Die zukünftige Rolle des russischen Rubels im internationalen Kapitalverkehr (German Edition)

Often, the level of reliability of a planned project will become apparent with an initial check. Another crucial factor is the individual financial engagement. Only if the developer is prepared to invest their own equity, making them potentially liable, can one be sure of their commitment to the project and reimbursement to investors. There should also be absolute clarity about the legal circumstances of the development firm and its company structure. After all, a record of twenty realised residential projects does not guarantee the professional handling of a retail park modernisation.

Supposing all fundamental factors appear sound: What is to say that a project plan that seems realistic and well thought out will not prove unsustainable eventually? Any platform must therefore check all prospective expenses for plausibility. Building costs will be subject to the same level of inspection as projections of future proceeds. In any case, the assessment of projects chosen for the portfolio should lie within company expertise. Cooperation with established property assessment firms is always advisable as they usually have a wealth of research data at their disposal.

Any project should be evaluated according to standards similar to those a bank may consult in the process of lending. Ideally, projects will undergo assessment twice: Once by the platform deciding whether to add them to their portfolio and once by any bank that is approached for credit. Another crucial step is to clearly and transparently display the information gathered to potential investors.

After all, private investors are not privy to project documentation — also, the terminology used may be quite challenging for laymen. While investors are naturally advised to personally research platforms and project developers, platforms themselves must also do their best to present important information in a user-friendly format.

When doing so, crowd investment platforms should go beyond conventional forecasting of a project. One way to present information accessibly would be to use a points-based system which foresees various risk factors. In a renovation project, for example, an established prime location could be presented next to an elevated vacancy rate in the building.

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In the same way, the development risk of a third-tier location could be offset by the excellent track record of the respective developer. Bringing all these factors together, a platform would be able to display a range of risk categories. The success of a crowd investment project is not primarily decided by whether financing is fully realised. Results will only become visible during the reimbursement phase. Even though platforms act as brokers, supervision of a project should therefore continue beyond the funding period.

This includes establishing contractual reporting obligations for developers which could help to recognise possible negative results or even insolvency early on. On this basis, platforms can then swiftly act and seek dialogue with developers and investors.

1. Best of Blueberries.
2. Inhaltsverzeichnis.
3. Retail Analytics: The Secret Weapon (Wiley and SAS Business Series)?

To date, real estate-related crowd investments have often been associated with subordinated loans. This is, however, not the only possible investment method. Bearer bonds or other securities can also be issued. Due to their clearly defined stipulations, using these bonds can further increase transparency.

In the future, equity investment in a project developer could be another alternative. Investors need a reliable and neutral foundation on which to base their decisions. Despite their intermediary role, platforms should actively communicate that broad diversification remains the most important factor in crowd investment. Michael Stephan worked for over 15 years in leading positions in the digital industry and venture capital industry. For five of those years, he worked as General Counsel of a leading German venture capital company and directed the capital market part of a bank for two years.

It is a smart, digital platform, that brings private investors together with leading professional investors in the real estate industry for joint projects. This enables iFunded investors access to exclusive project financing, which was previously reserved for institutional investors. Herr Rutz, Emerging Markets sind ein weiter Begriff! In der Vergangenheit waren wir aber auch stark in China investiert.

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2. Viaggio in Italia - gli anni di piombo (Italian Edition);
3. The Tenant of Wildfell Hall (Collins Classics).
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Wie sieht es denn mit den Risiken aus? Wir limitieren das Exposure pro Unternehmen auf max. Wir sind mit einem sehr aktiven und opportunistischen, globalen Relative-Value-Ansatz unterwegs. Viele Investoren bezeichnen uns als Contrarian — wir nennen uns hingegen Early Movers. Wir gehen davon aus, dass die zyklische Erholung anhalten wird.

Daher gehen wir auch weiterhin von hohen einstelligen bis zweistelligen Renditen Prozent auf annualisierter Basis aus. The debate on whether to use passive or actively-managed funds can sometimes be one-sided. Investors seem to be voting with their feet. The scale of the recent shift of money from actively managed funds into those that track market indices has become hard to ignore.

But seemingly unstoppable investment trends have a habit of reversing unexpectedly. The research we have undertaken recently certainly suggests that investors should keep an open mind. In reaching this conclusion, he assumed that the index represented the entire range of investment opportunities, and that all participants were motivated by the same objectives. In truth, for many investors, an index return may not coincide with the outcomes they are seeking. For instance pensioners needing to create a secure income in retirement. Markets have also become distorted by the actions of central banks, buying bonds in quantitative easing programmes, or by governments owning stakes in companies.

