs, according to the WEO. © IMF Staff Photographer Eugene Salazar

Economists: Ooooops!

Greece! Spain! Italy! Portugal! France! Everyone! Listen Up:

…few dead pensioners, closed hospitals and lost jobs later:

“Economists were wrong about Austerity!”

🙈

No! Really? Why is “our leadership” this kind of incompetent?

Christine Madeleine Odette Lagarde (French: [kʁistin madlɛn ɔdɛt laɡaʁd]; née Lallouette, IPA: [laluɛt]; born 1 January 1956) is a French lawyer and politician serving as Managing Director (MD) and Chairwoman of the International Monetary Fund (IMF) since 2011.

Lagarde joined Baker & McKenzie, a large Chicago-based international law firm, in 1981.

IMF’s lending program for distressed European countries was “a very massive plan, totally unexpected, totally counter-treaty, because it wasn’t scheduled in the treaty that we should do a bailout program, as we did.” She also said, “we had essentially a trillion dollars on the table to confront any market attack that would target any country, whether it’s Greece, Spain, Portugal, or anybody within the eurozone.” With respect to the French economy, she stated that besides short-term stimulus efforts: “we must, very decisively, cut our deficit and reduce our debt.”[45]

Liberte, Fraternite, Austerite

will get right-wing radicals elected.

Christine at her time at the IMF was pretty much pro Austerity: Latest News: (2013) “OOOPS! We were wrong”

and: HOW ON EARTH is the President of the ECB Elected?

“the European Council, de facto by those who have adopted the euro, for an eight-year non-renewable term.[2]”

Who the fuck is the European Council?

comprises the heads of state or government of the EU member states, along with the President of the European Council and the President of the European Commission

WHAT?

“In a rare volte-face, the International Monetary Fund this week admitted that it grossly underestimated the impact of the austerity regime it advised Europeans to adopt.

A paper authored by IMF chief economist Olivier Blanchard found that every dollar that governments cut from their budgets actually reduced economic output by $1.50.

The IMF forecast originally that economic activity would be reduced by only $0.50 for every $1.00 fiscal spending cut.

Now this is not the IMF’s official position, mind you. But Blanchard, as chief economist, makes the IMF look shame-faced. Indirectly, at least.

Predictably, this has given considerable ammunition to critics of the bitter austerity prescription that has characterised European governments’ fiscal policies.

Economics is known as the dismal science.

But for the IMF’s critics, this egregious forecasting error — upon which so much policy advice was built — is more than a crime.

It’s a mistake.”

and Kennedy once said: “An Error becomes a mistake – if you refuse to correct it”

Will they correct it?

“The fact is that economics is much more of an art than a science.”

And money is much more a “religion” a system of “believe” than you can imagine.

“Econometricians can factor in x amount of data into a model to show outcome y.

Like actors, who are only as good as their scripts, economists are only as good as the data they input.

Go forth and multiply

How did the IMF get it so wrong? Multipliers. Specifically, the wrong ones.

Although the 18th-century physiocrat, Quesnay, formulated the basis of multipliers in economics, John Maynard Keynes is generally credited with the conceptual modernisation and application of the “multiplier effect”.

Briefly, every dollar that’s spent increases aggregate demand, as that same dollar is spent again and again and again.

It’s this fiscal multiplier that the IMF employed to measure the likely effect of budgetary spending cuts.

Fawlty forecasting

To understand multipliers, here’s a brain teaser for you. Imagine we’re in the 19th-century equivalent of Fawlty Towers.

His Lordship arrives at a hotel and requests a room.

“Certainly, m’lord,” replies the manager.

But the man wants to see the room first. He puts his coat in the cloakroom and goes upstairs to take a shufty.

While he’s gone, the manager steals £5 from his wallet.

He then runs down the street and pays off the, er, lady of the night, to whom he owes five quid.

Said lady then hoofs off to the butcher’s to pay off her £5 worth of sausages. The butcher, in turn, heads over to the baker, where his account is in arrears to the tune of a fiver. The baker pays his £5 to the milkman. And the milkman heads to the hotel to pay the manager the £5 he owes on the room he rented there the last time he met up with the shady lady.

Then the manager replaces the £5 he stole from the toff’s wallet.

His Lordship decides the room is not at all like Hampton Court Palace and leaves.

So, goods were produced.

