Aspectos monetarios y financieros

[saturno]

http://online.kitp.ucsb.edu/online/colloq/yakovenko1/pdf/Yakovenko.pdf

Con texto,sacados de la lista de sus trabajos (con links)
Creo que los más legibles son los 2-3 ultimos 2009,2010 y 2012


http://arxiv.org/pdf/cond-mat/0001432v4.pdf
4 Aug 2000 Statistical mechanics of money -- Adrian Dr ̆agulescu and Victor M. Yakovenko

http://arxiv.org/pdf/cond-mat/0211175v1.pdf
 9 Nov 2002 -- Statistical Mechanics of Money, Income, and Wealth: A Short Survey

http://arxiv.org/pdf/0905.1518v2.pdf
24 Dec 2009 Colloquium:  Statistical mechanics of money, wealth, and in come
arXiv:0905.1518v2  [q-fin.ST]  24 Dec 2009
Victor M. Yakovenko -- J. Barkley Rosser, Jr.

http://arxiv.org/pdf/1007.5074v1.pdf
28 Jul 2010 Statistical mechanics approach to the probability distribution of money
Victor M. Yakovenko

http://arxiv.org/pdf/1204.6483v1
29 Apr 2012 --  Applications of statistical mechanics to economics: Entropic origin of the probability distributions of money, income, and energy consumption
Victor M. Yakovenko

===
Lista de trabajos (Buscando "Money" salen las aplicaciones multidisciplinares):

http://physics.umd.edu/~yakovenk/publications.html

Department of Physics, University of Maryland, College Park, MD 20742-4111, USA

[saturno]

Al hilo del anterior, éste es un paper de Cockshott donde expone precisamente el acercamiento probabilistico que hicieron Farjoun and Machover en 1983, y la investigación de Yakovenko en 2009 sobre el reparto de renta de acuerdo con la distribución " Gibbs Boltzmann"

Competing Theories: Wrong or Not Even Wrong?
http://reality.gn.apc.org/econ/jelle.pdf

(De paso, compara la econofísica con el método matematizante austríaco)

[lectorhinfluyente1984]

https://www.project-syndicate.org/commentary/bank-debt-global-boom-bust-by-simon-johnson-2016-04

[saturno]

Bueno,

Un catálogo de obras y papers online sobre la teoría del Valor
http://hussonet.free.fr/valeur.htm

Los artículos están en inglés, pero indica si hay traducciones al ES y FR si las hay

Y está por ejemplo Keen Debuking Economics en francés !
http://digamo.free.fr/keen2014.pdf

Las pestañas llevan a otros sitios llenos de literatura.


(Creo que estoy descubriendo un mundo. Maestro, maestro...)


Edit: rectificado el link a la página hussonet. Parece una mina, porque encuentras muchos papers de los que salen en las bibliografías de otros papers que vas leyendo (y que nunca encuentras al momento, hasta que los olvidas)-

[lectorhinfluyente1984]

https://www.youtube.com/watch?v=WQui_3Hpmmc&list=PLfl0YFB9i1iOTNwdDP9kDwJOX4_bi8W2i

Y siguientes.

[lectorhinfluyente1984]

Sin Freegold Reservas Áureas no hay Paraíso Multipolaridad

Rogoff:

https://www.project-syndicate.org/commentary/gold-as-emerging-market-reserve-asset-by-kenneth-rogoff-2016-05/spanish

CAMBRIDGE – ¿Los bancos centrales de los mercados emergentes están excedidos de peso en dólares y demasiado delgados en oro? Frente a una desaceleración de la economía global, en la que los mercados emergentes probablemente estén muy agradecidos por las reservas que lograron conservar, ésta podría parecer una pregunta inoportuna. Sin embargo, se podría aducir que un giro en los mercados emergentes a favor de una acumulación de oro ayudaría a que el sistema financiero internacional funcionara de manera más fluida, para beneficios de todos.

