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Autor Tema: PPCC. PIsitófilos Creditófagos. Primavera 2020  (Leído 170142 veces)

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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #390 en: Marzo 28, 2020, 22:13:28 pm »
Pues ahora mismo, en vivo y en directo, estoy viendo al presidente mendigar a los europeos. Eso quiere decir que no tenía los 200.000 millones prometidos.
Citar
Las necias dijeron a las prudentes: "¿Podrían darnos un poco de aceite, porque nuestras lámparas se apagan?".[Mateo 25, 8]
Citar
¿Y si europa no traga...que hacemos?
Citar
Pero estas les respondieron: "No va a alcanzar para todas. Es mejor que vayan a comprarlo al mercado".[Mateo 25, 9]
Prontuario bilingüe: ladrillariano/parabólico:
'Dadnos un poco de aceite' ~ 'mutualizar coronabonos', ¿para pagar renta de alquileres a caseros, que viene la noche?.
'Prudentes con aceite de reserva' ~ presupuestos equilibrados & endeudamiento moderado: Alemania, Holanda, etc.
'Necias' => UE-27 excepto 'prudentes con aceite de reserva'.
'A comprarlo al mercado' ~ 'Truequen sus ladrillos improductivos en el mercadillo de mascarillas sin homologar'.

Saludos.
No les teman. No hay nada oculto que no deba ser revelado, y nada secreto que no deba ser conocido. Mt 10, 26
Cisnes (cisnes blancos, cisnes negros)  |  Exposición M.C. Escher. Universos Infinitos

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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #391 en: Marzo 28, 2020, 22:20:09 pm »
Irene Montero, dando rueda de prensa en “sábado deluxe” . Aun está,


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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #392 en: Marzo 28, 2020, 22:25:53 pm »
https://www.marketwatch.com/story/whats-essential-in-france-pastry-wine-in-us-golf-guns-2020-03-28

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What’s essential? In France, pastry and wine; in the U.S., golf and guns

The coronavirus pandemic is defining for the globe what’s “essential” and what things we really can’t do without, even though we might not need them for survival.

Attempting to slow the spread of the virus, authorities in many places are determining what shops and services can remain open. They’re also restricting citizens from leaving their homes. Stay-at-home orders or guidance are affecting more than one-fifth of the world’s population.

This has left many contemplating an existential question: What, really, is essential?

Whether it is in Asia, Europe, Africa or the United States, there’s general agreement: Health care workers, law enforcement, utility workers, food production and communications are generally exempt from lockdowns.

But some lists of activities also exempted reflect a national identity, or the efforts of lobbyists.

In some U.S. states, golf, guns and ganja have been ruled essential, raising eyebrows and — in the case of guns — a good deal of ire.

In many places, booze is also on the list of essentials. Britain at first kept liquor stores off its list of businesses allowed to remain open, but after reports of supermarkets running out of beer, wine and spirits, the government quickly added them.

“Recent events clearly demonstrate that the process of designating ‘essential services’ is as much about culture as any legal-political reality about what is necessary to keep society functioning,said Christopher McKnight Nichols, associate professor of history at Oregon State University.

Countries including India and U.S. states are listing the information technology sector as essential. The world’s dependency on the internet has become even more apparent as countless people confined to their homes communicate, stream movies and play games online to stave off cabin fever.

Several states where marijuana is legal, such as California and Washington, deemed pot shops and workers in the market’s supply chain essential. The emphasis has been on the drug’s medicinal uses, not enabling cooped-up people to get stoned.

“Cannabis is a safe and effective treatment that millions of Americans rely on to maintain productive daily lives while suffering from diseases and ailments,” Erik Altieri, executive director of the National Organization for the Reform of Marijuana Laws, said in an email. “It is the very definition of essential that these individuals can still access their medicine at this time.”

Connecticut Gov. Ned Lamont added gun shops to his list of essential businesses, generating shock and dismay among families of gun violence victims. His spokesman Max Reiss said Lamont is trying not to overly disrupt commerce or interfere with legal rights.

Newtown Action Alliance, a group formed after a gunman killed 26 people in 2012 at the Sandy Hook Elementary School in Newtown, Connecticut, urged Lamont to reconsider, noting a recent surge in gun and ammunition purchases. The group predicted an “increased number of deaths due to unintentional shootings, homicides and suicides.”

Pennsylvania Gov. Tom Wolf on Tuesday quietly allowed gun shops to reopen, but only by appointment during limited hours if customers and employees comply with social distancing and other protective measures.

There is a lot of variation across the United States because a national stay-at-home order has not been issued, said Benjamin Clark, associate professor of planning, public policy and management at the University of Oregon.

“We end up with places making up the rules that are culturally or geographically specific,” Clark said. “This is why we see so much variation, and potential risk.”

