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Ora Basta @giuslit
, 3 tweets, 2 min read Read on Twitter
‘Financial support for low-income families, for instance, could be particularly effective, because the money would go to the people most likely to spend it’ ⁦@AshokaMody⁩ bloomberg.com/view/articles/…
‘In such a perilous environment, failure to pursue a constructive discussion could precipitate economic and political disaster.’ @AshokaMody
’On the other hand, changing the narrative to give legitimacy to a modest Italian stimulus will reassure investors and calm the markets. European officials should quickly reconsider their position’
(In breve: è meglio che a Bruxelles la piantino) @AshokaMody
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Qualche spunto interessante. Ma sembra un’intervista vecchia di anni. Siamo sempre là: euro costruito male, gestito peggio ma uscire è ancora peggio che restare. La metafora del carcere. La sensazione finale è quella di sentirsi cadere le braccia.
Chissà perchè i tedeschi ci volevano dentro l’euro ad ogni costo... e ci riuscirono al cambio di 990 col marco (dopo i massimi oltre 1.200 del ‘95) da cui scaturì l’euro a 1936,27. Quel 990 fu presentato come un successo, ma fu invece il costoso biglietto di ingresso.
#Tremonti ancora si chiede se la crisi sia stata di debito pubblico o privato e se gli #NPL non siano un grande banchetto allestito dalla #BCE a favore di un oligopolio internazionale...
Spero siano domande retoriche.
Read 4 tweets
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Sono passati 20 anni dall’introduzione dell’#euro e siamo ancora a costruire i muri portanti. Nel frattempo mezza eurozona conta le macerie che sono state prodotte da un tetto che oscilla ad ogni colpo di vento. ft.com/content/019fd7…
1️⃣Il terzo essenziale pilastro dell’Unione Bancaria è la garanzia comune dei depositi, che non c’è e rischia di non esserci a lungo. Verrà una crisi, esploderà una qualsiasi bolla e saremo di di nuovo a discutere della sopravvivenza dell’#euro.
2️⃣Le famose regole europee sul ‘rumore consentito nel condominio’: misteriose, prive di logica e basate su un parametro (deficit strutturale) impossibile da calcolare con precisione. Di cosa parliamo? @gloquenzi @carlostagnaro @ZappingRadio1
Read 6 tweets
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Buona parte del pomeriggio a chiacchierare con il capo di una piccola (ma non troppo) banca italiana.
Ci sarebbe da scrivere un libro.
Qui alcune pillole...
1️⃣‘buona parte delle norme adottate dalla Vigilanza #BCE è pro-ciclica. Hanno solo peggiorato i problemi. Ce ne accorgeremo tra poco quando le banche dovranno emettere bond per costituire ‘cuscinetto’ aggredibile in caso di #bailin. (MREL)’
2️⃣‘L’aumento di rendimento dei BTP, pur avendo causato qualche minusvalenza sui titoli in carico, è una panacea. Ora BTP diventano il posto migliore per impiegare liquidità e migliorare i conti, considerato che il costo della raccolta resta stabile’
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In which ⁦@Fahrenthold⁩ and ⁦@OConnellPostbiz⁩ revisit a central question about the president’s finances: Where did the Trumps get the money for their mid-2000s shopping and development spree? No, not Fred. washingtonpost.com/politics/after…
1/4: The Washington Post story about the sources for Trump's mid-2000s offer a reminder that the president's intersection with Bayrock on the Trump Soho and Felix Sater is still an interesting transaction: bloomberg.com/view/articles/…
2/4: On the Trump SoHo deal, there were interesting and murky $$ flows into the project from Eastern Europe and Iceland: bloomberg.com/view/articles/…
Read 5 tweets
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MMT folks always say: "government deficits equal private sector surpluses".

But who cares? Why care about NET private sector surpluses? It's GROSS private sector debt - i.e. money that private actors lend to each other - that really matters, right?

bloomberg.com/view/articles/…
Here is a graph of:
A) U.S. federal debt
B) Total credit to the non-financial sector in the U.S.

It's not at all clear to me that govt. deficits cause private sector deleveraging.
So while govt. deficits CAN help the private sector deleverage, it seems clear that they sometimes DON'T.

The MMT focus on NET private sector debt seems like it could be a distraction from the real danger: GROSS private sector debt.

(end)
Read 3 tweets
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We are dying younger, in part, because of deliberate policy choices made over decades:
• Rejecting universal health care.
• Cutting taxes for the rich.
• Shunning income support.
• Abandoning universal child care.

Those choices increasingly set us apart in the world. #SDoH
“...any man’s death diminishes me,
because I am involved in mankind.
And therefore never send to know for whom the bell tolls; it tolls for thee.”
#SDoH #Interdependence #PEoH theincidentaleconomist.com/wordpress/us-l…
“We are the wealthiest nation on earth, but far from the healthiest, and things are getting worse, not better.” #SDoH #PEoH #HiAP #IRoS statnews.com/2018/01/04/lif…
Read 154 tweets

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