Sólo para ser claro, no le estoy dando la razón a quienes defienden un retorno al patrón oro –por lo general, unos chiflados norteamericanos de extrema derecha-. Después de todo, el último reinado del patrón oro –según el cual los países fijan el valor de sus monedas en términos de oro- terminó de manera desastrosa en los años 1930, y no existen motivos para creer que un retorno al patrón oro tendría un desenlace diferente esta vez. 

[JENOFONTE10]

https://www.youtube.com/watch?v=WQui_3Hpmmc&list=PLfl0YFB9i1iOTNwdDP9kDwJOX4_bi8W2i

Y siguientes.

Parece un buen curso de 2011, con 23 conferencias en inglés de algo mas de una hora.

Hay otro MOOC mas reciente y tal vez mas resumido, también sobre 'Mercados financieros', de Shiller, en Yale, y accesible por Coursera (con subtítulos en inglés y chino, ). Está diseñado para 8 semanas.

https://www.coursera.org/learn/financial-markets/

Como admirador de Shiller sin inglés oral fluido, opto por esperar traducción de subtítulos, .

Saludos.

[saturno]

Sin Freegold Reservas Áureas no hay Paraíso Multipolaridad

Rogoff:

https://www.project-syndicate.org/commentary/gold-as-emerging-market-reserve-asset-by-kenneth-rogoff-2016-05/spanish

CAMBRIDGE – ¿Los bancos centrales de los mercados emergentes están excedidos de peso en dólares y demasiado delgados en oro? Frente a una desaceleración de la economía global, en la que los mercados emergentes probablemente estén muy agradecidos por las reservas que lograron conservar, ésta podría parecer una pregunta inoportuna. Sin embargo, se podría aducir que un giro en los mercados emergentes a favor de una acumulación de oro ayudaría a que el sistema financiero internacional funcionara de manera más fluida, para beneficios de todos.

Sólo para ser claro, no le estoy dando la razón a quienes defienden un retorno al patrón oro –por lo general, unos chiflados norteamericanos de extrema derecha-. Después de todo, el último reinado del patrón oro –según el cual los países fijan el valor de sus monedas en términos de oro- terminó de manera desastrosa en los años 1930, y no existen motivos para creer que un retorno al patrón oro tendría un desenlace diferente esta vez. 

Propone que los Emergentes dejen de usar dólares y euros y vuelvan a intercambios en oro.
1) Los Avanzados reducirán el pago de intereses en bonos en $ y €, con lo que la FED o BCE tendrán margen para subir tipos
2) Nada obliga los Emergentes a comerrciar con $ € salvo su demanda de una divisa fuerte. ¿Por qué no utilizar el oro? (y aliviar la presión a la baja sobre los intereses $+€ ?).

El único "interés" del oro, precisamente, es que NO devenga intereses
Sólo por confirmar que estamos muy lejos de un freegold  (y no ya del gold exchange standard.)

En realidad, si convence, es como cortar de raíz el privilegio exorbitante de US, porque el mecanismo de los USD "reentrantes", se produciía gracias a que los USD se colocaban en bonos US y devengaban intereses.
Está pidiendo trasladar la Era Zero al mundo entero (y no solo al área USD o EUR)


(Gracias por los videos de Shiller. Sólo los 2 primeros minutos, ya sabes que estamos con los pies en tierra )

[lectorhinfluyente1984]

https://www.youtube.com/watch?v=WQui_3Hpmmc&list=PLfl0YFB9i1iOTNwdDP9kDwJOX4_bi8W2i

Y siguientes.

Parece un buen curso de 2011, con 23 conferencias en inglés de algo mas de una hora.

Hay otro MOOC mas reciente y tal vez mas resumido, también sobre 'Mercados financieros', de Shiller, en Yale, y accesible por Coursera (con subtítulos en inglés y chino, ). Está diseñado para 8 semanas.

https://www.coursera.org/learn/financial-markets/

Como admirador de Shiller sin inglés oral fluido, opto por esperar traducción de subtítulos, .

Saludos.

Gracias Jenofonte

¡Viva Internés! 