Some markets are more efficient than others, but conclusions are often transferred from one to another.

We have analysed the data on different markets. In the case of large cap US equities, this conclusion is reinforced from other sources, but there are weaknesses in the SPIVA methodology. It assumes any fund which has closed or been merged into another fund has underperformed. This assumption is not universally valid. There is a tendency to extrapolate from the US market the conclusion that other equity markets are hard to beat. But the US is different — institutional ownership, particularly by home-grown institutions which are more familiar with domestic securities, is significantly higher than in other countries.

The US, therefore, is a more efficient market. We looked at performance in other major markets. But rather than assume passive performance is the same as the market index, we have used a more realistic comparison — ETFs. These bear real management fees and trading costs, which an index does not. The results, below, suggest that in many markets the argument that most active funds underperform is far from clear cut.

Returns are shown in US dollars except for UK equities in sterling. Includes actual performance of funds closed and opened during the period. Drilling down further, we looked at how active performance has varied over time in the UK and emerging markets. We looked at monthly excess returns after fees — in this case against the index.

Unlike previous studies, we included only funds that are benchmarked to a broad index. By doing so, we excluded the funds that are either not benchmarked, or funds that employ a specific strategy, such as sustainability or special situations. The charts below show the percentage of active funds in the UK and within emerging markets that have outperformed their benchmarks on a rolling five-year basis.

Only funds that have a full five years of performance history at a given date were included in the calculation. The second chart shows a similar pattern for emerging markets equities, with active performance improving steadily since Investment Association primary retail share class active UK equity funds domiciled in the UK in sterling. Data to March There is also good evidence that managers who perform well over the longer term experience significant periods of underperformance in the short term.

The implication is that investors are more likely to achieve good outcomes if they do not abandon a strategy after a short period of underperformance. Another important consideration when considering passive investing is fees. We measured active performance against indices net of fees, which penalises performance as the index bears no costs.

The point about measuring the real cost of passive management is most visible in emerging markets, where the costs of acquiring market exposure have been higher until recently typically 0. Of course, the cost of passive has fallen significantly in the last few years, raising the standard against which active managers will be measured in future, but in many markets passive costs are still material.

In the case of a government bond fund, this could result in investors being directed towards governments with debt problems. In developed markets, this could mean investing large amounts in Italian bonds; in emerging markets, Venezuelan bonds. There is little logic to this approach. This is far higher than in stockmarkets and will inevitably raise trading costs. As a result, passive bond funds can significantly underperform their indices, as the table below demonstrates.

Chart shows annualised returns in US dollars to 30 April , net of fees. An increasingly important issue for individual savers and pensioners is the real world outcomes they want. It is questionable to what degree passive can help in this regard. For example, as discussed earlier, many people simply want stable and reliable income in retirement.

For these investors, success is likely to depend on allocating to the right asset classes. This cannot be done passively. Instead of following a traditional index, based on market capitalisation, these passive funds select shares based on other criteria, such as yield or volatility. A mix of these strategies has beaten index returns over the past 15 years and done so more cheaply than traditional active management. Even so, getting the best out of smart beta strategies will require decisions to be made over which ones to use and when. It is also worth considering the role active investors play in the broader economy and society.

Without active managers, asset prices would be based purely on the market size of companies, meaning there would be no mechanism to deploy capital in the best places and maximise returns for the benefit of the whole economy. There is already evidence that recent large flows into passive funds are leading to distortions in markets. We would contend that the stewardship activities of active investors raise returns in the capital markets by encouraging higher standards of corporate governance and directing capital into faster-growing industries.

This is a role governments in both Europe and Asia are encouraging. In Japan, in particular, policymakers are keen to see stewardship lead to better capital allocation, and everywhere managers are expected to exercise their voting rights responsibly. There is a danger that, where active management has not met expectations, investors feel that they should abandon it altogether.

But closer analysis of the data suggests many investors in active equity strategies have beaten passive funds after fees. It is true that the characteristics of the US equity market make this the hardest market to beat. But we believe it is incorrect to extrapolate from the US to other equity markets, where there is no evidence that active performance is on a secular downtrend. In bond markets capitalisation-weighted indices are both illogical ways to invest, and hard to track.

