PPCC-Pisitófilos Creditófagos-Verano 2022

[sudden and sharp]

Un nuevo método para extraer hidrógeno sin electricidad puede revolucionar la energía
El sistema usa nanopartículas de aluminio para eliminar el oxígeno de las moléculas de agua a temperatura ambiente y extrae en el proceso grandes cantidades de hidrógeno 'verde'
https://www.elconfidencial.com/tecnologia/novaceno/2022-09-02/metodo-extraer-grandes-cantidades-hidrogeno-energia_3484017/



A temperatura ambiente... ¡oiga!

[sudden and sharp]

 

[Benzino Napaloni]

Se puede holdear hasta la muerte (literalmente) pero los pisitos no te los puedes llevar al más allá. El pisitófilo occidental tiene fecha de caducidad.

Justamente ayer tuve una charla con una chica de mi equipo, millenial, que me dijo que como vuelvan a subirle el alquiler deja el trabajo y se va de Londres para no volver. Ya ha aceptado que nunca va a poder comprarse un piso, pero que ya esta harta de darle la mitad de su sueldo a un casero y ya ha llegado al límite.

Cuando empiecen las herencias vamos a pasar de tener una masa de jovenes que no puden casi ni alquilar a tener un piso, dos, tres o quién sabe cuántos. La demografía hará el resto.

Le podemos dar otra vuelta de tuerca. Cuando al milennial que no ha sido capaz de juntar dos duros le toque heredar, le cosan a impuestos y tenga hipotecarse de por vida o renunciar a la herencia. No sólo la generación langosta le habrá jodido en vida, también le joden después de muertos.

Mi predicción de brujo de poca monta es que cuando empiecen las herencias vamos a ver un goteo constante de viviendas que saldrán al mercado. Al principio no se notará, luego será evidente y después empezará la carrera desesperada por vender (y el pánico final con el catacrack de precios).

Por esta vía no lo veo. Hace ya tiempo que estaba claro que a la Generación Tapón le importaba un huevo la suerte de sus hijos. Y por parte de los poderes públicos, viendo lo que se ha hecho con la Sareb, no tengo duda de que harán todas las trampas contables que haga falta.

Si veo un punto de ruptura es por el Peak Currantes. Puede sobrar vivienda, que si tienes el poder de manipular los precios, seguirán siendo inalcanzables para el ciudadano medio. Justo lo que ya llevamos viendo diez años. Pero el sistema tal como está montado no puede permitirse fácilmente la falta de trabajadores. Siguiendo el ejemplo de la chica de tu equipo, es una trabajadora que si se va de Londres, añade más presión a la creciente falta de trabajadores en la City. El teletrabajo puede paliarlo, pero también hay una parte de quemazón por matarse a trabajar para regalarle medio salario a alguien que sólo pone el cazo. Y "no me cuentes tus penas y paga o vete".

En EEUU acaban de salir noticias de empresarios echándose las manos a la cabeza porque "mis empleados ya hacen lo mínimo para que no les eche". Sutil forma de confesar que en EEUU son muy habituales las horas extras sin pagar, y el workalcoholismo. Si no lo hacías te ibas a la calle porque había reemplazo de sobra. Hasta que ha empezado a no haberlo. Más de una empresa descubre de golpe que vivía de apretar las tuercas y que con el esclavo negándose a remar las cuentas ya no salen y la galera se para.


No veo esto como el preludio de una catástrofe (aunque Musk se ha subido al carro apocalíptico). Hemos salido de cosas peores. Las empresas se tendrán que acostumbrar a tratar mejor a sus trabajadores, a cuidarlos -porque no hay otros-, y las más ineficientes cerrarán. Lo que sí será un punto de ruptura es cuando las empresas vean que tienen que pelear para no comerse ellas el sobrecoste del ladrillo. Aquí sí veo lo que comenta PPCC de la lucha entre la economía real y el rentismo. Sólo podrá quedar uno en pie. Algunas empresas, sobre todo en sector tecnológico, ya conviven con el teletrabajo como una realidad cotidiana, pero otras que necesiten presencialidad -hoteles y hostelería en sitios turísticos muy en concreto- ya tienen que posicionarse y elegir bando.