[lectorhinfluyente1984]

Sin Freegold Reservas Áureas no hay Paraíso Multipolaridad

Rogoff:

https://www.project-syndicate.org/commentary/gold-as-emerging-market-reserve-asset-by-kenneth-rogoff-2016-05/spanish

CAMBRIDGE – ¿Los bancos centrales de los mercados emergentes están excedidos de peso en dólares y demasiado delgados en oro? Frente a una desaceleración de la economía global, en la que los mercados emergentes probablemente estén muy agradecidos por las reservas que lograron conservar, ésta podría parecer una pregunta inoportuna. Sin embargo, se podría aducir que un giro en los mercados emergentes a favor de una acumulación de oro ayudaría a que el sistema financiero internacional funcionara de manera más fluida, para beneficios de todos.

Sólo para ser claro, no le estoy dando la razón a quienes defienden un retorno al patrón oro –por lo general, unos chiflados norteamericanos de extrema derecha-. Después de todo, el último reinado del patrón oro –según el cual los países fijan el valor de sus monedas en términos de oro- terminó de manera desastrosa en los años 1930, y no existen motivos para creer que un retorno al patrón oro tendría un desenlace diferente esta vez. 

Propone que los Emergentes dejen de usar dólares y euros y vuelvan a intercambios en oro.
1) Los Avanzados reducirán el pago de intereses en bonos en $ y €, con lo que la FED o BCE tendrán margen para subir tipos
2) Nada obliga los Emergentes a comerrciar con $ € salvo su demanda de una divisa fuerte. ¿Por qué no utilizar el oro? (y aliviar la presión a la baja sobre los intereses $+€ ?).

El único "interés" del oro, precisamente, es que NO devenga intereses
Sólo por confirmar que estamos muy lejos de un freegold  (y no ya del gold exchange standard.)

En realidad, si convence, es como cortar de raíz el privilegio exorbitante de US, porque el mecanismo de los USD "reentrantes", se produciía gracias a que los USD se colocaban en bonos US y devengaban intereses.
Está pidiendo trasladar la Era Zero al mundo entero (y no solo al área USD o EUR)


(Gracias por los videos de Shiller. Sólo los 2 primeros minutos, ya sabes que estamos con los pies en tierra )

Es verdad, pero aún así han seguido entrando a pesar de que devengasen poquitos intereses, así que USD ha seguido funcionando como refugio durante el pánico. Pero digo yo que la goma no puede estirarse ad infinitum.

¡Saludos!

[Currobena]

Hasta los niños pueden ser acusados de falsificar dinero, e incluso ir a la cárcel por ello, sea o no probado.

When you think of felony forgery your thoughts might turn to Al Capone or Bonnie and Clyde shooting it out with the Texas Rangers.

Not for some local school cops. For one day, public enemy number one when it came to forgery was 13-year-old eighth grader Danesiah Neal at Fort Bend Independent School District's Christa McAuliffe Middle School.

Now 14, Daneisha was hoping to eat that day's lunch of chicken tenders with her classmates using a $2 bill given to her by her grandmother when she was stopped by the long arm of the law.

"I went to the lunch line and they said my $2 bill was fake," Danesiah told Ted Oberg Investigates. "They gave it to the police. Then they sent me to the police office. A police officer said I could be in big trouble."

Not just big trouble. Third-degree felony trouble.

And that's just one of eight counterfeiting charges investigated against high- and middle-school students at Fort Bend ISD since the 2013-2014 school year.

School officials called Daneisha's grandmother Sharon Kay Joseph.

"She's never in trouble, so I was nervous going in there," she recalled to abc13.

The officials asked, "'Did you give Danesiah a $2 bill for lunch?' He told me it was fake," she said.

Then the Fort Bend ISD police investigated the $2 bill with the vigor of an episode of Dragnet, even though at that school 82-percent of kids are poor enough to get free or reduced price lunch.

The alleged theft of $2 worth of chicken tenders led a campus officer -- average salary $45,000 a year -- to the convenience store that gave grandma the $2 bill.

Next stop -- and these are just the facts -- the cop went to a bank to examine the bill.

Finally, the mystery was solved: The $2 bill wasn't a fake at all. It was real.

