http://blogs.reuters.com/mohamed-el-erian/
Zitat:".........We should all accept that Europe and America — the former for fundamental reasons and the latter for self-inflicted ones — are now in a de-levering cycle whose consequences will be with us for many years.
The actual process of de-levering can play out rather quickly. Indeed, too fast a de-levering can be catastrophic in terms of its impact on growth, employment and poverty. So you can be sure that policymakers will do their utmost to deliver a safe, gradual process.
The best way to do so is through high economic growth. This maintains living standards and generates incremental income to pay off debt, thus providing an orderly path to medium-term debt sustainability. Unfortunately, this option is not available today to either Europe or the US as both are stuck in what PIMCO has been describing for over two years now as the bumpy journey to a new normal.
Other than some short bursts, Europe and America are unable to sustain the sort of economic recovery that would make a meaningful dent in their debt dynamics. They will remain in this regrettable situation until policymakers become more serious about a comprehensive and coordinated set of measures to remove structural impediments to sustained economic activity — including steps to improve the functioning of the housing and labor markets, better worker retooling and retraining, enhanced education systems, even more bank lending, improved productive infrastructure, etc.
If they are unable to grow out of their debt problems,
countries have four other options. Two of these are also available to us as individuals: we can
default, and let restructuring lower our debt burdens, albeit in a rather disorderly fashion; or we can implement
austerity, spending less in order to generate cash to pay off our debt.
Because countries control the printing presses and write regulations — things that the rest of us do not have or cannot do — they have two additional alternatives.
They can try to inflate their way out of the debt, or they can reduce it through years of “
financial repression,” that is, paying millions of depositors and creditors much less than they deserve in order to divert funding to debt payments..........."
>> In einem muss ich PIMCO ergänzen ! Die Möglichkeit Entschuldung PER INFLATION ist in jedem der oben genannten Möglichkeiten als Kombinantion mit den anderen 3 Möglichkeiten nicht ausgeschlossen, sondern mit an Sicherheit grenzender Wahrscheinlichkeit zumindest als Kombination ("begleitende Maßnahme") dabei.
Inflation und negative Realzinsen über Jahre, die die Schulden und damit auch das Ersparte (denn Erspartes sind gehaltende Schulden eines anderen !) entwerten sind ja bereits längst REALITÄT und ihr davon ausgehen, dass dieser Weg - egal was sonst noch dazu kommen mag (Austerity, Default, finanzielle Repression/Steuern) im besten Fall noch einige (!) Jahre bestritten werden.
Macht Euch weitere erhebliche REALVERLUSTE bei Eurem Ersparten auf der Bank (@ Fungi) und auf Eure Löhne/Pensionen in den kommenden Jahren gefasst.
Der psychopathische "witzig" - Stalker ist wieder aktiv ;0)
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