In Europe, the current epicenter of the pandemic, Italy has the most stringent rules, with only essential businesses such as food shops and pharmacies remaining open. The manufacturing sector was ordered shut down on Thursday, though factories that make needed products like medical supplies will continue to operate after making conditions safer for employees.

Britain, which was initially reluctant to shut down business, has issued orders to close nonessential operations. Restaurants and eateries must be shut, but Britons can still get fish and chips and other meals, as long as they’re carry-out.

In France, shops specializing in pastry, wine and cheese have been declared essential businesses.

In a nod to Israel’s vibrant religious life, people can gather for outdoor prayers — with a maximum of 10 worshipers standing 2 meters apart. Demonstrations — also allowed — have occurred outside parliament and the Supreme Court, with participants maintaining social distance.

“In times of uncertainty, institutions and practices that are central to the cultural identities can become really important touchstones — material markers of certainty, comfort, and mechanisms to persist,” said Aimee Huff, marketing professor at Oregon State University, specializing in consumer culture.

In China, authorities closed most businesses and public facilities beginning in late January but kept open hospitals, supermarkets and pharmacies. Truck drivers delivering food, disinfectant and medical supplies to locked-down cities were hailed as heroes. Now, the ruling Communist Party is relaxing restrictions to revive the economy after declaring victory over the outbreak.

For most people, the new coronavirus causes mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing conditions, it can cause more severe illness, including pneumonia and death.

In the United States, lobbyists have been trying to influence what gets on lists of essential services, so their clients’ businesses can remain open.

“They were absolutely earning their pay” in Connecticut, said Reiss, the governor’s spokesman. He noted lobbyists for manufacturers and the golf course industry were particularly active.

Despite their efforts, golf wasn’t deemed essential in Connecticut. But Arizona Gov. Doug Ducey included golf courses on his list. Officials in Phoenix encouraged the city’s 1.7 million residents to “get outside, get exercise and practice responsible social distancing” in golf courses, parks and trails.

Mayors of five other Arizona cities pushed back, telling Ducey that including golf courses and payday lenders was taking the definition of essential too far.

In California, construction executives and others lobbied state officials to get construction exempted from the stay-at-home mandate, the Sacramento Bee reported. State health officials responded by including all construction as essential.

If construction in America’s most populous state stalls — as it it did during the Great Recession — it would be difficult to restart, said Erika Bjork of the Sacramento Metropolitan Chamber of Commerce, which advocated for the industry.

“We need to keep this engine humming, so when we come out of this we have housing,” Bjork said.

Like Britain, some U.S. states allowed liquor stores to remain open, including New Mexico, which routinely ranks first in alcohol-related deaths per capita.

State health officials were concerned that shutting them down would result in people with alcoholism seeking emergency medical attention, taking resources away from the coronavirus, said Tripp Stelnicki, a spokesman for New Mexico Gov. Michelle Lujan Grisham.

In New Hampshire, Gov. Chris Sununu said flower shops are among the essentials.

Asked why, spokesman Ben Vihstadt said they provide essential services for funeral homes.

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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #393 en: Marzo 28, 2020, 23:53:17 pm »
https://voxeu.org/article/corona-bonds-great-idea-complicated-reality

Citar
Corona bonds – great idea but complicated in reality

The reason is that the adoption of Eurobonds is not so much a technical decision, which pertains to finance ministers or bureaucrats. It entails a major political choice to transfer sovereignty, on a whole range of issues, from the national to the European level. While this may be desirable, it is certainly not easy to achieve in a short time period.

(...) Indeed, a Eurobond issued at the EU level, whose proceeds would be distributed to the member states to support their respective budgetary policies, would have a higher risk unless supported by specific dedicated guarantees. There are today no European assets nor European capacity to generate autonomous tax revenues that can be used to guarantee European public debt.

What is needed to issue Eurobonds

In order to issue Eurobonds, the EU needs to be able to generate new fiscal proceeds. The Eurobonds would have the highest credit rating, such as a triple A, only if the EU had direct fiscal authority over the European economy and European citizens.

The easiest way would be to transfer whole parts of the national budgets to the European budget, under the authority of European institutions. For instance, it could be decided that health systems would no longer be under the authority of member states but would become a European competence. Decisions on health issues – hospitals to close or open, salaries, procurement, insurance, etc. – would be decided in Brussels, including overall spending and how to finance it (either through revenues or debt).

(...)Some have suggested that in order to avoid the problem of the guarantees, Eurobonds should be purchased by the ECB, directly at issuance. This is currently not legally possible. The statutes of the ECB – as is actually the case for most other central banks – do not permit the purchase of government bonds on the primary market. This prohibition aims at avoiding money being used as an undemocratic fiscal instrument to distort market prices. If the central bank purchased a Eurobond at its face value when the market value would be much lower – for instance, because it lacked adequate guarantees – it would incur a loss that would later translate into lower seignorage distributed to its shareholder (i.e. the treasury). 