The bill so old, dating back to 1953, the school's counterfeit pen didn't work on it.
 
"He brought me my two dollar bill back," Joseph said. He didn't apologize. He should have and the school should have because they pulled Danesiah out of lunch and she didn't eat lunch that day because they took her money."

Joseph said something needs to change so kids don't have felonies looming over their heads for minor crimes -- or actions that aren't even crimes at all.

"It was very outrageous for them to do it," she said. "There was no need for police involvement. They're charging kids like they're adults now."

Ultimately, no charges were filed. But plenty of times, they are. Not just at local ISD's but across the state.

"For us at Fort Bend ISD Police, arrest is a last resort," Fort Bend ISD Chief David Rider told abc13.

Ted Oberg Investigates examined police reports between the 2013-14 school year and 2016 dealing with lunch line forgery from Houston ISD, Fort Bend ISD & Cy-Fair ISD.

In all there were 40 cases. Cy-Fair had the most, Houston ISD the least. Only Fort Bend ISD police were willing to talk about it. Cy-Fair responded with an email saying, " CFISD is aware of the disproportionate placement of minority students nationally," but refused to to make its police chief available.. HISD declined comment.

Not every case results in an arrest. In fact, many are declined by the district attorney, but all have been investigated by police. In many cases that results in a student being sent to alternative school while the case is being investigated.

That, advocates say, is punishment in itself.

See the Cy-Fair ISD forgery police reports here

See the Fort Bend ISD forgery police reports here

See the Houston ISD forgery police reports here

The crime is forgery - a third-degree felony in Texas. If found guilty, students could be sentenced to two to 10 years in prison. The Harris County DA's office says most would be given probation but this is still a felony arrest and/or conviction that has to be reported for a lifetime.

Juveniles can seek to have their records expunged -- but there is no guarantee.

There is concerning outlier when examining the statistics. Ted Oberg Investigates could not find a single white student suspect in these documents. There is one in Cy-Fair, but he is 27 years old and not a student.  All the rest were largely black and to a lesser extent, Hispanic.

No district wanted to weigh in on why that was.

"We see a disproportionate impact on minority youth when it comes to these charges," attorney Mani Nezami said. "African-American and Hispanic boys in particular, but girls as well, tend to be overcriminalized for offenses that one might speculate if they weren't, they wouldn't be seeing a criminal charge."

It's unclear if all the students tagged for forgery are minorities. In the 29 pages of Cy-Fair ISD police records, abc13 found five students investigated who were listed as black, three students investigated listed as Hispanic, another whose race was listed as "E." There are 15 reports with no race listed.

Investigating student forgeries for using small bill in a lunch line does not appear to be letting up.

Nezami represents a 13-year-old Cy-Fair ISD Cook Middle School student facing two to 10 years in a Texas prison for passing off what turned out to be a fake $10 bill.

It looks real, and his parents say it felt real.

"The friend pulls out a $10 bill and his friend thinks that it's real," Nezami said. "So they get to the lunch line... he buys his lunch with it, takes his lunch and goes and eats it."

After school, officials did the forgery test and realized it was a fake $10 bill, according to Nezami.

"He comes to school the next day and he gets arrested and charged with a third-degree felony." Nezami said. "He's in seventh grade. He doesn't handle money that much."

"They put him in handcuffs," he said. "They put him in a police car, the whole bit."

His parents even offered to pay the $10 that was owed the school.

The 13-year-old even qualifies for free lunch from the school.

He's never been in trouble and reliably gets A's and B's in class.

He was charged with a felony and sent to alternative school before being found guilty of anything.

His case is still pending.

"He could face years in jail or prison," Nezami said.

http://abc13.com/news/lunchroom-lunacy-isd-cops-investigate-fake-money/1314203/

[saturno]

 John Doe's Manifesto

“John Doe”, the anonymous source, has sent the SZ a manifesto, which can be read as an explanation of his actions – and as a call to action. The manifesto and its inherent political stance had no editorial influence on the reporting by the SZ or of any of the other cooperating media organizations – nor will it influence them in the future. The SZ did not have to agree to any conditions concerning the reporting in order to receive the data of the Panama Papers.