Services were rendered.

Debts were paid.

There were economic outputs.

GDP — in theory — increased.

And all due to one lousy £5 note.

That’s a multiplier for you.

One more thing: in all instances, credit was extended.

You could consider the aristocrat the government.

Or a bank.

Except, unlike governments, banks don’t give away money; they rent it out.

Meanwhile, back at the IMF…

Blanchard calculated that the IMF utilised a multiplier of 0.5.

In reality, it should have been 1.5. In the IMF’s defence, Blanchard argues that the Fund underestimated the extraordinary financial circumstances of the European economies.

In other words, the IMF was too optimistic about the impact of austerity measures upon GDP, and did not expect the effect upon unemployment would be so severe.

The IMF has admitted that its pursuit of austerity was misguided. AAP

Sorry in short – the whole IMF staff should get fired! Christine Madeleine Odette Lagarde should go to jail!

She and her advisors ruined the Greek and Spain economy and were about to ruin that of Portugal and Italy and France, driving many people to the brink of economic existance.

While allowing right wing nationalism to grow like a mushroom – not enough wrong doing for you?

Greece now officially hates Germany.

Thanks a lot.

It is what always happens when people do not have a mind of their own and do not do their own research and rely on “advisors” from McKinsey or god knows from where. those “experts” are none.

Unfortunately: i predict – the incompetent financial advisory IMF/ECB’s biggest crime is yet to come.

this is how incompetent our leadership is – it relies on experts that pretend to be experts – for the money

Portugal is way better off than Greece!

GO FUCK YOURSELF IMF ECB AND MCKINSEY!

http://theconversation.com/we-were-wrong-imf-report-details-the-damage-of-austerity-11533

“Beliefs-driven business cycles”

“Over the years, different generations of economists have entertained the idea that beliefs, and beliefs alone, could be powerful enough to set the economy on a path to expansions and recessions solely determined by expectations of rosy times being eventually fulfilled, or otherwise.”

src: https://bankunderground.co.uk/2019/09/11/great-expectations-the-economic-power-of-news-about-the-future/

Aushang An Alle 00419 Wörgl Langsam umlaufendes Geld hat die Welt in eine unerhörte Wirtschaftskrise und Not gestürzt
Aushang Nr: 00419 Wörgl

“Slowly circulating money has plunged the world into an unheard economic crisis and millions of people creating unspeakable distress – the demise of the world has (purely economic terms) taken its terrible beginning – it is time by clear recognition and determined action to save the downward-rolling economic machine so that humanity is not driven into fratricidal wars, confusion and dissolution.

People live by sharing their achievements.

The slow flow of money has largely prevented the exchange of power and millions of people who are ready to work have already lost their living space in the economic transmission – the exchange of power must therefore be lost again lifted shaft transmission – the exchange of power must therefore be lifted again and the living space for all those who are already out

To this aim the bill of the market town of Wörgl: IT RELIEVES THE DISTRESS, THERE is WORK AND BREAD!”

“Langsam umlaufendes Geld hat die Welt in eine unerhörte Wirtschaftskrise und Millionen schaffender Menschen in unsägliche Not gestürzt – der Untergang der Welt hat (rein wirtschaftlich gesehen) seinen furchtbaren Anfang genommen – Es ist Zeit durch klares Erkennen und entschlossenes Handeln die abwärts rollende Wirtschaftsmaschine zu retten, damit die Menschheit nicht in Bruderkriege, Wirrnisse und Auflösung getrieben werde.

Die Menschen leben vom Austausch ihrer Leistungen.

Der langsame Geldumlauf hat den Leistungsaustausch zum großen Teil unterbunden und Millionen arbeitsbereiter Menschen haben dadurch bereits ihren Lebensraum im Wirtschaftsgetriebe verloren – Der Leistungsaustausch muss daher wieder gehoben und der Lebensraum im Wirtschaftsgetriebe verloren – der Leistungsaustausch muss daher wieder gehoben und der Lebensraum für alle bereits Ausgestoßenen wieder zurückgewonnen werden.

Diesem Ziel dient der Arbeitsbestätigungsschein der Marktgemeinde Wörgl: ER LINDERT DIE NOT, GIBT ARBEIT UND BROT!”

1932: A small community in Austria decides to print their own money – backed by the official currency, they successfully battles unemployment, poverty and the economic crisis aftermath of the 1929 new york stock market crash that send ripples of economic shockwaves around the globe.

