Sat Jul
13th
2019

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

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

Thu Jul
11th
2019

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admin

How to pay for it all – there is no money?

let me tell you one thing straight: if there is “no money” for things that make sense – like solar power in Nevada (sunniest place on earth) (including battery to make the sun shine at night?) – then capitalism has become non-sense.

with “no money” usually one means – no bank is giving a loan for this or that project.

OF COURSE the solar panels of the Green New Deal NEED to be Made in USA or it will stimulate the Chinese but not the US economy. (that was one point wrong with the German Green New Deal “German_Renewable_Energy_Sources_Act”)

But besides this Germany is using now 50% from renewables and the costs for electricity have been falling – the only problem now are the companies that own the grid.

They want to charge more and more for transferring electricity. (because power generation is done by the people itself)

So either this get’s fixed or the only solution is: completely off grid. (solar + wind + batteries… might not charge your electric car and run your hair dryer but except for that it can run quiet a lot)

You know what NOBODY can afford?

Stupidity and a destroyed inhabitable planet.

We want a good world to live in and have a bright future and live among the stars.

Nobody needs depressions (except the Pharma to sell more drugs, like shorting a stock, profiting from the end of mankind).

How to Pay for It All: An Option the Candidates Missed

July 10, 2019 by Ellen Brown

The Democratic Party has clearly swung to the progressive left, with candidates in the first round of presidential debates coming up with one program after another to help the poor, the disadvantaged and the struggling middle class. Proposals ranged from a Universal Basic Income to Medicare for All to a Green New Deal to student debt forgiveness and free college tuition. The problem, as Stuart Varney observed on FOX Business, was that no one had a viable way to pay for it all without raising taxes or taking from other programs, a hard sell to voters. If robbing Peter to pay Paul is the only alternative, the proposals will go the way of Trump’s trillion dollar infrastructure bill for lack of funding.

Fortunately there is another alternative, one that no one seems to be talking about – at least no one on the presidential candidates’ stage. In Japan, it is a hot topic; and in China, it is evidently taken for granted: the government can generate the money it needs simply by creating it on the books of its own banks. Leaders in China and Japan recognize that stimulating the economy is not a zero-sum game in which funds are just shuffled from one pot to another. To grow the economy and increase GDP, demand (money) must go up along with supply. New money needs to be added to the system; and that is what China and Japan have been doing, very successfully.

Before the 2008-09 global banking crisis, China’s GDP increased by an average of 10% per year for 30 years. The money supply increased right along with it, created on the books of its state-owned banks. Japan under Prime Minister Shinzo Abe has been following suit, with massive economic stimulus funded by correspondingly massive purchases of the government’s debt by its central bank, using money simply created with computer keystrokes.

All of this has occurred without driving up prices, the dire result predicted by US economists who subscribe to classical monetarist theory. In the 20 years from 1998 to 2018, China’s M2 money supply grew from just over 10 trillion yuan to 180 trillion yuan ($26T), an 18-fold increase. Yet it closed 2018 with a consumer inflation rate that was under 2%. Price stability has been maintained because China’s Gross Domestic Product has grown at nearly the same fast clip, by a factor of 13 over 20 years.

In Japan, the massive stimulus programs called “Abenomics” have been funded through its central bank. The Bank of Japan has now “monetized” nearly 50% of the government’s debt, turning it into new money by purchasing it with yen created on the bank’s books. If the US Fed did that, it would own $11 trillion in US government bonds, four times what it holds now. Yet Japan’s M2 money supply has not even doubled in 20 years, while the US money supply has grown by 300%; and Japan’s inflation rate remains stubbornly below the BOJ’s 2% target. Abe’s stimulus programs have not driven up prices. In fact deflation remains a greater concern than inflation in Japan, despite unprecedented debt monetization by its central bank.

China’s Economy: A Giant Ponzi Scheme or a New Economic Model?