Income inequality is one of the defining issues of our time. It affects all of us, the world over. The debate over its sudden acceleration has raged for years, with politicians, academics and activists alike helpless to stop its steady growth despite countless speeches, statistical analyses, a few meagre protests, and the occasional documentary. Still, questions remain: why? And why now?

The Panama Papers provide a compelling answer to these questions: massive, pervasive corruption. And it’s not a coincidence that the answer comes from a law firm. More than just a cog in the machine of “wealth management,” Mossack Fonseca used its influence to write and bend laws worldwide to favour the interests of criminals over a period of decades. In the case of the island of Niue, the firm essentially ran a tax haven from start to finish. Ramón Fonseca and Jürgen Mossack would have us believe that their firm’s shell companies, sometimes called “special purpose vehicles,” are just like cars. But used car salesmen don’t write laws. And the only “special purpose” of the vehicles they produced was too often fraud, on a grand scale.

Shell companies are often associated with the crime of tax evasion, but the Panama Papers show beyond a shadow of a doubt that although shell companies are not illegal by definition, they are used to carry out a wide array of serious crimes that go beyond evading taxes. I decided to expose Mossack Fonseca because I thought its founders, employees and clients should have to answer for their roles in these crimes, only some of which have come to light thus far. It will take years, possibly decades, for the full extent of the firm’s sordid acts to become known.

In the meantime, a new global debate has started, which is encouraging. Unlike the polite rhetoric of yesteryear that carefully omitted any suggestion of wrongdoing by the elite, this debate focuses directly on what matters.

In that regard, I have a few thoughts.

For the record, I do not work for any government or intelligence agency, directly or as a contractor, and I never have. My viewpoint is entirely my own, as was my decision to share the documents with Süddeutsche Zeitung and the International Consortium of Investigative Journalists (ICIJ), not for any specific political purpose, but simply because I understood enough about their contents to realize the scale of the injustices they described.

The prevailing media narrative thus far has focused on the scandal of what is legal and allowed in this system. What is allowed is indeed scandalous and must be changed. But we must not lose sight of another important fact: the law firm, its founders, and employees actually did knowingly violate myriad laws worldwide, repeatedly. Publicly they plead ignorance, but the documents show detailed knowledge and deliberate wrongdoing. At the very least we already know that Mossack personally perjured himself before a federal court in Nevada, and we also know that his information technology staff attempted to cover up the underlying lies. They should all be prosecuted accordingly with no special treatment.

In the end, thousands of prosecutions could stem from the Panama Papers, if only law enforcement could access and evaluate the actual documents. ICIJ and its partner publications have rightly stated that they will not provide them to law enforcement agencies. I, however, would be willing to cooperate with law enforcement to the extent that I am able.

That being said, I have watched as one after another, whistleblowers and activists in the United States and Europe have had their lives destroyed by the circumstances they find themselves in after shining a light on obvious wrongdoing. Edward Snowden is stranded in Moscow, exiled due to the Obama administration’s decision to prosecute him under the Espionage Act. For his revelations about the NSA, he deserves a hero’s welcome and a substantial prize, not banishment. Bradley Birkenfeld was awarded millions for his information concerning Swiss bank UBS—and was still given a prison sentence by the Justice Department. Antoine Deltour is presently on trial for providing journalists with information about how Luxembourg granted secret "sweetheart" tax deals to multi-national corporations, effectively stealing billions in tax revenues from its neighbour countries. And there are plenty more examples.

Legitimate whistleblowers who expose unquestionable wrongdoing, whether insiders or outsiders, deserve immunity from government retribution, full stop. Until governments codify legal protections for whistleblowers into law, enforcement agencies will simply have to depend on their own resources or on-going global media coverage for documents.