Este verano ya ha habido "Guadalminos" quejándose de tener que cerrar a mediodía o quitar mesas por falta de camareros. Veremos qué tal arranca la temporada del verano que viene, que me da que a más de uno le van a entrar sudores fríos.

[Benzino Napaloni]

Aquí otra muestra más:

Housing is so expensive in California that a school district is asking students' families to let teachers move in with them

But it's not only teachers who are having a hard time financially — the state's residents are burdened by costs in general. According to consumer financial company Bankrate, the cost of living in the state is now 39% higher than the national average.

¿Cuánto vale tu vivienda si no tienes servicios básicos? No son camareros en un sitio turístico, ya son profesores.

El tocho sólo es barro cocido. Te da un techo bajo el que dormir y un refugio contra el frío. Y sí, te permite tener parte de tu vida dentro. Pero no educa a tus hijos. No te cura cuando te has roto una pierna o tienes problemas del corazón. No apaga incendios. No patrulla las calles ni arresta a los delincuentes. Y así con todos los servicios. Sin personas que den vida a la comunidad... el tocho no vale nada.


Que se pida esto de que las familias acojan a los profesores de sus hijos como si fuesen refugiados es el colmo de los disparates. En EEUU al menos tienen un mercado interior grande, y muchos sitios en los que vivir. EEUU no es California y NY, hay mucho más. Pero noticias así son las que me llevan a pensar que el crack será por falta de trabajadores y no por otra cosa. En 2008 ya tuvimos un crack por el cierre del grifo del crédito. ¿Y qué? Se volvió a las andadas. Pero ya no hay la horda de trabajadores que entonces se peleó por un cuenco de arroz.

[Derby]

https://www.ft.com/content/5867c175-df16-4c8b-9b7a-a868a19d0138

Russia indefinitely suspends Nord Stream gas pipeline to Europe

Move follows G7 agreement to introduce price cap on Russian oil exports

Russia has indefinitely suspended natural gas flows through the Nord Stream 1 pipeline, exacerbating a squeeze on Europe’s energy supplies and deepening the recession risks faced in the EU.

State-owned Gazprom, which was meant to restore operations on the Baltic Sea pipeline on Saturday after three days of maintenance, said the suspension was due to a technical fault.

The move came hours after the G7 said they were pushing ahead with a plan to try impose a price cap on Russia’s oil exports as part of a bid to lower revenues flowing to Moscow that it can use to fund its war in Ukraine.

It will heighten fears in European capitals that Russia aims to further cut supplies before the winter. Moscow has been accused of “weaponising” its gas to stoke a cost of living crisis in retaliation for western support for Ukraine.

“Gazprom’s announcement this afternoon that it is once again shutting down Nord Stream 1 under fallacious pretences is another confirmation of its unreliability as a supplier,” Eric Mamer, the European Commission’s chief spokesman, wrote on Twitter.

“It’s also proof of Russia’s cynicism, as it prefers to flare gas instead of honouring contracts.”

Russian president Vladimir Putin has made little attempt to hide his goal to undermine western sanctions and stop attempts by Ukraine’s allies to reduce their dependence on Moscow’s oil and gas exports.(...)

[Negrule]

No puede ser que la etapa del reburbujeo se les haya ido de las manos? Mira que tuvieron una muy buena oportunidad para hacer cambios en la etapa de la crisis financiera , y ni “mu” hubieran dicho.