Critics have long called China’s economy a Ponzi scheme, doomed to collapse in the end; and for 40 years China has continued to prove the critics wrong. According to a June 2019 report by the Congressional Research Service:

Since opening up to foreign trade and investment and implementing free-market reforms in 1979, China has been among the world’s fastest-growing economies, with real annual gross domestic product (GDP) growth averaging 9.5% through 2018, a pace described by the World Bank as “the fastest sustained expansion by a major economy in history.” Such growth has enabled China, on average, to double its GDP every eight years and helped raise an estimated 800 million people out of poverty. China has become the world’s largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.

This massive growth has been funded with credit created on the books of China’s banks, most of which are state-owned. Even in the US, course, most money today is created on the books of banks. That is what our money supply is – bank credit. What is different about the Chinese model is that the Chinese government can and does intervene to direct where the credit goes. In a July 2018 article titled “China Invents a Different Way to Run an Economy,” Noah Smith suggests that China’s novel approach to macroeconomic stabilization by regulating bank credit represents a new economic model, one that may hold valuable lessons for developed economies. He writes:

Many economists would see this approach as hopelessly ad hoc, haphazard, and interventionist — not the kind of thing any developed country would want to rely on. And yet, it seems to have carried China successfully through several crises, while always averting the catastrophic financial crash that outside observers have been warning about for years.

Abenomics, Helicopter Money and Modern Monetary Theory

Noah Smith has also written about Japan’s unique model. After Prime Minister Abe crushed his opponents in October 2017, Smith wrote on Bloomberg News, “Japan’s long-ruling Liberal Democratic Party has figured out a novel and interesting way to stay in power—govern pragmatically, focus on the economy and give people what they want.” He said everyone who wanted a job had one; small and midsize businesses were doing well; and the BOJ’s unprecedented program of monetary easing had provided easy credit for corporate restructuring without generating inflation. Abe had also vowed to make both preschool and college free.

Like China’s economic model, Abenomics has been called a Ponzi scheme, funded by central bank-created “free” money. But whatever it is called, the strategy has been working for the economy. Even the once-dubious International Monetary Fund has declared Abenomics a success.

The Bank of Japan’s massive bond-buying program has also been called “helicopter money” — a policy in which the central bank directly finances government spending by underwriting bonds – and it has been compared to Modern Monetary Theory, which similarly posits that the government can spend money into existence with central bank funding. As Nathan Lewis wrote in Forbes in February 2019:

In practice, something like “MMT” has reached a new level of sophistication these days, exemplified by Japan. . . . The Bank of Japan now holds government bonds amounting to more than 100% of GDP. In other words, the government has managed to finance itself “with the printing press” to the amount of about 100% of GDP, with no inflationary consequences. [Emphasis added.]

Japanese officials have resisted comparisons with both helicopter money and MMT, arguing that Japanese law does not allow the government to sell its bonds directly to the central bank. As in the US, the government’s bonds must be sold on the open market, a limitation that also prevents the US government from directly monetizing its debt. But as Bank of Japan Deputy Governor Kikuo Iwata observed in a 2013 Reuters article, where the bonds are sold does not matter. What is important is that the central bank has agreed to buy them, and it is here that US banking law diverges from the laws of both Japan and China.

Central Banking Asia-style

When the US Treasury sells bonds on the open market, it can only hope the Fed will buy them. Any attempt by the president or the legislature to influence Fed policy is considered a gross interference with the sacrosanct independence of the central bank.

In theory, the central banks of China and Japan are also independent. Both are members of the Bank for International Settlements, which stresses the importance of maintaining the stability of the currency and the independence of the central bank; and both countries revised their banking laws in the 1990s to better reflect those policies. But their banking laws still differ in significant ways from those of the US.

In Japan, the Bank of Japan is legally free to set interest rates, but it must cooperate closely with the Ministry of Finance in setting policy. Article 4 of the 1997 Bank of Japan Act says:

The Bank of Japan shall, taking into account the fact that currency and monetary control is a component of overall economic policy, always maintain close contact with the government and exchange views sufficiently, so that its currency and monetary control and the basic stance of the government’s economic policy shall be mutually compatible.

Unlike in the US, Prime Minister Abe can negotiate with the head of the central bank to buy the government’s bonds, ensuring that the debt is in fact turned into new money that will stimulate domestic economic growth; and he is completely within his legal rights in doing it.