Incidentally, a change in Article 21 of the ECB statutes, which prohibits monetary financing, requires not only the unanimous agreement of the Council but also national ratification by the member states.

The guarantees would be less of an issue if Eurobonds were issued to finance investments, such as European infrastructure, rather than current expenditure. The investments, and their proceeds, would represent the guarantees.

To sum up, Eurobonds cannot be issued to finance current expenditure, unless such expenditure and the resources to cover it are brought under the responsibility of the EU.

What can be done, instead?

An alternative is to resort to the European Stability Mechanism, which has a triple A rating thanks to its capital basis. The ESM has already issued bonds to finance the adjustment programmes of countries including Spain, Portugal, Greece and Ireland. The ESM could issue an additional €400 billion, and even more if its capital is further increased. The proceeds could then be lent to the member states that apply to the foreseen facilities. This mechanism would not avoid an increase in national debt, but the latter is incurred with the ESM rather than with market investors. The advantages are a lower cost of borrowing and lower risk of illiquidity.

The problem of using the ESM is mainly political. The ESM can grant loans only on the basis of an adjustment programme agreed with the European institutions, which contains a series of conditions. Conditionality can be relatively lighter for the precautionary credit line. However, resorting to the ESM would create a stigma if the number of countries applying is limited. It may signal a fragility to the markets and a relative loss of sovereignty with respect to conditionality, while the crisis is due mainly to exogenous health factors rather than fiscal indiscipline.

The solution would be two-handed. First, conditionality could be limited to an ex-post monitoring of the resources used to address the systemic crisis, as proposed for instance by Olivier Blanchard (Blanchard 2020). This can be done by the ESM governing bodies. Second, several countries could apply simultaneously, to reduce stigma. This would require a sign of solidarity, especially by countries that have a relatively good rating and would not directly benefit from accessing the ESM. The ideal solution would be that all 19 countries apply for the facility, even if they do not draw on it.

This solution would require the pending ESM reform to be adopted by member states, which is currently blocked by Italy over the fear that access to ESM facilities would trigger debt restructuring.

A final issue relates to the interaction between the ESM and the ECB.

(...) The ECB should rather continue to purchase assets issued by the member states or by private institutions. The ECB has on average bought slightly more than 20% of the countries’ existing debt and is committed to maintain the exposure when maturities expire. It has committed to purchase about another 10%. This significantly reduces the risk of liquidity and sustainability of countries’ debts going forward. It creates room for further fiscal policy action by member states to address the crisis.

(...)In conclusion, the debate on the Eurobonds poses two important political choices. The first is to promote a broad transfer of economic and social competences from the national to the European level, which is necessary to give the Union the ability to finance European bonds. The second is to adopt the ESM reform, perhaps by further strengthening its potential with conditionality better calibrated to systemic crises, and to ensure that a sufficient number of countries apply so as to avoid stigma.

The two choices are not necessarily alternative. On the contrary, they can be complementary and carried out with a different time frame. However, they must be made explicitly. Otherwise it is useless, and illusory, to talk about Eurobonds.

Otro artículo explicativo de las discrepancias surgidas y las posturas que han mantenido los paises de la UE en la pasada reunión del Consejo de Europa del 26 de marzo, en relación a los eurobonos (ahora llamados también Coronabonos):

https://tribunemag.co.uk/2020/03/europes-coronavirus-battle
« última modificación: Marzo 29, 2020, 00:00:21 am por Derby »

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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #394 en: Marzo 29, 2020, 09:45:31 am »
https://voxeu.org/article/corona-bonds-great-idea-complicated-reality

Citar
Corona bonds – great idea but complicated in reality

The reason is that the adoption of Eurobonds is not so much a technical decision, which pertains to finance ministers or bureaucrats. It entails a major political choice to transfer sovereignty, on a whole range of issues, from the national to the European level. While this may be desirable, it is certainly not easy to achieve in a short time period.

(...) Indeed, a Eurobond issued at the EU level, whose proceeds would be distributed to the member states to support their respective budgetary policies, would have a higher risk unless supported by specific dedicated guarantees. There are today no European assets nor European capacity to generate autonomous tax revenues that can be used to guarantee European public debt.

What is needed to issue Eurobonds

In order to issue Eurobonds, the EU needs to be able to generate new fiscal proceeds. The Eurobonds would have the highest credit rating, such as a triple A, only if the EU had direct fiscal authority over the European economy and European citizens.

The easiest way would be to transfer whole parts of the national budgets to the European budget, under the authority of European institutions. For instance, it could be decided that health systems would no longer be under the authority of member states but would become a European competence. Decisions on health issues – hospitals to close or open, salaries, procurement, insurance, etc. – would be decided in Brussels, including overall spending and how to finance it (either through revenues or debt).