In the meantime, I call on the European Commission, the British Parliament, the United States Congress, and all nations to take swift action not only to protect whistleblowers, but to put an end to the global abuse of corporate registers. In the European Union, every member state’s corporate register should be freely accessible, with detailed data plainly available on ultimate beneficial owners. The United Kingdom can be proud of its domestic initiatives thus far, but it still has a vital role to play by ending financial secrecy on its various island territories, which are unquestionably the cornerstone of institutional corruption worldwide. And the United States can clearly no longer trust its fifty states to make sound decisions about their own corporate data. It is long past time for Congress to step in and force transparency by setting standards for disclosure and public access.

And while it’s one thing to extol the virtues of government transparency at summits and in sound bites, it’s quite another to actually implement it. It is an open secret that in the United States, elected representatives spend the majority of their time fundraising. Tax evasion cannot possibly be fixed while elected officials are pleading for money from the very elites who have the strongest incentives to avoid taxes relative to any other segment of the population. These unsavoury political practices have come full circle and they are irreconcilable. Reform of America’s broken campaign finance system cannot wait.

Of course, those are hardly the only issues that need fixing. Prime Minister John Key of New Zealand has been curiously quiet about his country's role in enabling the financial fraud Mecca that is the Cook Islands. In Britain, the Tories have been shameless about concealing their own practices involving offshore companies, while Jennifer Shasky Calvery, the director of the Financial Crimes Enforcement Network at the United States Treasury, just announced her resignation to work instead for HSBC, one of the most notorious banks on the planet (not coincidentally headquartered in London). And so the familiar swish of America’s revolving door echoes amidst deafening global silence from thousands of yet-to-be-discovered ultimate beneficial owners who are likely praying that her replacement is equally spineless. In the face of political cowardice, it's tempting to yield to defeatism, to argue that the status quo remains fundamentally unchanged, while the Panama Papers are, if nothing else, a glaring symptom of our society’s progressively diseased and decaying moral fabric.

But the issue is finally on the table, and that change takes time is no surprise. For fifty years, executive, legislative, and judicial branches around the globe have utterly failed to address the metastasizing tax havens spotting Earth’s surface. Even today, Panama says it wants to be known for more than papers, but its government has conveniently examined only one of the horses on its offshore merry-go-round.

Banks, financial regulators and tax authorities have failed. Decisions have been made that have spared the wealthy while focusing instead on reining in middle- and low-income citizens.

Hopelessly backward and inefficient courts have failed. Judges have too often acquiesced to the arguments of the rich, whose lawyers—and not just Mossack Fonseca—are well trained in honouring the letter of the law, while simultaneously doing everything in their power to desecrate its spirit.

The media has failed. Many news networks are cartoonish parodies of their former selves, individual billionaires appear to have taken up newspaper ownership as a hobby, limiting coverage of serious matters concerning the wealthy, and serious investigative journalists lack funding. The impact is real: in addition to Süddeutsche Zeitung and ICIJ, and despite explicit claims to the contrary, several major media outlets did have editors review documents from the Panama Papers. They chose not to cover them. The sad truth is that among the most prominent and capable media organizations in the world there was not a single one interested in reporting on the story. Even Wikileaks didn’t answer its tip line repeatedly.

But most of all, the legal profession has failed. Democratic governance depends upon responsible individuals throughout the entire system who understand and uphold the law, not who understand and exploit it. On average, lawyers have become so deeply corrupt that it is imperative for major changes in the profession to take place, far beyond the meek proposals already on the table. To start, the term “legal ethics,” upon which codes of conduct and licensure are nominally based, has become an oxymoron. Mossack Fonseca did not work in a vacuum—despite repeated fines and documented regulatory violations, it found allies and clients at major law firms in virtually every nation. If the industry’s shattered economics were not already evidence enough, there is now no denying that lawyers can no longer be permitted to regulate one another. It simply doesn’t work. Those able to pay the most can always find a lawyer to serve their ends, whether that lawyer is at Mossack Fonseca or another firm of which we remain unaware. What about the rest of society?

