2013 m. gruodžio 28 d., šeštadienis
2013 m. gruodžio 27 d., penktadienis
2013 m. gruodžio 24 d., antradienis
2013 m. gruodžio 22 d., sekmadienis
2013 m. gruodžio 21 d., šeštadienis
2013 m. gruodžio 5 d., ketvirtadienis
2013 m. gruodžio 1 d., sekmadienis
2013 m. lapkričio 28 d., ketvirtadienis
2013 m. lapkričio 26 d., antradienis
2013 m. lapkričio 24 d., sekmadienis
2013 m. lapkričio 20 d., trečiadienis
2013 m. lapkričio 19 d., antradienis
2013 m. lapkričio 13 d., trečiadienis
2013 m. lapkričio 12 d., antradienis
2013 m. lapkričio 11 d., pirmadienis
2013 m. lapkričio 9 d., šeštadienis
2013 m. lapkričio 7 d., ketvirtadienis
2013 m. lapkričio 5 d., antradienis
2013 m. lapkričio 3 d., sekmadienis
2013 m. lapkričio 2 d., šeštadienis
2013 m. lapkričio 1 d., penktadienis
2013 m. spalio 27 d., sekmadienis
2013 m. spalio 24 d., ketvirtadienis
2013 m. spalio 23 d., trečiadienis
2013 m. spalio 21 d., pirmadienis
Dagys apie pensijas
Cia. Kaip zmones nesupranta, kad negyvi daiktai pinigu neturi?! Uz tipo valstybes subsidijas pensijoms didziaja dalimi ir sumokes tie, kurie jas gaus - mazesnem algomis, kuklesnem viesosiom paslaugom ir didesniais mokesciais:)
2013 m. spalio 7 d., pirmadienis
2013 m. rugsėjo 26 d., ketvirtadienis
2013 m. rugsėjo 24 d., antradienis
2013 m. rugsėjo 20 d., penktadienis
2013 m. rugsėjo 19 d., ketvirtadienis
2013 m. rugsėjo 3 d., antradienis
2013 m. rugsėjo 1 d., sekmadienis
2013 m. rugpjūčio 30 d., penktadienis
2013 m. rugpjūčio 26 d., pirmadienis
2013 m. rugpjūčio 21 d., trečiadienis
2013 m. rugpjūčio 12 d., pirmadienis
2013 m. rugpjūčio 11 d., sekmadienis
2013 m. rugpjūčio 7 d., trečiadienis
2013 m. rugpjūčio 6 d., antradienis
2013 m. liepos 30 d., antradienis
2013 m. liepos 28 d., sekmadienis
2013 m. liepos 23 d., antradienis
2013 m. liepos 21 d., sekmadienis
Viesoji nuomone kaip pinigai
Prancūzų diplomatas, rašytojas, filosofas ir politikas Josephas-Marie de Maistre'as (1753-1821) jau prieš du šimtus metų pastebėjo tai, kas mums itin išraiškingais pavidalais paaiškėjo tik nepriklausomybės laikais: „iškreipta viešoji nuomonė yra lyg padirbti pinigai: ji reikalinga kaltiems žmonėms atitinkamai paveikti sąžininguosius, kad pastarieji, nė nesuvokdami ką darantys, įteisintų pirmųjų nusikaltimus“.
V.Valiusaitis LRytas.lt
2013 m. liepos 17 d., trečiadienis
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2013 m. liepos 14 d., sekmadienis
2013 m. liepos 12 d., penktadienis
2013 m. birželio 30 d., sekmadienis
2013 m. birželio 24 d., pirmadienis
2013 m. birželio 22 d., šeštadienis
2013 m. birželio 18 d., antradienis
2013 m. birželio 16 d., sekmadienis
2013 m. birželio 15 d., šeštadienis
2013 m. birželio 14 d., penktadienis
2013 m. birželio 12 d., trečiadienis
2013 m. birželio 7 d., penktadienis
2013 m. gegužės 25 d., šeštadienis
2013 m. gegužės 18 d., šeštadienis
2013 m. gegužės 12 d., sekmadienis
Indeliai kaip paskolu zaliava:)
"O žvelgiant iš bankų pusės kreditų ištekliai traktuojami kaip tam tikra gamybinė žaliava, iš kurios teikiami kreditai." G.Nausėda, Veidas.
Kaip yra realybėje, žr. http://neris.mii.lt/~ekonomika/Econlib/rk_pinigai_2013.pdf.
2013 m. gegužės 7 d., antradienis
2013 m. gegužės 5 d., sekmadienis
2013 m. gegužės 1 d., trečiadienis
2013 m. balandžio 26 d., penktadienis
2013 m. balandžio 24 d., trečiadienis
2013 m. balandžio 23 d., antradienis
2013 m. balandžio 20 d., šeštadienis
2013 m. balandžio 19 d., penktadienis
2013 m. balandžio 16 d., antradienis
2013 m. balandžio 15 d., pirmadienis
2013 m. balandžio 13 d., šeštadienis
2013 m. balandžio 11 d., ketvirtadienis
2013 m. balandžio 10 d., trečiadienis
2013 m. balandžio 8 d., pirmadienis
2013 m. balandžio 2 d., antradienis
2013 m. balandžio 1 d., pirmadienis
Munchau apie euro ateiti
It is a question that I have been asking myself for a while: at what point does it become economically rational for a country to leave the eurozone?