[Derby]

https://www.foxbusiness.com/economy/solid-august-jobs-report-leaves-jumbo-fed-rate-hike-table-september

Solid August jobs report leaves another jumbo Fed rate hike on the table in September

August jobs report unlikely to 'derail' Fed from another super-sized rate increase

U.S. job growth cooled in August but hiring likely remained healthy enough last month for the Federal Reserve to approve another jumbo interest rate hike when it meets later this month.

Employers added 315,000 jobs in August, the Labor Department said in its monthly payroll report released Friday, in line with the 300,000 jobs forecast by Refinitiv economists. That marks the lowest monthly gain since April 2021 and is a major decline from the 526,000 jump recorded in July.

The unemployment rate, meanwhile, unexpectedly ticked up to a six-month high of 3.7% as the labor force participation rate increased. 

Wages also continued to rise, but came in lower than forecasts. Average hourly earnings increased 0.3% for the month and 5.2% from the previous year, slightly below the respective 0.4% and 5.3% estimates from Refintiv.(...)

[saturno]

lo digo porque se puede heredar y se puede "heredar"

no me extrañaría ver una ley  que haga fiscalmente muy caro heredar una casa "despilfarradora", al tiempo que la fiscalidad de las "herencias" con eficiencia energética sea mucho menor

estamos a 2 telediarios que se les ocurra la brillante idea
ahora están con las casas vacías y tal, pero empezaremos a verlo con casas "despilfaradoras"

(ojo, que no tiene mucho que ver con que sea "confortable" o no, sino con que demande mucha energía no-renovable, así que igual instalando placas fv te apaña el palo de hacienda o quiensea que te grave)

uy, el palillo, perdón, 

Por aportar ejemplo de Francia

-- Reforma de la clasificacion energética de vivienda que degrada la calificacion de vvdas de menos ahorro
Y..
-- Prohibicion de alquilar viviendas con peor calificacion energética

Antes


Desde el verano 2021


los F y G no se pueden alquilar (son "coladores térmicos")

Y la nueva tabla significa que la calefaccion por gas o chimeneas te suele degradar la nota. Tipicamente de D a E-

y como los himbersores no entienden el tinglado, se limitan a preguntarse si podrán seguir alquilando (no) o vender recuperando el capital (dudoso)



Luego, bastará con regular en funcion de la nota energética, sin necesidad de hablar de precio a m2

Empieza el proceso de bombeo de pasta embalsamada.
No se trata de que bajen los precios
Se trata de extraerlo de sus contenedores estancos,

XGracias en v/FR

[Derby]

https://www.ft.com/content/31776de8-29fa-49ac-bda9-9f0407546b99

Is owning a second home unethical? A philosopher reflects

With the UK’s woefully undersupplied housing market, buying a holiday home in some areas has become a controversial act

Second homes, for so long the objects of aspiration, are swiftly becoming targets of condemnation. This year may even turn out to be the year that attitudes decisively shifted. In July, Leeds Building Society announced it would stop offering mortgages on them. Second homes “reduce the number of properties available for people to live in, at a time when there’s a wide consensus that housing supply in the UK is inadequate to meet demand”, said chief executive Richard Fearon.

The statement echoes complaints made in recent years by many communities that are suffering the consequences of an excess of second homes, most notably in Cornwall. Tensions bet­ween locals and second-home owners were dramatised in Mark Jenkin’s acc­laimed 2019 film Bait, in which selfish, rich urban blow-ins complain about the noise made by fishermen around the harbour and stop locals parking in front of their picture-postcard cottage.

They seem like caricatures, but a fisherman in St Ives recently told The Guardian that visitors do complain about the noise of the vans on the quay when the fishing boats leave early to catch the tides — and seemingly don’t care that the big engines of pleasure boats “spook the fish”.

Bait was filmed in black and white but the real issues are anything but. The ethical concerns over buying and maintaining second homes are complex. Should you buy one? Should you sell to people who you know will use it as one? If you do own one, how can you better contribute to the local community? Even the Leeds Building Society decision was more nuanced than headlines suggested, since it continues to offer mortgages on holiday lets and rental properties.