  • 170 municipalities and cities in Austria had to follow the example of Wörgel, but it has been adjusted to official (central bank) instructions
  • 170 Gemeinden und Städte in Österreich waren drauf und dran dem Beispiel von Wörgel zu folgen, es ist aber auf behördliche (Zentralbank) Anweisung eingestellt worden
  • Fischer advises Roosevelt to overcome the economic crisis in the style of Wörgel, Roosevelt decides against it, why? Everything just to cover the Seniorage / money-creation monopoly of the (not democratically legitimized) central bank?
  • Fischer rät Roosevelt die Wirtschaftskrise im Stile von Wörgel zu überwinden, Roosevelt entscheidet sich dagegen, warum? Alles nur um das Seniorage/Geldschöpfungs-Monopol der (nicht demokratisch legitimierten) Zentralbank zu decken?
Wörgl 1932: Bridge build and paid in local currency
Wörgl 1932: Bridge build and paid in local currency

Fritz Thyssen (* 9. November 1873 in Styrum; † 8. Februar 1951 in Martínez bei Buenos Aires)
Fritz Thyssen (* 9. November 1873 in Styrum; † 8. Februar 1951 in Martínez bei Buenos Aires)
https://www.amazon.de/I-Paid-Hitler-Fritz-Thyssen/dp/B0007J04TQ
https://www.amazon.de/I-Paid-Hitler-Fritz-Thyssen/dp/B0007J04TQ Review: “This book shows the betrayal of our own citizens against us and for Hitler’s regime? Why? Money!” “Thyssen provides very valuable insight into, and detailed information concerning the period between the end of WWI (the Treaty of Versailles), and the end of the Weimar Republic, explaining the root cause of it’s failure. Since the German economy was the greatest issue on which Hitler and the Nazis built their politics to win over enough Germans to get elected to the chancellorship, Thyssen’s expertise in finance is especially welcomed in understanding the many financial problems Germany faced nationally and internationally. It also gives some insight into how politics work in Germany, which is very different from what we know and understand in the U.S.”

read it for free here: (thank you archive.org!)

https://archive.org/details/in.ernet.dli.2015.239690/page/n7

Book Source: Digital Library of India Item 2015.239690

70 years later… it seems all “the wrong way around”

is USA under Trump now a defacto fascist country?

“The push came hours after Trump bashed Germany for “being captive to Russia” because it imports much of its natural gas from there. That tirade, over breakfast with NATO Secretary General Jens Stoltenberg, was rare in its bitterness.”

“A favorite target of Trump’s ire has been Germany, which has not met its NATO spending commitments and has granted permits for a second natural gas pipeline to Russia. Germany and other European NATO partners argue, however, that they have boosted their contributions to the military alliance and plan to kick in more in coming years. Germany’s leadership has said the pipeline is a private business decision, and it has been reluctant to interfere.”

“The accusation of Russian influence may have been particularly biting for German Chancellor Angela Merkel, who grew up in Communist-controlled East Germany.”

“I myself experienced a part of Germany that was controlled by the Soviet Union, and I am very happy today that we are united in freedom as the Federal Republic of Germany,” Merkel told reporters as she entered NATO headquarters. “We decide our own policies and make our own decisions.”

https://www.washingtonpost.com/world/europe/trump-says-germanyis-captive-to-russia-in-fiery-opening-salvo-against-nato/2018/07/11/56aa7174-7f0a-11e8-a63f-7b5d2aba7ac5_story.html

well… you can DEFINATELY say, Europe and in particular Germany has A LOT MORE US influence through various think tanks such as Bertelsman-Stiftung (located in Berlin) and people like ex-IMF Lagarde now ECB CEO!?

Christine Madeleine Odette Lagarde (French: [kʁistin madlɛn ɔdɛt laɡaʁd]; née Lallouette, IPA: [laluɛt]; born 1 January 1956) is a French lawyer and politician serving as Managing Director (MD) and Chairwoman of the International Monetary Fund (IMF) since 2011.

Lagarde joined Baker & McKenzie, a large Chicago-based international law firm, in 1981.