(...)Some have suggested that in order to avoid the problem of the guarantees, Eurobonds should be purchased by the ECB, directly at issuance. This is currently not legally possible. The statutes of the ECB – as is actually the case for most other central banks – do not permit the purchase of government bonds on the primary market. This prohibition aims at avoiding money being used as an undemocratic fiscal instrument to distort market prices. If the central bank purchased a Eurobond at its face value when the market value would be much lower – for instance, because it lacked adequate guarantees – it would incur a loss that would later translate into lower seignorage distributed to its shareholder (i.e. the treasury). 

Incidentally, a change in Article 21 of the ECB statutes, which prohibits monetary financing, requires not only the unanimous agreement of the Council but also national ratification by the member states.

The guarantees would be less of an issue if Eurobonds were issued to finance investments, such as European infrastructure, rather than current expenditure. The investments, and their proceeds, would represent the guarantees.

To sum up, Eurobonds cannot be issued to finance current expenditure, unless such expenditure and the resources to cover it are brought under the responsibility of the EU.

What can be done, instead?

An alternative is to resort to the European Stability Mechanism, which has a triple A rating thanks to its capital basis. The ESM has already issued bonds to finance the adjustment programmes of countries including Spain, Portugal, Greece and Ireland. The ESM could issue an additional €400 billion, and even more if its capital is further increased. The proceeds could then be lent to the member states that apply to the foreseen facilities. This mechanism would not avoid an increase in national debt, but the latter is incurred with the ESM rather than with market investors. The advantages are a lower cost of borrowing and lower risk of illiquidity.

The problem of using the ESM is mainly political. The ESM can grant loans only on the basis of an adjustment programme agreed with the European institutions, which contains a series of conditions. Conditionality can be relatively lighter for the precautionary credit line. However, resorting to the ESM would create a stigma if the number of countries applying is limited. It may signal a fragility to the markets and a relative loss of sovereignty with respect to conditionality, while the crisis is due mainly to exogenous health factors rather than fiscal indiscipline.

The solution would be two-handed. First, conditionality could be limited to an ex-post monitoring of the resources used to address the systemic crisis, as proposed for instance by Olivier Blanchard (Blanchard 2020). This can be done by the ESM governing bodies. Second, several countries could apply simultaneously, to reduce stigma. This would require a sign of solidarity, especially by countries that have a relatively good rating and would not directly benefit from accessing the ESM. The ideal solution would be that all 19 countries apply for the facility, even if they do not draw on it.

This solution would require the pending ESM reform to be adopted by member states, which is currently blocked by Italy over the fear that access to ESM facilities would trigger debt restructuring.

A final issue relates to the interaction between the ESM and the ECB.

(...) The ECB should rather continue to purchase assets issued by the member states or by private institutions. The ECB has on average bought slightly more than 20% of the countries’ existing debt and is committed to maintain the exposure when maturities expire. It has committed to purchase about another 10%. This significantly reduces the risk of liquidity and sustainability of countries’ debts going forward. It creates room for further fiscal policy action by member states to address the crisis.

(...)In conclusion, the debate on the Eurobonds poses two important political choices. The first is to promote a broad transfer of economic and social competences from the national to the European level, which is necessary to give the Union the ability to finance European bonds. The second is to adopt the ESM reform, perhaps by further strengthening its potential with conditionality better calibrated to systemic crises, and to ensure that a sufficient number of countries apply so as to avoid stigma.

The two choices are not necessarily alternative. On the contrary, they can be complementary and carried out with a different time frame. However, they must be made explicitly. Otherwise it is useless, and illusory, to talk about Eurobonds.

Otro artículo explicativo de las discrepancias surgidas y las posturas que han mantenido los paises de la UE en la pasada reunión del Consejo de Europa del 26 de marzo, en relación a los eurobonos (ahora llamados también Coronabonos):

https://tribunemag.co.uk/2020/03/europes-coronavirus-battle



Se me ocurre que, en esta suerte de baile de "ordago a la grande" que vamos a continuar asistiendo en las proximas intensas semanas, entre los prudentes vs los necesitados, (DE, NED vs SP,ITA, PT), si a los necesitados se les ocurre amenazar con cortar la baraja europea, aduciendo falta de solidaridad y semejantes argucias, cuidado con que el otro bloque de prudentes no saque a relucir el AS dorado y demuestre que la amortizacion de la inclusion de "los necesitados" en el proyecto europeo ya esta mas que concluida, el tiron de consumo agregado promovido por los perifericos ya esta estrangulado, vamos a tener una capacidad de demanda de productos y servicios noreuropeos ridicula comparada con la de las decadas anteriores, donde contribuimos a la impulsion de la "locomotora alemana" ... cuidado con esto y el papel de Francia, siempre bisagreando habilmente para sus intereses.

Saludos y disculpas por la falta de acentos, teclado inadecuado.