For a start, there is no reason to think that it is the sheer number of second homes across the UK that is the problem. Comparisons with other countries are difficult because most statistics track all forms of non-primary property ownership, including those bought to rent out. On this metric, around one in 10 UK adults owns a second property, a lower rate than in all but four of the 20 countries covered by the most thorough recent examination of second-property ownership in Europe. In five countries — Finland, Luxemburg, Cyprus, Spain and Estonia — more than 20 per cent of households own one or more properties in addition to their primary residence.

Nor is the seasonality of much second-home use inherently problematic. On Italy’s Ligurian coast, where I used to spend childhood holidays with family friends, many towns see their tiny populations swell for the summer. For much of the year, whole apartment blocks stand almost empty. But because almost all the holiday homes were built for that purpose, there are plenty of all-year round homes for locals, and a permanent population that supports essential services. The seasonality of the economy may present challenges, but the resorts have generally adapted. For example, people in service industries work flat out in season and many places shut up for long periods outside it.

But the UK’s second-home scene presents unique challenges due to a perfect storm of its geography, economy, housing policy and welfare system. Start with housing policy. The restrictions on new developments that help preserve the charm and character of many towns and villages make them more attractive to second-home owners and help drive up prices beyond the means of people who live there.

To make matters worse, the UK’s unbalanced economy means the highest wages are in London, the south-east and in a handful of other cities, leaving most jobs in rural and coastal areas poorly paid, especially tourism-related work. This leaves communities angered by holiday homes in a bind: they need tourism to thrive, but it’s only because other work has gone elsewhere that they have become so dependent on it.

Geography exacerbates the problems. The south of the country is already densely populated and as a result, there is direct competition with locals for housing stock. In Scandinavia, in contrast, land is in good supply and many people own a small country home which displaces no one. So although only around 3 per cent of UK households have a second home for their own use, these create many more problems than the one in five Swedish families who owns a summer cottage or cabin.

In the UK, the equivalent of these purpose-built cabins might be static caravan parks and lodges. There are around 365,000 of them, compared to about half a million bricks and mortar holiday homes. Apart from the odd grumble about how some of the sprawling coastal sites have become eyesores, they generate little complaint. At Trecco Bay Holiday Park in Wales, there are more than 2,000 static caravans — compared to around 29,000 second homes in the whole of Cornwall. But, because they are on a dedicated site where no one lives year-round, their presence is not a problem.

In towns such as Fowey and Mevagissey in Cornwall, in contrast, the most in-demand second homes are period ones, such as former fishermen’s cottages, that sit in the heart of the old town. In St Ives, for example, the historic cobbled harbourside “Downalong” district has become unaffordable to most locals, who often live in the Penbeagle estate overlooking the town.

This has led to several local councils introducing rules to limit second-home ownership. In Fowey, for instance, any newly built homes have to be for permanent residents as their principal residence.

The problem these councils are trying to address is not just an economic one. When outsiders hold the upper hand over locals, the whole character and way of life of a town changes. This kind of grievance fuelled the campaign of the Welsh nationalist group Meibion Glyndŵr, which in the 1980s set fire to more than 200 English-owned holiday homes. As in the south-west of England now, one issue was the inflation of house prices beyond the means of locals. But most of their anger was a response to the threat anglicisation posed to Welsh culture and language.

Strong clashes of interest between local residents and second-home owners would seem to be an unusual feature of Britain’s housing market. In lots of countries, holiday-home owners have been broadly welcomed — although in France, for example, rates of second-home ownership have also reached problematic levels in some areas, resulting in “Parisians, go home” banners being unfurled in the Basque region.

In some parts of Europe, the purchasing of dilapidated or abandoned homes by international buyers has been welcomed by locals. Today, there is a “home for €1” scheme in Sicily to encourage people to take on empty properties in areas where the population has hollowed out. Similarly, rural Spain has seen its population rapidly decline and local authorities want outsiders to buy empty homes, even providing incentives for those who become permanent residents.

