The banking system we take for granted is unfixable. The good news is that we no longer need to rely on any private, rent-seeking, socially destabilizing network of banks, at least not the way we have so far.
shows why the current private system is unfixable – and why we don’t need to tolerate it anymore.
Like Vladimir Putin, China's leader is so steeped in a narrative of victimhood and fearful of appearing weak that it is hard to imagine him ever leading China out of the mess he has created. He could well be remembered as the leader who squandered history's most remarkable economic success story.
about the country's increasingly worrisome trajectory, both at home and abroad.
Artificial IdiocyFrank Rumpenhorst/picture alliance via Getty Images
法兰克福—欧洲央行正在实施一项大型高风险实验。如今,关键利率保持近零水平已有六年。金融市场充斥着流动性。危机管理导致了巨大的市场扭曲,一些细分市场的表现已不再能用经济基本面数据解释。这一政策的意外后果正变得日益清晰,随着美联储退出其2008年以来的极度宽松政策,其后果还会变的更加明确。
而欧洲危机还远未结束,欧洲央行管理委员会6月和 9月的决定说明了一切。这反映出两个因素:实施关键性资产负债表修正的决定不够,以及欧洲各国政府重组进展缓慢(法国和意大利就是明证)。
因此,欧洲央行决定将货币刺激加倍的决定应该被视为绝望的行动。其关键利率已下降至0.05%,存款利率已为负值,定向长期再融资操作意在支持银行放贷。此外,资产支持证券(ABS)市场将因购买ABS的计划而得到复苏。所有这些都是为了提振市场、将欧元系统的资产负债表扩大7,000亿欧元,并使其回到2012年初创下的纪录水平。
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