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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #395 en: Marzo 29, 2020, 10:00:15 am »
https://cincodias.elpais.com/cincodias/2020/03/27/companias/1585310134_305458.html

Citar
Los grandes propietarios piden al Gobierno que no apruebe una moratoria en los alquileres

Empresas como Merlin, Colonial, Mutua o Iberdrola creen que se dañaría al ahorro privado de los españoles y pondría en riesgo el mercado de la vivienda

"Advertimos del grave riesgo a medio y largo plazo que supone adoptar medidas gravosas y discriminatorias como la condonación del pago del alquiler de viviendas a costa del ahorro privado. Un grave riesgo, sobre todo para jóvenes y familias de renta baja que verán comprometido el acceso a una vivienda en el futuro inmediato, una vez superada esta crisis", señala en el comunicado.

Desde Asipa cree que adoptar este tipo de medidas supondría "un serio atentado contra la necesaria seguridad jurídica del sector, poniendo en riesgo la supervivencia económica de muchos ahorradores privados". Por eso, estas empresas creen que es importante dejar claro, una vez más, que el ahorro institucional no es otra cosa que sociedades de gestión que representan a millones de ciudadanos individuales, frecuentemente a través de planes de pensiones, que deciden unir sus ahorros para facilitar inversiones colectivas más grandes y a más largo plazo.

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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #397 en: Marzo 29, 2020, 10:38:36 am »
Muy bien explicado... muchos conocidos míos se quejan de que Europa no nos ayuda, y no entienden que lo que se pide hay que devolverlo...


https://voxeu.org/article/corona-bonds-great-idea-complicated-reality

Citar
Corona bonds – great idea but complicated in reality

The reason is that the adoption of Eurobonds is not so much a technical decision, which pertains to finance ministers or bureaucrats. It entails a major political choice to transfer sovereignty, on a whole range of issues, from the national to the European level. While this may be desirable, it is certainly not easy to achieve in a short time period.

(...) Indeed, a Eurobond issued at the EU level, whose proceeds would be distributed to the member states to support their respective budgetary policies, would have a higher risk unless supported by specific dedicated guarantees. There are today no European assets nor European capacity to generate autonomous tax revenues that can be used to guarantee European public debt.

What is needed to issue Eurobonds

In order to issue Eurobonds, the EU needs to be able to generate new fiscal proceeds. The Eurobonds would have the highest credit rating, such as a triple A, only if the EU had direct fiscal authority over the European economy and European citizens.

The easiest way would be to transfer whole parts of the national budgets to the European budget, under the authority of European institutions. For instance, it could be decided that health systems would no longer be under the authority of member states but would become a European competence. Decisions on health issues – hospitals to close or open, salaries, procurement, insurance, etc. – would be decided in Brussels, including overall spending and how to finance it (either through revenues or debt).

(...)Some have suggested that in order to avoid the problem of the guarantees, Eurobonds should be purchased by the ECB, directly at issuance. This is currently not legally possible. The statutes of the ECB – as is actually the case for most other central banks – do not permit the purchase of government bonds on the primary market. This prohibition aims at avoiding money being used as an undemocratic fiscal instrument to distort market prices. If the central bank purchased a Eurobond at its face value when the market value would be much lower – for instance, because it lacked adequate guarantees – it would incur a loss that would later translate into lower seignorage distributed to its shareholder (i.e. the treasury). 

Incidentally, a change in Article 21 of the ECB statutes, which prohibits monetary financing, requires not only the unanimous agreement of the Council but also national ratification by the member states.

The guarantees would be less of an issue if Eurobonds were issued to finance investments, such as European infrastructure, rather than current expenditure. The investments, and their proceeds, would represent the guarantees.

To sum up, Eurobonds cannot be issued to finance current expenditure, unless such expenditure and the resources to cover it are brought under the responsibility of the EU.

What can be done, instead?

An alternative is to resort to the European Stability Mechanism, which has a triple A rating thanks to its capital basis. The ESM has already issued bonds to finance the adjustment programmes of countries including Spain, Portugal, Greece and Ireland. The ESM could issue an additional €400 billion, and even more if its capital is further increased. The proceeds could then be lent to the member states that apply to the foreseen facilities. This mechanism would not avoid an increase in national debt, but the latter is incurred with the ESM rather than with market investors. The advantages are a lower cost of borrowing and lower risk of illiquidity.

The problem of using the ESM is mainly political. The ESM can grant loans only on the basis of an adjustment programme agreed with the European institutions, which contains a series of conditions. Conditionality can be relatively lighter for the precautionary credit line. However, resorting to the ESM would create a stigma if the number of countries applying is limited. It may signal a fragility to the markets and a relative loss of sovereignty with respect to conditionality, while the crisis is due mainly to exogenous health factors rather than fiscal indiscipline.

The solution would be two-handed. First, conditionality could be limited to an ex-post monitoring of the resources used to address the systemic crisis, as proposed for instance by Olivier Blanchard (Blanchard 2020). This can be done by the ESM governing bodies. Second, several countries could apply simultaneously, to reduce stigma. This would require a sign of solidarity, especially by countries that have a relatively good rating and would not directly benefit from accessing the ESM. The ideal solution would be that all 19 countries apply for the facility, even if they do not draw on it.