In many parts of Britain, the rate of second-home ownership should be manageable. But in areas where there are pre-existing pressures on housing supply, making it more difficult to buy a second home seems not just reasonable but necessary. As well as Cornwall’s restrictions on use for new-build properties in a number of areas, the Welsh government has also proposed a 300 per cent council tax premium on second homes.

But while the regulatory framework is friendly towards second homes, what should a current or prospective owner do? The obvious defence is: whatever is in your own best interests. You could argue that the problems of second-home ownership are structural and so it’s the system that needs to be fixed — a few principled refuseniks will not change anything (except perhaps salving their own consciences) and there is little prospect of a mass voluntary change of practice.

This defence looks stronger if you look at the reasons people have for second-home ownership. Many assume a place in the country is simply a sign of wealth, but an intriguing paper in the International Journal of Housing Policy shows that differences between European countries are largely explained by how well states protect against the risks of income loss in old age. The less people can rely on a good state pension the more likely they are to invest in property as either an asset or an income source in the form of rent. The UK fits this theory, since it does not guarantee pensioner incomes as well as many European welfare states, especially for the large number of self-employed.

Of course, if you want to buy a property as an investment or income stream, you don’t have to choose a holiday hotspot. But you’re never going to prefer somewhere with no housing supply issues, as both price growth and rents will be lower. And if you choose a prosperous city, you will still contribute to the housing crisis, since the growth of buy-to-let will be a major contributor to price rises there too.

Holiday homes also have the obvious attraction that they can be used for pleasure. The growth of web portals such as Airbnb has made finding renters for when owners are not using them extremely easy. And with climate change making the ethics of multiple annual flights for foreign breaks highly dubious, demand for holiday homes in the UK is sure to increase, as a cheaper and more convenient option than weeks in hotels.

Therefore, given that property is a good investment for old age in the UK, and such investments are needed, and that holiday homes in particular are ideal for high rental income, can we really blame people who take this as their best option to secure a comfortable retirement?

It’s harsher still to blame local sellers for contributing to the problem. A home is generally a person’s biggest asset and it would be too much to ask a seller to refuse to sell to someone intending to use the property as a second home, if that makes it harder to sell or results in a lower sale price.

However, the ethics of second-home ownership do not merely concern the question of whether to own or not. How you use your second home is just as important. One of Fearon’s complaints was that “any home other than a main residence usually lies empty most of the time, which does not serve the local community or contribute to the local economy”. This inevitably means that many businesses become unviable, which can leave local people with fewer and sometimes none of certain kinds at all.

Filling homes with holiday lets doesn’t always solve the problem. In Bait, the posh Londoners are seen unloading their car with food and wine they’ve brought down from the capital. Were they to spend more of their money in the local economy during their stay, locals would resent them a lot less. It would also help if fewer felt that being on holiday entitled them to make noise well into the night.

Can we really blame people who take this as their best option to secure a comfortable retirement?

To truly have a second home, as opposed to a second property, implies that you also have a second neighbourhood, a second community. If all owners appreciated this and acted accordingly, it would not solve the problem of price and supply, but it could reduce some of the antipathy.

With all the moral opprobrium being heaped on second-home owners, it’s easy to overlook the more selfish reasons to think twice before buying. People are seduced by the fantasy of a place to relax away from home, by the sunny seaside or in the green and pleasant countryside. But every home requires maintenance, so if you have two, a lot of your headspace as well as your money has to be devoted to bricks and mortar.

Far from creating more downtime, a home can reduce it, since it doubles the hours you have to spend thinking about mundane domestic matters. No one is going to pity the burdens of owning two homes, but they are real and risk turning you into an unwilling de facto part-time property manager.