The leverage of China’s central government over its central bank is even stronger than the Japanese prime minister’s. The 1995 Law of the People’s Republic of China on the People’s Bank of China states:

The People’s Bank of China shall, under the leadership of the State Council, formulate and implement monetary policies, guard against and eliminate financial risks, and maintain financial stability.

The State Council has final decision-making power on such things as the annual money supply, interest rates and exchange rates; and it has used this power to stabilize the economy by directing and regulating the issuance of bank credit, the new Chinese macroeconomic model that Noah Smith says holds important lessons for us.

The successful six-year run of Abenomics, along with China’s decades of unprecedented economic growth, have proven that governments can indeed monetize their debts, expanding the money supply and stimulating the economy, without driving up consumer prices. The monetarist theories of US policymakers are obsolete and need to be discarded.

“Kyouryoku,” the Japanese word for cooperation, is composed of characters that mean “together strength” – “stronger by working together.” This is a recognized principle in Asian culture and it is an approach we would do well to adopt. What US presidential candidates from both parties should talk about is how to modify the law so that Congress, the Administration and the central bank can work together in setting monetary policy, following the approaches successfully modeled in China and Japan.

________________________________________

First posted under another title at TruthDig.com. Ellen Brown is an attorney, founder and chair of the Public Banking Institute, and author of thirteen books, including Banking on the People: Democratizing Money in the Digital Age (June 2019), Web of Debt, and The Public Bank Solution. She also co-hosts a radio program on PRN.FM called “It’s Our Money.” Her 300+ blog articles are posted at EllenBrown.com.

src: https://ellenbrown.com/2019/07/10/how-to-pay-for-it-all-an-option-the-candidates-missed/

Fri Jul
5th
2019

0

admin

The miracle of Wörgl-could it have prevented the Second World War? now also as a feature film – Das Wunder von Wörgl – hätte es den zweiten Weltkrieg verhindern können? jetzt auch als Spielfilm

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

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 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?