There are two things to consider. The first is whether the country’s banking system is viable in the presence of an imperfect banking union – one that will not share any risks in the foreseeable future. The second is whether public and private sector debts are sustainable, given the country’s present and expected future growth rates.
For Cyprus, the answers to both questions are no. The decision to bail in shareholders, bondholders and uninsured depositors would have been logical if the eurozone had a full banking union. There would be no bank run as all banks would be reinsured centrally.
In this parallel universe, one could have wound down Cyprus’s second-largest bank without collateral damage to the wider banking system, or to the Cypriot economy. The US shows how this works: if the Federal Deposit Insurance Corporation raids a bank in San Francisco, and bails in uninsured depositors, there is no bank run on neighbouring banks as California is not liable for the banking system. Instead the US has a federal resolution authority and deposit insurance system.
But as each eurozone country remains responsible for their banking systems, Cyprus had no choice but to impose capital controls after the bail-in. Despite official protestations, these controls will persist for a very long time. The authorities have in effect launched a new parallel currency convertible to the standard euro at an exchange rate of one to one, but only up to €5,000, the monthly transfer limit. It is not hard to imagine that exit from the eurozone would have been more traumatic to the population, but it would have brought the benefit of a devalued exchange rate.
And that answers the second question. Cyprus is more likely to return to debt sustainability outside the eurozone, because a lower exchange rate would reduce net debt, and because of a faster resumption of economic growth.
The same is ultimately true of Spain as well. Jeroen Dijsselbloem, Dutch finance minister and president of the eurogroup of eurozone finance ministers, unwittingly answered that question when – in an interview with the Financial Times – he shocked the world by telling the truth. It is now the stated policy of the creditor countries to solve the problem of a debt overhang in the banking sector in the peripheral countries through the bail-in of bondholders and depositors.
Just think this one through. Minus its two largest banks – BBVA and Santander – Spain’s banking system is broke, even after recently agreed small recapitalisations. The housing bubble is no longer the main problem, but the ongoing depression is likely to last for most of the decade, given current policies.
The logical consequence of Mr Dijsselbloem’s dictum and the reality of austerity and a deficient banking union is a future bail-in of Spanish bank bondholders and depositors.
The problem is that even insured deposits will then not be protected. Look at what happens in Cyprus, where capital controls affect small and large deposits alike. I would expect that to happen in Spain as well. Given the stated policy, it is logically irrational for any Spanish saver to keep even small amounts of savings in the Spanish banking system. There is no way that the Spanish state can guarantee the system without defaulting itself.
The consequence is that for Spain, too, it will eventually become economically rational to leave the eurozone. The best moment would be the time when the country achieves a fiscal balance before the payment of interest on debt.
The same is also true of Greece, where economic growth keeps undershooting the underlying assumptions in the official debt sustainability analysis. In the absence of a willingness by the creditor countries to agree another debt rollover programme, the same routine beckons – more bail-ins, including of Greek bank depositors.
And Italy? Its public sector debt, approaching 130 per cent of gross domestic product, is sustainable if the country manages to return to economic growth rates of 2 per cent. With growth just a little over zero for the past 15 years, it is unclear what a government can do to bring this change about. It would require big downward wage adjustments in the private sector, and efficiency gains in the public sector.
Italy’s next government would have to confront vested interests on lines similar to what happened in the UK in the early 1980s. If the political gridlock could not be resolved to achieve this effect, Italian society would be heading for a straight choice between a default inside the eurozone, or exit.
The first of these choices would be really toxic, especially for depositors. If you believe Mr Dijsselbloem, as I do, then it would be rational for every southern European to take their money out of the country and deposit it outside the eurozone.
In an environment in which the creditor countries refuse a genuine banking union, the hurdle for an economic case in favour of leaving the eurozone is shockingly low. Of course, economics may not be the main criterion in a country’s decision. In the short term, politics may trump economics. But in the long run, you cannot operate a monetary union in the face of economic logic.
2013 m. kovo 28 d., ketvirtadienis
2013 m. kovo 26 d., antradienis
2013 m. kovo 25 d., pirmadienis
2013 m. kovo 24 d., sekmadienis
2013 m. kovo 23 d., šeštadienis
2013 m. kovo 12 d., antradienis
2013 m. kovo 10 d., sekmadienis
2013 m. kovo 3 d., sekmadienis
2013 m. kovo 2 d., šeštadienis
2013 m. vasario 25 d., pirmadienis
2013 m. vasario 8 d., penktadienis
2013 m. vasario 7 d., ketvirtadienis
2013 m. vasario 3 d., sekmadienis
2013 m. vasario 2 d., šeštadienis
2013 m. sausio 28 d., pirmadienis
2013 m. sausio 21 d., pirmadienis
2013 m. sausio 9 d., trečiadienis
2013 m. sausio 7 d., pirmadienis
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