IMF’s lending program for distressed European countries was “a very massive plan, totally unexpected, totally counter-treaty, because it wasn’t scheduled in the treaty that we should do a bailout program, as we did.” She also said, “we had essentially a trillion dollars on the table to confront any market attack that would target any country, whether it’s Greece, Spain, Portugal, or anybody within the eurozone.” With respect to the French economy, she stated that besides short-term stimulus efforts: “we must, very decisively, cut our deficit and reduce our debt.”[45]

Liberte, Fraternite, Austerite

will get right-wing radicals elected.

Christine at her time at the IMF was pretty much pro Austerity: Latest News: (2013) “OOOPS! We were wrong”

Oooops! We were wrong: IMF report details the damage of austerity

HOW ON EARTH is the President of the ECB Elected?

“the European Council, de facto by those who have adopted the euro, for an eight-year non-renewable term.[2]”

Who the fuck is the European Council?

comprises the heads of state or government of the EU member states, along with the President of the European Council and the President of the European Commission

WHAT?

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in English:

The miracle of Wörgl-could it have prevented the Second World War? now also as a feature film:

20: 15 the miracle of Wörgl TV film Austria 2018 tip

https://www.arte.tv/de/videos/078113-000-A/das-wunder-von-woergl/

89 Min.
due to absolutely harassed media laws only available until: 11/07/2019

Tirol, 1932: The world economic crisis is at its peak, radical political movements. In a small Austrian community, the driver Michael Unterguggenberger accepts the mayor’s office against better knowledge. But how is he supposed to save Wörgl? The power of despair and the support of his wife Rosa form the basis for a daring Experiment: Unterguggenberger wants to print his own money – so-called work confirmation certificates. For this, he must not only convince the community of his city, but also, above all, lean against the powerful banking system.
Michael Unterguggenberger is a newly elected mayor of the municipality of Wörgl in Tyrol. There he stands in front of a question that is not easy to answer: “and, you know, how you save the world?”

We write the year 1932. In the midst of the global economic crisis, unemployment prevails in the small Tyrolean town; money to pay the wage is scarce. The result: famine and poverty in the population.

However, these circumstances appear Unterguggenberger absurd, because the work and the food there is actually enough – only you can make no one. So why not just print your own money? In the absence of other ideas, they at least consider a test-like attempt. Only money cannot be called the new means of payment, which would be a gross violation of the National Bank’s currency monopoly. Unterguggenberger gives up his secure position as a train driver and finances the first pressure of the new currency-the so-called work confirmation certificates.

It is now up to various parties to convince: firstly, the workers must accept the money printed by Wörgl as a reward for their work, and secondly, the shopkeepers must accept the bills as a means of payment. Against all scepticism and resistance even on the part of his own son and despite the ever – widening radical political groupings, Unterguggenberger succeeds gradually in winning people for his Plan-the community is building up again, the economy begins to flourish.

While even the mayor of the neighbouring towns want to follow the example of the Wörgler a very powerful enemy: the banking. Unterguggenberger’s endeavours are to be stopped, all those responsible go to prison. Does the community find a way out to continue the Experiment?

“The miracle of Wörgl” tells the story of a daring money experiment, initiated by the Tyrolean Mayor Michael Unterguggenberger, based on real events in the early 1930s. Director Urs Egger succeeded already in 2017, with the award-winning ARTE co-production “A child is looking for,” a successful reality-based Film. Egger is particularly active in the field of television films, his works have been awarded several times. “To the border “from 2007 and” the Fall of Bruckner ” from 2014 received the Adolf-Grimme-prize. For the latter, Egger also received the award in the category Best Director of the Deutsche Akademie für Fernsehen (German Academy for television) in 2015.

The main role of Mayor Unterguggenberger is embodied by Karl Markovics. International awareness of the actors, erlang due to its main role in the 2008 Oscar-winning Film “The counterfeiters”. In 2011 Markovics made his multi-award-winning debut as director and author with the feature film “Breathe”.

in German: Das Wunder von Wörgl – hätte es den zweiten Weltkrieg verhindern können? jetzt auch als Spielfilm:

20:15 Das Wunder von Wörgl Fernsehfilm Österreich 2018 Tipp

https://www.arte.tv/de/videos/078113-000-A/das-wunder-von-woergl/

89 Min.
aufgrund absolut bescheurter Medien Gesetze nur Verfügbar bis: 11/07/2019

Tirol, 1932: Die Weltwirtschaftskrise ist auf ihrem Höhepunkt, radikale politische Bewegungen entstehen. In einer kleinen österreichischen Gemeinde akzeptiert der Lokführer Michael Unterguggenberger wider besseren Wissens das Bürgermeisteramt. Doch wie soll gerade er Wörgl retten? Die Kraft der Verzweiflung und die Unterstützung seiner Frau Rosa bilden den Nährboden für ein wagemutiges Experiment: Unterguggenberger will kurzerhand sein eigenes Geld drucken – sogenannte Arbeitsbestätigungsscheine. Dafür muss er nicht nur die Gemeinschaft seiner Stadt überzeugen, sondern sich vor allem auch gegen das mächtige Bankwesen auflehnen.
Der Lokführer Michael Unterguggenberger ist frisch gewählter Bürgermeister der Gemeinde Wörgl in Tirol. Da steht er gleich vor einer nicht einfach zu beantwortenden Frage: “Und, weißt du schon, wie du die Welt rettest?”

Wir schreiben das Jahr 1932. Inmitten der Weltwirtschaftskrise herrscht Arbeitslosigkeit in der Tiroler Kleinstadt; Geld, um den Lohn auszuzahlen, ist Mangelware. Die Folge: Hungersnot und Armut in der Bevölkerung.

Doch diese Umstände erscheinen Unterguggenberger absurd, denn Arbeit und Lebensmittel gibt es eigentlich genug – nur kann sie sich niemand leisten. Warum also nicht einfach eigenes Geld drucken? So abwegig der Vorschlag dem zerstrittenen Gemeinderat zunächst scheinen mag: In Ermangelung anderer Ideen erwägen sie zumindest einen testweisen Versuch. Nur als Geld darf das neue Zahlungsmittel nicht bezeichnet werden, das wäre ein grober Verstoß gegen das Währungsmonopol der Nationalbank. Unterguggenberger gibt seine sichere Stelle als Lokführer auf und finanziert von der Abfindung den ersten Druck der neuen Währung – die sogenannten Arbeitsbestätigungsscheine.

Nun gilt es verschiedene Parteien zu überzeugen: Erstens müssen die Arbeiter das von Wörgl gedruckte Geld als Lohn ihrer Arbeit akzeptieren und zweitens müssen die Ladenbesitzer die Scheine als Zahlungsmittel annehmen. Gegen alle Skepsis und Widerstände auch seitens des eigenen Sohns und trotz sich immer weiter ausdehnender radikaler politischer Gruppierungen gelingt es Unterguggenberger nach und nach, Menschen für seinen Plan zu gewinnen – die Gemeinde baut sich neu auf, die Wirtschaft beginnt zu florieren.

Während selbst Bürgermeister umliegender Städte dem Beispiel folgen wollen, haben sich die Wörgler einen sehr mächtigen Feind gemacht: das Bankwesen. Unterguggenbergers Unterfangen soll gestoppt werden, alle Verantwortlichen ins Gefängnis wandern. Findet die Gemeinde einen Ausweg, um das Experiment fortzusetzen?

“Das Wunder von Wörgl” erzählt – basierend auf wahren Begebenheiten Anfang der 1930er Jahre – die Geschichte eines gewagten Geld-Experiments, das der Tiroler Bürgermeister Michael Unterguggenberger ins Leben rief. Regisseur Urs Egger gelang es bereits 2017 mit der prämierten ARTE-Koproduktion “Ein Kind wird gesucht”, erfolgreich einen auf der Realität basierenden Film umzusetzen. Egger ist insbesondere im Fernsehfilmbereich tätig, seine Werke wurden mehrfach ausgezeichnet. “An die Grenze” aus dem Jahr 2007 und “Der Fall Bruckner” aus dem Jahr 2014 erhielten den Adolf-Grimme-Preis. Für Letzteren bekam Egger 2015 auch den Preis in der Kategorie Beste Regie der Deutschen Akademie für Fernsehen.

Die Hauptrolle des Bürgermeisters Unterguggenberger wird von Karl Markovics verkörpert. Internationale Bekanntheit erlang der Schauspieler durch seine Hauptrolle im 2008 Oscar-prämierten Film “Die Fälscher”. 2011 gab Markovics mit dem Spielfilm “Atmen” sein vielfach preisgekröntes Debüt als Regisseur und Autor.