European Council
Member state	Representative		Member state	Representative		Member state	Representative
– European Union (non-voting) – 1 December 2014 Prime Minister of Poland 2007–2014 – Election 2014, 2017 Next by 2019		President of the European Council Donald Tusk (EPP – PO)	– European Union (non-voting) – Member since 1 November 2014 Prime Minister of Luxembourg 1995–2013 – Election 2014, 2019 Next in 2024		President of the European Commission Jean-Claude Juncker (EPP – CSV)	– Republic of Austria Österreich^{[a 1]} (1.71% of population)^{[a 2]} – Member since 3 June 2019 – Next in 2019		Federal Chancellor Brigitte Bierlein (Ind. – Ind.)
– Kingdom of Belgium Belgique/België (2.22% of population) – Member since 11 October 2014 – Election 2014, 2019 Next by 2024		Prime Minister Charles Michel (ALDE – MR)	– Republic of Bulgaria България/Bulgaria (1.39% of population) – Member since 4 May 2017 Prime Minister 2009–2013; 2014–2017 – Election 2009, 2014, 2017 Next by 2021		Prime Minister Boyko Borisov (EPP – GERB)	– Republic of Croatia Hrvatska (0.81% of population) – Member since 19 October 2016 – Election 2016 Next by 2020		Prime Minister Andrej Plenković (EPP – HDZ)
– Republic of Cyprus Κύπρος/Kýpros (0.17% of population) – Member since 28 February 2013 – Election 2013, 2018 Next by 2023		President Nicos Anastasiades (EPP – DISY)	– Czech Republic Česko (2.04% of population) – Member since 13 December 2017 – Election 2017 Next by 2021		Prime Minister Andrej Babiš (ALDE – ANO)	– Kingdom of Denmark Danmark (1.12% of population) – Member since 26 June 2019 – Election 2019 Next by 2023		Prime Minister Mette Frederiksen (PES – S)
– Republic of Estonia Eesti (0.26% of population) – Member since 23 November 2016 – Election 2019 Next by 2023		Prime Minister Jüri Ratas (ALDE – EK)	– Republic of Finland Suomi/Finland (1.07% of population) – Member since 6 June 2019 – Election 2019 Next by 2023		Prime Minister Antti Rinne (PES – SDP)	– French Republic France (13.09% of population) – Member since 14 May 2017 – Election 2017 Next by 2022		President Emmanuel Macron (Ind. – LREM)
– Federal Republic of Germany Deutschland (16.10% of population) – Member since 22 November 2005 – Election 2005, 2009, 2013, 2017 Next by 2021		Federal Chancellor Angela Merkel (EPP – CDU)	– Hellenic Republic Ελλάδα/Elláda (2.10% of population) – Member since 8 July 2019 – Election 2019 Next by 2023		Prime Minister Kyriakos Mitsotakis (EPP – ND)	– Hungary Magyarország (1.91% of population) – Member since 29 May 2010 Prime Minister 1998–2002 – Election 1998, 2010, 2014, 2018 Next by 2022		Prime Minister Viktor Orbán (EPP – Fidesz)
– Ireland Éire/Ireland (0.93% of population) – Member since 14 June 2017 – Next by 2022		Taoiseach Leo Varadkar (EPP – FG)	– Italian Republic Italia (11.95% of population) – Member since 1 June 2018 – Election 2018 Next by 2023		Prime Minister Giuseppe Conte (Ind. – Ind.)	– Republic of Latvia Latvija (0.38% of population) – Member since 23 January 2019 – Election 2018 Next by 2022		Prime Minister Krišjānis Kariņš (EPP – V)
– Republic of Lithuania Lietuva (0.56% of population) – Member since 12 July 2019 – Election 2019		President Gitanas Nausėda (Ind. – Ind.)	– Grand Duchy of Luxembourg Luxembourg (0.12% of population) – Member since 4 December 2013 – Election 2013, 2018 Next by 2023		Prime Minister Xavier Bettel (ALDE – DP)	– Republic of Malta Malta (0.09% of population) – Member since 11 March 2013 – Election 2013, 2017 Next by 2022		Prime Minister Joseph Muscat (PES – PL)
– Kingdom of the Netherlands Nederland (3.36% of population) – Member since 14 October 2010 – Election 2010, 2012, 2017 Next by 2021		Prime Minister Mark Rutte (ALDE – VVD)	– Republic of Poland Polska (7.41% of population) – Member since 11 December 2017 – Next in 2019		Prime Minister Mateusz Morawiecki (ACRE – PiS)	– Portuguese Republic Portugal (2.01% of population) – Member since 26 November 2015 – Next in 2019		Prime Minister António Costa (PES – PS)
– Romania România (3.83% of population) – Member since 21 December 2014 – Election 2014 Next in 2019		President Klaus Iohannis (EPP^{[a 3]} – Ind.^{[a 4]})	– Slovak Republic Slovensko (1.06% of population) – Member since 22 March 2018 – Next by 2020		Prime Minister Peter Pellegrini (PES – Smer–SD)	– Republic of Slovenia Slovenija (0.40% of population) – Member since 13 September 2018 – Election 2018 Next by 2022		Prime Minister Marjan Šarec (ALDE – LMŠ)
– Kingdom of Spain España (9.08% of population) – Member since 2 June 2018 – Election 2019 Next by 2023		Prime Minister Pedro Sánchez (PES – PSOE)	– Kingdom of Sweden Sverige (1.97% of population) – Member since 3 October 2014 – Election 2014, 2018 Next by 2022		Prime Minister Stefan Löfven (PES – SAP)	– United Kingdom of Great Britain and Northern Ireland United Kingdom (12.85% of population) – Member since 13 July 2016 – Election 2017^{[a 5]}		Prime Minister Theresa May (ACRE – C)

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.

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The miracle of Wörgl-could it have prevented the Second World War? now also as a feature film – Das Wunder von Wörgl – hätte es den zweiten Weltkrieg verhindern können? jetzt auch als Spielfilm

Liberte, Fraternite, Austerite

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

HOW ON EARTH is the President of the ECB Elected?

Who the fuck is the European Council?

WHAT?

in English:

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

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