Like all economic activity, second-home ownership creates harms or benefits that are passed on to others to suffer or enjoy, what economists call externalities. Although focusing only on the negatives distorts the full picture, they are unfortunately now more pronounced, especially for younger generations who are struggling with rising rental prices and have no prospect of being able to buy a first home unless they have wealthy parents.

Second-home owners can do more to behave as full members of their adopted communities, but only local and national government action can fix the imbalance of second to first homes that is leaving people unable to afford a home in what are meant to be their hometowns.

[Derby]

https://www.reuters.com/business/finance/citigroup-makes-small-cuts-mortgage-workforce-housing-market-cools-2022-09-03/

Citigroup makes small cuts in mortgage workforce as housing market cools

Sept 2 (Reuters) - Citigroup Inc on Friday said it has slightly trimmed its mortgage workforce, due to an internal streamlining of functions.

Less than 100 positions were affected, according to Bloomberg News, which first reported the layoffs."We are doing our best to support each individual by helping them to find new employment opportunities within Citi or outside the firm," a spokesperson for Citi said in a statement.

After hiring tens of thousands of staff between 2018 and 2020 to handle surging mortgage originations and refinancings driven by low interest rates, the mortgage sector is downsizing.

In June, JPMorgan Chase & Co started laying off employees in its mortgage business, with more than 1,000 being affected.

Wall Street bosses are also in a bind about whether to cut investment bankers or keep them on staff in hopes of a recovery from a brutal first half.

[Derby]

https://www.economiadigital.es/empresas/santander-provisiones.html

Santander, el banco europeo que más sube las provisiones por insolvencia antes de la crisis

Una veintena de bancos en Europa se preparan para los impagos con más dotaciones, en Santander suben un 80% respecto a diciembre

(...)El coste del riesgo ya está empezando a aumentar, apuntan, y probablemente continuará. Viéndose la mayor parte del impacto en 2023. Aunque el sentimiento económico se ha vuelto negativo, llevará tiempo que el impacto económico real se traslade a las provisiones para pérdidas crediticias, indican.

[Derby]

El escudo protector de la banca al que periódicamente alude Asustadísimos... en su sitio y funcionando.

https://www.eleconomista.es/banca-finanzas/noticias/11929000/09/22/La-banca-afronta-10000-millones-mas-en-activos-toxicos-por-el-alza-de-tipos.html

La banca afronta 10.000 millones más en activos 'tóxicos' por el alza de tipos

*El mayor esfuerzo financiero de empresas y familias agravará los impagos
*El euríbor ya roza el 2% y encarece en 2.000 euros al año la hipoteca media

Llegan curvas peligrosas para la economía y con ella, para el sector financiero. El vicepresidente del Banco Central Europeo (BCE), Luis de Guindos, ya avisó este verano a la banca de que no se deje cegar por el efecto de la subida de los tipos de interés en sus márgenes porque la morosidad va a subir, la economía se va a desacelerar y la inflación va a seguir siendo alta. De momento, el ratio de impagos de la banca sigue cayendo a mínimos de hace 14 años, con una ratio del 3,88% a cierre de junio, pero los expertos de S&P esperan que los problemas emerjan en algún momento y la ratio de activos improductivos (créditos dudosos más adjudicados, también llamados en el argot financiero activos tóxicos) suba del nivel del 6% en el que se situó a cierre de 2021 hasta niveles algo más cercanos al 7%, aunque sin llegar a tocarlo.

Esto supondría, atendiendo a los distintos datos publicados por el Banco de España, que estos activos apuntan a crecer según las previsiones señaladas en 10.000 millones de euros. La banca cerró diciembre de 2021 con unos activos dudosos de 52.500 millones de euros y unos adjudicados por 23.000 millones de euros, en total 75.500 millones. Este volumen supondría una ratio del 6% de improductivos sobre el total de sus activos y elevarlos a niveles de en torno el 6,8%, implicaría en torno a 10.000 millones de euros más.