And for investors who need to achieve a particular outcome, passive can be an impractical solution. Moreover, active performance is cyclical. Active managers fare better in some environments than others, and selling out of a manager with a strong philosophy and process after a short period of underperformance risks locking in underperformance.

Investors need to use all the tools available to them: We would argue that the potential value added from active management remains critical to maximising the return from a broad portfolio, meaning that active management will in time start to regain share from passive. Across asset classes, volatility has moderated, and the underlying macro landscape has improved on a global basis, prompting greater investor optimism.

Political uncertainty has also moderated, with two key exceptions: At the centre of this low volatility is loose monetary policy and vast central bank bond purchases which have prompted an investor hunt for yield. The first option for yield hunters was in the lowest risk free assets such as investment grade bonds, but it has now also pervaded high yield bonds, equities and the options market, distorting market valuations and driving down perceived risk. Lurking behind the apparent market serenity are potential geopolitical flare-ups and the unknown consequences of unwinding loose monetary policy.

As is the very nature of risk, timing of unexpected events is unknown but typically lead to sharp spikes upward in volatility. Other potential instigators of volatility spikes could include a China debt crisis, a central bank policy error, an oil price shock or upcoming debt ceiling negotiations in the US. Despite our concerns, the global economic environment, in the face of a US tightening cycle, is continuing to improve in both the developed and emerging world, supporting strong corporate earnings results.

The most recent earnings season has been very positive for global assets. European corporate revenues were flat, but stripping out foreign revenues reveals continued growth. We continue to see Europe as having the best earnings recovery outlook while being, on a relative basis, attractively valued. The tech sector despite having relatively attractive valuations has suffered from recent poor price performance. Both earnings and revenue growth have been positive, highlighting fundamentals remain intact. Although global bond yields are hovering near the lowest levels in history, it is not necessarily a bubble in the traditional sense.

Yields are artificially low, driven by extraordinary levels of central banks stimulus. In this framework, we would characterise the situation as a bond balloon, not a bond bubble. The critical difference between a balloon and a bubble is what happens at the end: The gradual deflation of the bond balloon is a key aspect of what central banks are keen to achieve with the unwinding of asset purchase programmes. Communication is crucial to forming investor expectations about the path for tighter monetary policy. It seems there is little appetite amongst policymakers for being overly aggressive, even in the face of stronger wages and consequent inflation.

Central bankers are aware of the damage volatility spikes and market instability would have on global economic confidence and in turn activity. It is paradoxical that quantitative easing QE , the very tool used to alleviate market stress, could be the root of renewed market stress when it unwinds. Policymakers want to avoid a negative feedback loop, whereby they react to this market stress by reversing tighter policy decisions that instigated market volatility.

Deviating too far from market expectations on policy could cause this market stress, forward guidance and transparency are therefore essential. Central bank communication is improving and we feel it is unlikely there will be another taper tantrum as was seen in Nonetheless, we believe that the market has misinterpreted central bank rhetoric in some instances.

Failure to understand where the central banks are positioned is a source of market mispricing risk, particularly in the FX space. The strength of the Euro is not a comfortable position for the ECB, as it threatens the firmer footing that inflation had been building - core CPI is at its highest level since Dovish rhetoric from the ECB could be the catalyst for the near record long futures positioning to unwind quickly.

While we expect the US Dollar to gain ground in H2 against major currencies broadly, lower volatility should see the Japanese Yen move sharply lower as the central bank remains accommodative and investors look offshore for yield. Lastly, we expect uncertainty surrounding Brexit negotiations to overshadow the increasing willingness of the Bank of England to tighten policy against a relatively stable domestic economy. To the extent that deliberations give rise to some clarity surrounding a constructive economic outcome for both the UK and the EU, we feel GBP has upside potential, especially against the Euro.

Rising real yields should support the Pound and cooling volatility will allow investors to focus on fundamentals. There are two macro issues that stand in the way of significant further upside in commodities in These issues have led to gyrations in gold, conflicted by the threat of rising interest rates but seen as a safe haven when geopolitical issues escalate. We continue to see growing demand for commodities at a time when there is a continued lack of investment, particularly in the mining industry. We therefore see industrial metals as the most attractive commodities subsector.

