Wiener Kongress
Bankers Challenging Rules in Vienna Find Ally in Debt Crisis (Businessweek)
“The sovereign-debt crisis makes it easier for banks to argue that too much regulation will hurt economic growth because of the fragile environment,” said Dirk Becker, an analyst at Kepler Capital Markets in Frankfurt. “They can argue that the risk of a double dip will increase if the credit supply is hurt.”
At stake for banks is the potential need to raise as much as $375 billion in fresh capital under the proposals being discussed by the Basel Committee, according to estimates by analysts at UBS, Switzerland’s biggest bank. Banks worldwide have written down $1.76 trillion since the credit crisis started in 2007, according to data compiled by Bloomberg.
The IIF, based in Washington, plays “a significant role” in financial crises by “bringing together the views of leaders of the private financial sector, exchanging those views with public-sector officials, and supporting those with analytical reports,” said Frank Vogl, a spokesman for the IIF.
While bankers and regulators wrangle over what’s more effective — holding more capital or being able to let too-big- to-fail banks go bust — neither approach goes far enough, Nouriel Roubini, the New York University professor who predicted the financial crisis, said at a conference in Zermatt, Switzerland, on June 4.
“The idea that we’re going to orderly close them down through a resolution regime to me is a pipe dream,” Roubini said. “If it’s too big to fail, then it’s just too big. It should be either broken up or induced to break up through really high capital charges.”
Top-Banker aus aller Welt konferieren in Wien (derstandard.at)
Einflussreicher Weltbankenverband kommt in Wien zusammen (AFP)
Protest gegen Kongress
Kundgebung: Weg mit der (Bildungs)Krise!
Am 9. Juni trifft sich die “Global Bank Community“ im Rahmen des “Institute of International Finance-Membership-Meetings“ mit den G 20 – den Finanzminister_innen der 20 reichsten Staaten der Welt – in der Wiener Hofburg. Ziel dieses Treffens ist das scheiternde Finanz- und Wirtschaftssystem letztlich auf unsere Kosten zu retten.
Um den totalen Zusammenbruch aller kapitalistischen Strukturen zu verzögern und damit den Schein einer funktionierenden Weltwirtschaft zu wahren, stopfen die Regierungen erneut Unsummen von Staatsgeldern in kaputte Finanzunternehmen, in marode Staatshaushalte und in den Euro.
Grüne Wien protestieren gegen Bankengipfel (OTS)
“Mehr Chuzpe geht wohl nicht. Das ist, wie wenn das Organisierte Verbrechen eine Tagung abhielte, um die Politik davon zu überzeugen, dass das Strafgesetzbuch überflüssig ist”, so der Globalisierungskritiker und Kandidat der Grünen Wien, Klaus Werner-Lobo. “Das Schlimmste daran ist aber, dass sie damit Erfolg haben.”
Krugman vs. Austerity
The Global Transmission of European Austerity (NYT)
Folks, this is getting ugly. And the US needs to be thinking about how to insulate itself from European masochism.
The Seductiveness of Demands for Pain (NYT)
What’s going on here? I don’t think you can resort to class-warfare arguments. What I think is happening is that we’re seeing the deep seductiveness, for many economists (and others), of taking what sounds like a tough-minded position in favor of inflicting pain on the economy — and the people who make up that economy.