A pesar de que las previsiones de supervisores y expertos apuntan a que el repunte de la morosidad está por llegar, en la actualidad es difícil atisbar este escenario con el constante camino de bajada que ha protagonizado, situándola en niveles de 2008, previos a la gran crisis financiera mundial. La morosidad ni si quiera se vio afectada en los peores momentos de la pandemia, en parte gracias a las ayudas puestas en marcha por el Estado como los créditos avalados por el ICO, las moratorias de préstamos o los ERTE que evitaron un repunte preocupante del desempleo.(...)

[Derby]

https://www.dailyfx.com/forex/fundamental/article/special_report/2022/09/02/ECBs-Isabel-Schnabel-Foreshadows-Rate-Change-at-Sept-8-Meeting.html

ECB’s Isabel Schnabel Foreshadows Rate Change at Sept. 8 Meeting

JACKSON HOLE ECB TALKING POINTS

*ECB’s German economist Isabel Schnabel raises concerns about current Euro levels
*Schnabel’s Jackson Hole Economic Symposium comments sets hawkish tone
*Her comments portend a 75 basis point rate hike at ECB’s Sept. meeting. "Policy prescribes a forceful response as inflation remains elevated"

During the August Jackson Hole Economic Symposium members of the European Central Bank (ECB) expressed concerns about persistent inflation and the current monetary policy stance. In July, the Eurozone CPI reached an all-time high of 9.1% and the ECB raised interest rates (for the first time since 2014) by 50 basis points to 0.0%. Despite the hike, investors questioned if the ECB has lagged in its effort to curb inflation.

At Jackson Hole, Isabel Schnabel, a German economist serving as executive board member of the ECB since 2019, delivered a speech that surprised investors by clearly delivering an aggressive hawkish tone. In her discourse, she talked about “Monetary Policy and the Great Volatility” while other members questioned the levels of the EUR/USD.

EUR/USD is trading at 20-year lows. Its level below parity for the first time since 2002 may be a reflection of fear. It could also be hurting because of fragmentation risks or simply because of interest rate differentials. Schnabel, along with other ECB members, highlighted the risk of people beginning to doubt the long-term stability of the currency. Some suggested that while the ECB should not retreat too soon even if inflation slows, the weakness of the euro is a problem and at the next monetary policy meeting, a significant step should be considered.

EUR/USD MONTHLY CHART



A COMING EURO CRISIS?

Schnabel said that both the effects of the pandemic and the war in Ukraine are currently causing macroeconomic volatility but other factors could cause permanent shocks. She said that climate change, protectionist policies and the shift to greener technology may lead to persistent disturbances in the years ahead.

For example, climate change is causing extreme and disruptive weather events (like the drought in Europe) that have exposed the global economy and triggered greater volatility in output and inflation.

Likewise, protectionist policies have exacerbated the war’s repercussions on supply. Such policies affect the global value chains and in turn can cause misery and social unrest. Enhancing supply diversification and competition is key to making value chains more robust, she said.

CHANGES FROM CLIMATE & GREEN TECH

What’s more, the shift to greener technology, even though it could bring benefits in the long run, requires resources such as metals and minerals that are either constrained or often concentrated in a small number of countries. Such conditions could spur additional price pressures.

In the face of such risks, Schnabel talked about the role of fiscal and monetary policy. She said fiscal policy should promote productive investments to secure long-term prosperity. Regarding monetary policy, because it operates with long lags, central banks need to prove how determined they are to protect price stability, even if it requires a tradeoff between output and inflation.

On this note, in a previous article ECB's Lagarde Test , we highlighted that the ECB is in a difficult spot as it tries to balance the need for higher rates amid an already “growth-strapped” economy. But last weekend, the Jackson Hole Symposium, sent a strong message.

