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2017-02-26

De svenska storbankerna lånar in korta pengar och lånar ut långa – det klassiska receptet för allvarliga finanskriser.

Tidigare hanterades bolånen av särskilda bolåneinstitut. De gav ut bostadsobligationer med mycket långa löptider, som svarade mot låntagarnas amorteringstider. 

På 1950-talet uppgick den återstående löptiden på bostadsobligationerna till nästan 40 år.


Swedbank och Handelsbanken är värst, med 15,5 respektive 14,8 års löptid på tillgångarna, mot 3,7 år på skulderna.

Gunnar Wetterberg om rapport från Riksbanken, Expressen 26 februari 2017

Warren Buffett endorses share buybacks

Warren Buffett has ridden to the defence of a corporate practice that is sometimes condemned as the height of short-termism: share buybacks.

Critics of share buybacks include Larry Fink, chief executive of the asset manager BlackRock


2017-02-24

Stockman: The current manic rally rests overwhelmingly on the Trump Stimulus and the notion that sweeping tax cuts, deregulation and fiscal stimulus will touch off a booming economy

After all, the current manic rally rests overwhelmingly on the Trump Stimulus and the notion that sweeping tax cuts, deregulation and fiscal stimulus will touch off a booming economy and a consequent eruption of corporate profits. Yet never before in stock market history has such a giant wager been placed on such an utterly implausible proposition.
Indeed, the Donald is the Orange Swan of the present era precisely because the fiscal and financial crash landing he's generating is completely visible, predictable and palpable; there's no unexpected black swan shock and surprise to it.
Even if the Donald's economic program were a miracle cure, which it most certainly isn't, its fiscal math is so daunting that it couldn't be pushed through the Capitol Hill sausage factory by a political Houdini like Lyndon Johnson at the helm of massive Congressional majorities like those of 1965-1966. 
But today's thin GOP majorities amount to a boisterous gang of ideological factions led by a whirling dervish in the Oval Office

mainly macro: The academic consensus on austerity solidifies, bu...

mainly macro: The academic consensus on austerity solidifies, bu...: With yet another study showing how damaging austerity can be, you would think that at some point some politicians would eventually get it....

2017-02-18

Dowding, han som vann Battle of Britain, hade det värre än jag.

Alla kan vi väl då och då tycka att vi inte fått den erkänsla som vi själva tycker vi vore värdiga.

Men Dowding har nog ett oslagbart rekord härvidlag.

- AIR CHIEF MARSHAL HUGH DOWDING. Commander in Chief RAF Fighter Command. 

Dowding continued to have constant brushes with the political heavies, he had done his job, he had succeeded in winning the Battle of Britain.

But he was forced to relinquish his position as C-in C in November 1940 and resigned from the RAF in 1942. 

Läs mer här


2017-02-13

Münchau: A failure to tell the truth imperils Greece and Europe


If the IMF pulls out, Europe will be free to mismanage the crisis on its own

Greek debt sustainability was premised on an obviously unfulfillable assumption.

Another untold truth is that Germany will never forgive Greek debt. This is because the German parliament will not accept it

Italy’s membership of a monetary union with Germany is also transparently unsustainable.
Yet no Italian prime minister has ever mounted a credible challenge to the way the system is governed.


2017-02-11

FT Editorial Greece IMF. Eurozone governments deserve to be defeated.

Greece

European nations are over-represented on the board relative to their size in the global economy. 


Wielding that power to dissuade the fund from demanding debt relief from eurozone governments is a clear conflict of interest and poses a threat to the fund’s credibility and independence.


Eurozone governments have behaved poorly on this issue. They deserve to be defeated.


FT Editorial 9 February 2017

2017-02-07

IMF board split over bailout terms for Greece

After a meeting to discuss it on Monday the IMF issued an unusual statement conceding that its board was split over its findings.

“Most” of the 24 board members “agreed with the thrust of the staff appraisal” contained in its regular “Article 4” review of the Greek economy, the IMF said.

But “some" had different views on the fiscal path and debt sustainability”.

FT 7 February 2017