MARCH 25 2020
Mario Draghi:
we face a war against coronavirus and must mobilise accordingly
Higher public debt levels will become an economic feature and be accompanied by private debt cancellation*
- huge and unavoidable economic cost.
- a great many more face a loss of livelihood.
- Day by day, the economic news is worsening.*
- Companies face a loss of income across the whole economy. A great many are already downsizing and laying off workers.
- A deep recession is inevitable.*
- the answer must involve a significant increase in public debt.
- The loss of income incurred by the private sector — and any debt raised to fill the gap — must eventually be absorbed, wholly or in part, on to government balance sheets.
- Much higher public debt levels will become a permanent feature of our economies and will be accompanied by private debt cancellation.
Quelle:
https://www.ft.com/content/c6d2de3a-...f-41bea055720b
Seine These im Prinzip - meiner Meinung nach:
Die jeweilige Volksgemeinschaft muss auch alle diejenigen retten, die vorher durch üppiges Schuldenmachen reich geworden sind - und einfache Bürger ziehen dabei dann selber die Arschkarte, da sie letztlich in Haftung genommen werden für die Kreditausfälle der früheren Heuschrecken.
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Breakingviews - Why 150% is the new 100% for public debt/GDP
Swaha Pattanaik, MARCH 26, 2020,
https://www.reuters.com/article/us-h...-idUSKBN21D1NO
Zitat:
Goldman Sachs on March 24 predicted Italy’s debt-to-GDP ratio {für die USA}, which was 137% in the third quarter of 2019, would rise to 161% this year. The investment bank expects the comparable metric for France and Spain to surpass 100% by some margin.
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Zitat:
Bond investors would normally look askance at government debt exceeding the value of a country’s yearly output. Not in a post-virus world.- First, GDP would plummet further and longer without emergency spending, so the debt burden is set to rise anyway.
- Second, since public debt is rising relative to GDP everywhere, the level at which bond investors get worried will change. As former European Central Bank chief Mario Draghi wrote in the Financial Times on Wednesday, much higher debt levels will become a permanent feature.
- A third reason why public debt of around 150% of GDP might become the new 100% is that Draghi’s old employer and other central banks are buying ever larger amounts of it. (...) the ECB has dropped self-imposed limits that applied to a previous asset-buying scheme from its new 750 billion euro Pandemic Emergency Purchase Programme. That should help keep a lid on bond yields.
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