Please find ETF Securities full outlook here. Die weltweite Erholung setzt sich schnell fort. Der entscheidende Unterschied ist, was am Ende passiert: Drei Ereignisse markieren aus Autorensicht wichtige Meilensteine und sollen einen kleinen Einblick in die Vielzahl der Einflussfaktoren geben. Juli ist die Umlaufrendite in Deutschland seit ihrem letzten Hoch im Jahr kontinuierlich fallend. Nach Ansicht von Finanzmarktteilnehmern ist dieser sichtbare Trend ebenfalls einer Vielzahl von Effekten zuzuschreiben.

Euro im Jahr auf 5,6 Bill. Solche Emissionen mit einem Volumen von unter Mio. Unternehmensanleihen mit kleineren Emissionsvolumina i. Sie gibt an, um wie viel Prozent der Kurs einer Anleihe sinkt, sollten die Zinsen um einen Prozentpunkt steigen. Ein weiterer Faktor kommt hinzu: Auch Anleiheportfolios schwankten im Wert zuletzt signifikant geringer, als es die Berechnungen vorhersagen siehe Grafik. Fidelity International, Bloomberg per Jeder Block ist mit einem Zeitstempel und einem Verweis zum vorangehenden Block versehen.

Sylvie Sejournet kam zu Pictet Asset Management. Die Akzeptanz nachhaltiger Investments steigt sowohl bei institutionellen als auch bei Privatkunden immer mehr an. Bis zum Ende des Jahres kann man von bis zu einer Verdoppelung des aktuellen Volumens ausgehen. Um eine Standardisierung des Begriffs Green Bond voranzutreiben, haben sich einige Finanzmarktakteure zusammengefunden und ein Rahmenwerk entwickelt. Hier kommen die bereits genannten Bereiche rund um erneuerbare Energien und andere nachhaltige Themen mit dem Ziel des Klimaschutzes ins Spiel. Eine Darstellung des konkreten Effekts der Projekte — also des Impacts — ist anzustreben.

Green Bonds mit dem Hintergrund der Finanzierung von Klimaschutzprojekten zielen genau auf dieses Thema ab. Von den im Zuge unseres Engagement-Prozesses kontaktierten Emittenten haben uns mit einer Ausnahme alle Feedback gegeben. Instead, we found that a portfolio that uses the CAPE ratio as a momentum indicator has better chance to outperform. Shortening the average period used for earnings in calculating the CAPE ratio improves the performance of the short-term momentum model slightly. In one of our previous notes, we created a tactical portfolio and showed how it performed compared to its strategic benchmark based on three rule-based models applied to equities, bonds and commodities respectively.

In this note, we are revisiting our equity model specifically as it has been the least efficient in signalling timely investment opportunities in the equity complex. We first look at the CAPE ratio and examine if it can be improved. We then provide a practical example of its enhanced returns in a portfolio. One commonly used ratio to assess whether a stock or an equity index is over or undervalued is the price-to-earnings PE ratio.

In order to make it comparable over time, the price is adjusted for inflation real price , as is the earnings per share real earnings , resulting in the real PE ratio. In this note, we have replaced the average real PE by the median real PE to remove unnecessary noise in the data.

The previous chart shows a relatively strong correlation between the valuation indicator and the index annual return here the MSCI US Index. Since January , both lines started to diverge, suggesting that valuation multiples may not be as efficient as they used to be in predicting equity returns. In this section, we tested whether using a shorter average earnings period would improve the signal provided by the CAPE. Our analysis shows that using the median earnings over a 5-year period new valuation indicator rather than the traditional year period old valuation indicator improves the correlation between the valuation indicator and the index return since Janury We believe the market has been willing to pay a premium for earnings visibility and therefore willing to re-rate already elevated multiples.

We have observed a similar re-rating in the past, between and , prior to the great financial crisis. In the following sections, we will look at how it translates in terms of performance in a portfolio of 27 equity indices. In this section, we have created two portfolios based on the previous valuation indicators and compared them to our equity benchmark, a subcomponent of the MSCI AC World with the same index methodology but 27 constituents out of Both portfolios assume that the CAPE ratio will mean revert to its long-term average.

In both cases, the model overweights the five cheapest indices and underweights the five most expensive. Our analysis shows that both portfolios outperform the benchmark if it holds its positions for at least four years as illustrated in the chart below. We observe that the portfolio using the new valuation indicator has a slightly better information ratio than the portfolio using the old valuation indicator model 1.

The below table shows the performance of portfolios with a holding period of four years. Model 1 outperforms the benchmark by 0. In addition to higher returns and lower volatility, model 1 recovers faster to previous peak and provides better protection against the downside risk.