The effects of the pandemic and the war in Ukraine are currently and constantly suppressing the aggregate supply in a time of strong demand. Tight labor markets are also feeding the inflationary pressures. It remains uncertain how persistent inflation may be. Monetary policy needs to be forceful, even at the risk of lower growth, to minimize the risk of even worse economic outcomes in the future, Schnabel observed.

Pointing to surveys that are starting to show that price pressures have lowered trust in Central Banks, Schnabel said determined action is needed to prove commitment to securing price stability.

[Derby]

http://economiccollapsenews.com/2022/09/02/7-5-million-americans-working-multiple-jobs-amid-rampant-inflation/

7.5 million Americans working multiple jobs amid rampant inflation

(...) Meanwhile, average hourly earnings edged up 0.3% in August, down from 0.5% in July. Workers are earning an average of $32.36. On an annualized basis, average hourly earnings held steady at 5.2%.

Average weekly hours dipped to 34.5 last month, down from 34.6 in the previous month. This is a notable metric because it usually ticks lower before a recession as employers do not want to shed staffing levels just yet but also want to rein in operating expenses.

The labor force participation rate climbed to 62.4%, up from 62.1%. Are more Americans fearful of current economic conditions?

But there was an important data point that should capture some attention: total multiple jobholders.

BLS data showed that the number of Americans working two or more jobs totaled 7.572 million, up from 6.783 million at the same time a year ago. Seasonally adjusted, the number exceeded 7.7 million.

This represented nearly 5% of total employed.

[cujo]

lo digo porque se puede heredar y se puede "heredar"

no me extrañaría ver una ley  que haga fiscalmente muy caro heredar una casa "despilfarradora", al tiempo que la fiscalidad de las "herencias" con eficiencia energética sea mucho menor

estamos a 2 telediarios que se les ocurra la brillante idea
ahora están con las casas vacías y tal, pero empezaremos a verlo con casas "despilfaradoras"

(ojo, que no tiene mucho que ver con que sea "confortable" o no, sino con que demande mucha energía no-renovable, así que igual instalando placas fv te apaña el palo de hacienda o quiensea que te grave)

uy, el palillo, perdón, 

Por aportar ejemplo de Francia

-- Reforma de la clasificacion energética de vivienda que degrada la calificacion de vvdas de menos ahorro
Y..
-- Prohibicion de alquilar viviendas con peor calificacion energética

Antes


Desde el verano 2021


los F y G no se pueden alquilar (son "coladores térmicos")

Y la nueva tabla significa que la calefaccion por gas o chimeneas te suele degradar la nota. Tipicamente de D a E-

y como los himbersores no entienden el tinglado, se limitan a preguntarse si podrán seguir alquilando (no) o vender recuperando el capital (dudoso)



Luego, bastará con regular en funcion de la nota energética, sin necesidad de hablar de precio a m2

Empieza el proceso de bombeo de pasta embalsamada.
No se trata de que bajen los precios
Se trata de extraerlo de sus contenedores estancos,

XGracias en v/FR

maquiavelico... creo que irá por ahi la cosa.

Si tu casa tiene baja calificacion energetica ( en España el 80% de las construcciones por no decir el 90%) no puedes ni alquilar ni vender hasta que reformes la casa.
Total, miles de pisos sin salida... con lo que se colapasa la oferta y asi no bajan los precios de las pocas viviendas vendibles o alqulables.

y asi hasta el infinito.

Es una forma mas elegante qu ela de ahora de estrangular la oferta.

Ahora llenas barrios  enteros de chusma, haciendo que el pobre españolito con algo de ahorro ,  se tenga que comprar un piso en las nuevas promociones huyendo de sus barrios de toda la vida.

En Bilbao por ejemplo creo que una de las razones de que hayan llenado Bilbao La vieja de chusma es hacer que los jovenes llenen los nuevos pisos de zorrozaurre.  Una vez llenados estos, se saca a la chusma de bilbao la vieja y lo conviertes en el nuevo barrio de moda.
Y asi tenemos para 20 años mas.