This solution would require the pending ESM reform to be adopted by member states, which is currently blocked by Italy over the fear that access to ESM facilities would trigger debt restructuring.

A final issue relates to the interaction between the ESM and the ECB.

(...) The ECB should rather continue to purchase assets issued by the member states or by private institutions. The ECB has on average bought slightly more than 20% of the countries’ existing debt and is committed to maintain the exposure when maturities expire. It has committed to purchase about another 10%. This significantly reduces the risk of liquidity and sustainability of countries’ debts going forward. It creates room for further fiscal policy action by member states to address the crisis.

(...)In conclusion, the debate on the Eurobonds poses two important political choices. The first is to promote a broad transfer of economic and social competences from the national to the European level, which is necessary to give the Union the ability to finance European bonds. The second is to adopt the ESM reform, perhaps by further strengthening its potential with conditionality better calibrated to systemic crises, and to ensure that a sufficient number of countries apply so as to avoid stigma.

The two choices are not necessarily alternative. On the contrary, they can be complementary and carried out with a different time frame. However, they must be made explicitly. Otherwise it is useless, and illusory, to talk about Eurobonds.

Otro artículo explicativo de las discrepancias surgidas y las posturas que han mantenido los paises de la UE en la pasada reunión del Consejo de Europa del 26 de marzo, en relación a los eurobonos (ahora llamados también Coronabonos):

https://tribunemag.co.uk/2020/03/europes-coronavirus-battle
Tengan cuidado ahí fuera...

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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #398 en: Marzo 29, 2020, 10:40:00 am »
https://seekingalpha.com/article/4334717-are-facing-depression-not-recession

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We Are Facing A Depression, Not A Recession, Mauldin

Let me be clear. The U.S. is facing a deflationary depression. One cannot have the economic impacts we are seeing and think they will magically go away when the virus does. That’s not how economics and business work.

I am not the first person to say it, but we need something like a Marshall Plan for the U.S.

I recognize that Europe and the rest of the world are struggling too. I get it. But the entire world will go into a deflationary depression if we do not solve the crisis in the U.S. Hopefully an eventually strong U.S can help lead the world out.

I am calling for significant quantitative easing or whatever you want to call it. I get the irony in that. The Federal Reserve is largely responsible for where we are today, keeping rates too low for too long, and the government running deficits way beyond nominal GDP. These are bad things.

But we have to deal with the situation as it is today. And today, much of our country is under stress and wondering how they’re going to feed their families. How do they pay their rent? Electric bills? 100 other items?

Some of us can individually help our family and friends, but collectively we need to step in and help everyone.

Grousing about bad policies and mistakes of the past doesn’t solve the problems we face today. There is no need to punish the average American for bad Federal Reserve policy that they had no control over any more than we should punish them for the coronavirus.

When this is all over, we can think about how we ensure better policy in the future.


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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #399 en: Marzo 29, 2020, 11:58:16 am »
Cuando la mentira es de muy mala calidad, es la hora de decir la verdad.

Sigo las noticias y el foro con atención, y me ha llamado la atención la poca calidad de las mentiras de toda nuestra clase política: el presunto ocultamiento de parte de los fallecidos, el avión que nunca llega de Madrid, el show permanente de los catalanes, los test fallucos; cada vez me recuerda mas al ejército de Wenck, esas tropas que iban a liberar Berlin acabando con los ejércitos rusos -estos si de verdad- que ya entraban en sus calles.

Como ya he dicho, ahora se ve la pasta de nuestros gobernantes, de nuestra clase política en conjunto, de todos y cada uno de ellos, de esos malos estudiantes que no han hecho los deberes en su momento y que en el examen oral final solo balbucean incoherencias, o en el peor de los casos intentan mentir con un falso aplomo que los delata; oigan que todavía hay gente con las monsergas de siempre -viogenes y demás patulea-, cuando tengan el cero se harán las sorprendidas y sorprendidos.

Por favor, digan la verdad de lo que está pasando, de que todo esto les ha pillado de sorpresa, que no tenían nada previsto, que estaban muy ocupados en sus redes, redecillas y chiringuitos clientelares, y por lo menos hagan acto de contrición, pongan a los técnicos de verdad a trabajar -si es que queda alguno en la limpia que han hecho-, y que cuando todo esto haya pasado -que pasará-, abandonen discretamente el escenario y salgan por la puerta de atrás rogando que la historia no los destroce.

Cuando la situación termine o se atenúe -mes o mes y medio-, habrá que reconstruir el país, arrimar el hombro todos para que esto salga adelante, pero con esta gente no, ya han demostrado de lo que son y no capaces, y al menos yo ya estoy harto de vendehumos.