The collective impact of these failures has been a complete erosion of ethical standards, ultimately leading to a novel system we still call Capitalism, but which is tantamount to economic slavery. In this system—our system—the slaves are unaware both of their status and of their masters, who exist in a world apart where the intangible shackles are carefully hidden amongst reams of unreachable legalese. The horrific magnitude of detriment to the world should shock us all awake. But when it takes a whistleblower to sound the alarm, it is cause for even greater concern. It signals that democracy’s checks and balances have all failed, that the breakdown is systemic, and that severe instability could be just around the corner. So now is the time for real action, and that starts with asking questions.

Historians can easily recount how issues involving taxation and imbalances of power have led to revolutions in ages past. Then, military might was necessary to subjugate peoples, whereas now, curtailing information access is just as effective or more so, since the act is often invisible. Yet we live in a time of inexpensive, limitless digital storage and fast internet connections that transcend national boundaries. It doesn't take much to connect the dots: from start to finish, inception to global media distribution, the next revolution will be digitized.

Or perhaps it has already begun.

http://panamapapers.sueddeutsche.de/articles/572c897a5632a39742ed34ef/


Integra en v/FR
http://www.lemonde.fr/evasion-fiscale/article/2016/05/06/la-revolution-sera-numerique-le-manifeste-de-john-doe-le-lanceur-d-alerte-des-panama-papers_4915025_4862750.html


También; Los documentos se harán públicos el 9 de mayo
http://www.lemonde.fr/panama-papers/article/2016/04/27/panama-papers-la-base-de-donnees-a-l-origine-de-la-revelation-du-scandale-sera-publique-en-mai_4909806_4890278.html

[lectorhinfluyente1984]

https://www.project-syndicate.org/commentary/helicopter-money-risk-for-central-banks-by-james-mccormack-2016-05/spanish

[lectorhinfluyente1984]

http://www.zerohedge.com/news/2016-05-07/stan-druckenmiller-endgame-his-full-apocalyptic-presentation

https://en.wikipedia.org/wiki/Stanley_Druckenmiller

[wanderer]

El horror: los usanos han pasado de consumidores como si no hubiera un mañana a ahorradores netos, y tacaños. Para mayor desgracia, no desean incurrir en nueva deuda, sino pagar todo lo que puedan de la que ya tienen contraída:

http://blogs.wsj.com/economics/2015/06/02/grand-central-a-letter-to-stingy-american-consumers/

Dear American Consumer,
 
This is The Wall Street Journal. We’re writing to ask if something is bothering you.
 
The sun shined in April and you didn’t spend much money. The Commerce Department here in Washington says your spending didn’t increase at all adjusted for inflation last month compared to March. You appear to have mostly stayed home and watched television in December, January and February as well. We thought you would be out of your winter doldrums by now, but we don’t see much evidence that this is the case.
 
You have been saving more too. You socked away 5.6% of your income in April after taxes, even more than in March. This saving is not like you. What’s up?
 
We know you experienced a terrible shock when Lehman Brothers collapsed in 2008 and your employer responded by firing you. We know stock prices collapsed and that was shocking too. We also know you shouldn’t have taken out that large second mortgage during the housing boom to fix up your kitchen with granite countertops.  You’ve been working very hard to pay off this debt and we admire your fortitude. But these shocks seem like a long time ago to us in a newsroom. Is that still what’s holding you back?
 
Do you know the American economy is counting on you? We can’t count on the rest of the world to spend money on our stuff. The rest of the world is in an even worse mood than you are. You should feel lucky you’re not a Greek consumer. And China, well they’re truly struggling there just to reach the very modest goal of 7% growth.
 
The Federal Reserve is counting on you too. Fed officials want to start raising the cost of your borrowing because they worry they’ve been giving you a free ride for too long with zero interest rates. We listen to Fed officials all of the time here at The Wall Street Journal, and they just can’t figure you out.
 
Please let us know the problem. You can reach us at any of the emails below.
 
Sincerely,
 
The Wall Street Journal’s Central Bank Team
 
-By Jon Hilsenrath

Como diría Joseph Conrad, ... el horror, el horror...

(cogido de ZH:)

http://www.zerohedge.com/news/2016-05-10/washington-post-accuses-stingy-americans-ruining-obamas-recovery