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Mr Macron has proposed a common fiscal policy, a joint finance minister, a eurozone debt instrument, and completion of the banking union.

He owes his voters an answer to the question of what he would do if, as is likely, Germany replies to his four proposals with: nein, nein, nein and nein.

Wolfgang Münchau, FT 30 April 2017

Mr Macron is the opposite of a souverainiste: he wants a fiscal and political union for the eurozone because he recognises that the only nation state that benefits from the current political arrangements in Europe is Germany, not France.

In that sense, he is the polar opposite of Marine Le Pen, leader of the rightwing National Front. 

Mr Macron wants to make the eurozone work; 
Ms Le Pen wants to destroy it.

Wolfgang Münchau, FT 1 January 2017

Ms Merkel does not say “no” to eurozone bonds. 
She says: “Not without treaty change.” 
The German constitutional court in Karlsruhe would never allow Germany’s sovereign guarantee to be given to its eurozone partners 
without them submitting to effective and centrally budgeted discipline.

Financial Times 31 May 2012

Climateer Investing: How Maritime Insurance Built Ancient Rome

Climateer Investing: How Maritime Insurance Built Ancient Rome: Yes, insurance, that's wot done it. Pre-coffeehouse insurance mart From Priceonomics, Mar. 18, 2016: In Ancient Rome, shipping...

Cecilia Skingsley: Den 23 september 1992 blev läget akut.

När var det som värst?
– För mig var det i september 1992. Allra värst var onsdagen och torsdagen den 23 och 24 september. Då var misstron mot Sverige total, vi hade länge syndat i så många avseenden.
I slutet av september hade den borgerliga regeringen och Socialdemokraterna just enats om ett första krispaket. Men bankernas finansieringskostnader skenade och boräntorna steg. På onsdagen hade all handel med svenska bostadsobligationer upphört.
Tidigare under krisen hade både Gotabanken och Nordbanken räddats med statligt stöd. Samtidigt hade en generell bankgaranti förberetts på Finansdepartementet. 
Den 23 september blev läget akut.
Stefan Ingves: "Enligt vår uppfattning stod det finansiella systemet i Sverige inför en kollaps den 24 september 1992."
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"Stålbadet i skuldfällan"
Rolf Englund på DN Debatt 26/8 1992

Tomas Fischer: Med Bildt mot Poltava 
Aftonbladet 22 december 1991


Why would business leaders invest rather than buying back some of their companies’ own shares?

Why would business leaders invest in an uncertain world, rather than paying dividends to demanding (but generally risk-averse) investors, or buying back some of their companies’ own shares (thereby improving the price/earnings ratio and, better yet, increasing their own remuneration)? 

Jim O'Neill,  former chairman of Goldman Sachs Asset Management and former Commercial Secretary to the UK Treasury,

Project Syndicate 26 April 2017


- Members of the single currency are forced to issue obligations in a currency none of them can print. Why not just call for a global gold standard?

If you like the euro, why not just call for a global gold standard?

Argentina and Korea at least had the option of breaking their pegs to the dollar and printing money to support their banks. Similarly, countries bound by the gold standard always had the option of de-linking and re-pegging. 

There is no comparably straightforward way to exit the strictures of the euro.

So, for those who believe the euro was a good idea at the time and remains a good idea for prospective members, why would you oppose restoring the classical gold standard? Why should the benefits of integration and price stability be limited to Europe?

Om man har en sedelpress går man inte i konkurs, skrev jag den  4 november 2011


IMF Global Financial Stability Report April 2017

prolonged low-growth, low-interest rate environment can fundamentally change the nature of financial intermediation. 

Combined with low credit demand, this would lower bank earnings, particularly for smaller, deposit-funded, and less diversified institutions, and 

presenting long-lasting challenges for life insurers and defined-benefit pension funds.

Read more here

About Banks at IntCom

California Legislature approved a package of groundwater-management laws

In 2014, the California Legislature approved a package of groundwater-management laws -- long after most other Western states had done so -- that are now slowwwwwly beginning to take effect.

Local groundwater-management agencies are being formed that will have to come up with plans to reach groundwater sustainability within 20 years.

Bloomberg 18 April 2017

Groundwater at Google


Germany’s trade surplus is a threat to global stability

Amounts to 9 pc of GDP.

Measured by capita, it is roughly three times the size of the Chinese trade surplus

Matthew Lynn, Telegraph 15 April 2017