Y a los amigos de la UE, con independencia de lo desastrosos que hemos sido en la utilización de los dineros que nos dieron o prestaron, sin olvidar que una buena parte de ellos se han ido en pagar las deudas de los créditos que tan alegremente nos prestaron sus bancos y comprar sus maravillosos productos, no se instalen en su urna de cristal de buenos calvinistas, cuando el pecador se está ahogando lo que necesita es un salvavidas y no un sermón, cuando se llega a determinados límites, el  comer todos los días es mas importante que el ir a misa.

Cuando NHD de verdad, ni un duro, la pirámide de Maslow entra en acción a saco, ya o estamos viendo en el sur de Italia.

Un saludo, y tengan mucho cuidado ahí fuera.

Todo lo innecesario en algún momento se vuelve feo.

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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #400 en: Marzo 29, 2020, 12:14:15 pm »
https://cincodias.elpais.com/cincodias/2020/03/27/companias/1585310134_305458.html

Citar
Los grandes propietarios piden al Gobierno que no apruebe una moratoria en los alquileres

Empresas como Merlin, Colonial, Mutua o Iberdrola creen que se dañaría al ahorro privado de los españoles y pondría en riesgo el mercado de la vivienda

"Advertimos del grave riesgo a medio y largo plazo que supone adoptar medidas gravosas y discriminatorias como la condonación del pago del alquiler de viviendas a costa del ahorro privado. Un grave riesgo, sobre todo para jóvenes y familias de renta baja que verán comprometido el acceso a una vivienda en el futuro inmediato, una vez superada esta crisis", señala en el comunicado.

Desde Asipa cree que adoptar este tipo de medidas supondría "un serio atentado contra la necesaria seguridad jurídica del sector, poniendo en riesgo la supervivencia económica de muchos ahorradores privados". Por eso, estas empresas creen que es importante dejar claro, una vez más, que el ahorro institucional no es otra cosa que sociedades de gestión que representan a millones de ciudadanos individuales, frecuentemente a través de planes de pensiones, que deciden unir sus ahorros para facilitar inversiones colectivas más grandes y a más largo plazo.

- Hola, ¿está el Gobierno de España? Que se ponga.
- Gobierno de España, ¿dígame?
- Mire que hemos leído un globo sonda que va a haber una moratoria de alquileres y vamos a dejar de cobrar unos meses.. eso no puede ser. ¿Qué vamos a hacer sin nuestras rentas?
- Ya ya, lo entiendo, pero mire, es una situación de crisis. Si alguien no cobra porque no puede trabajar, no va a poder pagar el alquiler. Y a este no se la puede echar a la calle porque estamos en cuarentena.
- Ya ya, pero me ayudarán ¿no? Es que yo vivo de mis rentas..
- Pues mire, estamos ocupados con otros asuntos. Primero hay que salvar la sanidad y a las personas y luego a las empresas que son las que producen de verdad. El caso es que no nos va a quedar dinero para ustedes.. pero no porque no queramos ¿eh? es que Bruselas no nos lo da.
- Oiga pero que yo he trabajado muy duro muchos años para poder comprar pisos y vivir de las rentas.
- Ya mire, es un momento de crisis y nos afecta a todos. A usted también. Hay que arrimar el hombro todos juntos.
- Oiga que yo ya salgo al balcón a aplaudir todos los días.. ¿oiga? vaya, se ha debido cortar.

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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #401 en: Marzo 29, 2020, 12:29:55 pm »
Cuando la mentira es de muy mala calidad, es la hora de decir la verdad.

Sigo las noticias y el foro con atención, y me ha llamado la atención la poca calidad de las mentiras de toda nuestra clase política: el presunto ocultamiento de parte de los fallecidos, el avión que nunca llega de Madrid, el show permanente de los catalanes, los test fallucos; cada vez me recuerda mas al ejército de Wenck, esas tropas que iban a liberar Berlin acabando con los ejércitos rusos -estos si de verdad- que ya entraban en sus calles.

Como ya he dicho, ahora se ve la pasta de nuestros gobernantes, de nuestra clase política en conjunto, de todos y cada uno de ellos, de esos malos estudiantes que no han hecho los deberes en su momento y que en el examen oral final solo balbucean incoherencias, o en el peor de los casos intentan mentir con un falso aplomo que los delata; oigan que todavía hay gente con las monsergas de siempre -viogenes y demás patulea-, cuando tengan el cero se harán las sorprendidas y sorprendidos.

Por favor, digan la verdad de lo que está pasando, de que todo esto les ha pillado de sorpresa, que no tenían nada previsto, que estaban muy ocupados en sus redes, redecillas y chiringuitos clientelares, y por lo menos hagan acto de contrición, pongan a los técnicos de verdad a trabajar -si es que queda alguno en la limpia que han hecho-, y que cuando todo esto haya pasado -que pasará-, abandonen discretamente el escenario y salgan por la puerta de atrás rogando que la historia no los destroce.

Cuando la situación termine o se atenúe -mes o mes y medio-, habrá que reconstruir el país, arrimar el hombro todos para que esto salga adelante, pero con esta gente no, ya han demostrado de lo que son y no capaces, y al menos yo ya estoy harto de vendehumos.

Y a los amigos de la UE, con independencia de lo desastrosos que hemos sido en la utilización de los dineros que nos dieron o prestaron, sin olvidar que una buena parte de ellos se han ido en pagar las deudas de los créditos que tan alegremente nos prestaron sus bancos y comprar sus maravillosos productos, no se instalen en su urna de cristal de buenos calvinistas, cuando el pecador se está ahogando lo que necesita es un salvavidas y no un sermón, cuando se llega a determinados límites, el  comer todos los días es mas importante que el ir a misa.

Cuando NHD de verdad, ni un duro, la pirámide de Maslow entra en acción a saco, ya o estamos viendo en el sur de Italia.

Un saludo, y tengan mucho cuidado ahí fuera.


Tantos anhos seguidos poniendo a la meritocracia en cuarentena ... de aquellos barros, estos lodos; tenemos a las riendas a amigos, a primos, a parlanchines de pacotilla que lo unico que han hecho para estar donde estan es ser obcecados en su servilismo a un partido, nada de merito, nada de capacidad, minima inteligencia, ... es como una guerra, si, pero en lugar de tener a generales y estrategas tenemos una recua de amorales ignorantes sin ninguna capacidad tecnica ni conocimiento ... y esa falta de criterio meritocratico para asignar funciones de ejercicio de poder al servicio de la ciudadania ha permeado hacia abajo, es en todos los escalones de la funcion publica ...

Espero que sepan al menos abandonar el barco como las ratas que son y dejen hueco para que otros tomen el timon.

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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #403 en: Marzo 29, 2020, 12:54:21 pm »
....  la pirámide de Maslow entra en acción a saco
... Espero que sepan al menos abandonar el barco como las ratas que son y dejen hueco para que otros tomen el timon.
pues es bastante obvio que sera redoblar los esfuerzos por garantizar y mejorar lo de cada uno, es ancestral y sempiterno y lo hemos visto redoblado esta decada ultima

cuanto mas dificil viene la cosa mas ataca la piramide de joder al de abajo, al credulo, al despistado, al que no puede escapar, al que no tiene contactos; si no hay ingresos recurrentes hay que inventarselos, crear necesidades o ser candidato a algo; yo cada vez creo ver mas candidatos a concejal o a terapeuta
por los dioses, la deuda y el jurgolesteban, al reclutamiento y la favela

Derby

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Re:PPCC. PIsitófilos Creditófagos. Primavera 2020
« Respuesta #404 en: Marzo 29, 2020, 13:10:00 pm »
https://www.nbcnews.com/think/opinion/coronavirus-has-trump-approval-ratings-rising-s-not-surprising-or-ncna1170606

Citar
Coronavirus has Trump approval ratings rising. That's not surprising — or likely to last.

Yet Trump’s approval ratings — an important gauge of his re-election chances a bit over seven months away — are staying strong, by some counts even reaching highs for his tenure. In part, that’s a sign that no matter how much criticism Democrats lob at Trump, and whatever amount of negative media coverage he endures, his base supporters are resolute and unflinching. But the surge in support that goes beyond his base is a reflection of a familiar phenomenon whereby presidents become more popular in times of crisis, and according to history, his surge is puny — and likely to be short-lived.

A recent ABC/Ipsos poll found a majority of Americans approve of the way Trump is managing the coronavirus crisis and 55 percent approve of the way he responded to it (43 said they disapprove). That’s a considerable bump up from Trump’s average 40 percent approval rating since he took office on Jan. 20, 2017, and it shows Americans are giving the president considerable leeway to navigate the coronavirus crisis.

Rising poll numbers for a president in a crisis, however, has happened many times before, and was already a political science trend in 1970 when John Mueller first named the “rally around the flag” effect in a paper called “Presidential Popularity From Truman to Johnson.”

(...)Something similar could still happen with Trump, and is in fact is likely, because battling the coronavirus is likely to be a long slog filled with accounts of death and economic destruction. American progress against the virus will also be measured against other countries such as South Korea, which has proved more effective in “flattening the curve.”

Furthermore, that poll showing 55 percent approve of Trump’s coronavirus response isn’t nearly as high as other presidents’ approval ratings in times of crisis. It isn’t an insurmountable lead either for the front-runner for the Democratic presidential nomination, Joe Biden, to overcome. If anything, for Democrats, it could be worse.

(...)Trump is betting that Americans don’t want to “change horses in midstream,” another long-standing dynamic that presidents in times of trouble use to hold onto power. Americans have long shown their willingness to rally round the flag and support an embattled commander-in-chief. The question is for how long.

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