In this section, we look for a model that can outperform the benchmark over a holding period shorter than four years. When model 1 is applied to a portfolio that rebalances every month, the Sharpe ratio declines to 0. For monthly returns, we find that a momentum strategy using the 5-year CAPE ratio works best. This new model model 2 overweights the five most expensive indices while underweighting the cheapest five.

The above chart shows that model 2 outperforms model 1 and the benchmark by 0. The Sharpe ratio improves from 0. The below table shows the performance of model 1 and model 2 when rebalancing every month. Shortening the average period of earnings used from ten to five years in the valuation indicators shows a better correlation with the index annual return. In a portfolio of equity indices, a strategy based on a mean reversion of the CAPE outperforms the benchmark when the positions are hold over a period of four years at least.

Using five-year average earnings rather than ten increases the outperformance slightly. Both portfolios based on the old and new valuation indicators enhance the Sharpe ratio from 0. However, over a shorter holding period, the CAPE model underperforms and we found that a momentum strategy that actually overweights underweights expensive cheap markets works best.

A portfolio that rebalances monthly using this momentum strategy enhances the Sharpe ratio to 0. Diesmal haben wir uns in diesem Zusammenhang mit dem Thema Marke auseinandergesetzt. Das betraf Produkte u. Wir leben in einer Zeit, in der vieles volatil, unsicher, komplex, und mehrdeutig ist - auch als VUCA bezeichnet. Uns mangelt es nicht an Korrelationen: Wir erfahren sofort, dass Kunden, die dies gekauft auch jenes gekauft haben.

Die Auswirkungen sind gravierend. Nehmen Sie einen Onlineshop: Das Marken-Produkt wird in seiner Produktkategorie z. Wir beobachten dies u. Die Herausforderung ist eindeutig: Big Data sind Unmengen an Daten, aus denen erst durch die richtigen, von Menschen gezogenen qualitativen Schlussfolgerungen Kunden-Nutzen entsteht. Diese Welten vermischen sich - nicht nur in technischer Hinsicht, sondern in Wahrnehmung und Verhalten der Menschen. Die Zukunft beginnt jetzt.

Die Frage lautet nicht: Welche Werte leiten unser Denken und Handeln? Diese Werte, dauerhafte Versprechen und Vertrauen sind Grundfesten erfolgreichen Wirtschaftens und funktionierender Gesellschaften. Dieser Beitrag erschien zuerst auf businesswire. Returns face further compression and investors seeking positive real returns would be advised to look at riskier assets: Our seven-year returns forecast largely builds on the same methodology that has been applied in previous years, as explained in the appendix to this document; and has been updated in line with current market conditions and changes to the forecasts provided by the Global Economics team.

One key change this year has been a change to our methodology for forecasting credit returns, to incorporate the effects of quantitative easing QE. A full description can be found in the appendix. Table 1 below shows our forecast returns for the —24 period.

Themen » altii Fondsportal

Cash and bond returns are largely expected to be negative in real terms, unsurprising perhaps given the continued low rate environment. Investors seeking positive real returns would be advised to look at riskier assets: However, even here it seems positive returns are not assured. European credit and equities, for example, are both expected to yield negative real returns over the forecast horizon. Please find the full analysis of asset class returns here.

In der Politik wird zunehmend die protektionistische Karte gespielt: Echte Globalisierung sieht anders aus. Es wird voraussichtlich noch einige Jahre dauern, bis zu erkennen ist, wie die Neuregelung des Waren-, Dienstleistungs-, Kapital- und Personenverkehrs in Zukunft aussehen wird. Die volkswirtschaftlichen Kosten von Protektionismus zu bestimmen, ist daher ein schwieriges Unterfangen. Dieser Kapitalabfluss hat den chinesischen Renminbi destabilisiert.

Anleger, die protektionistischen Tendenzen trotzen wollen, sollten bei ihren Anlageentscheidungen insbesondere auf die folgenden drei Trends setzen. Rohstoffaktien haben sich im Vergleich zu Industrieaktien in den letzten 12 Monaten bis Mai sehr gut entwickelt. Dies hat einen ganz einfachen Grund: Diese Entwicklung steht zwar noch ganz am Anfang, aber China hat sich bereits den Zugriff auf eine Vielzahl halbstaatliche Unternehmen gesichert, die Zugang zu lokaler Ersparnis und internationalen Krediten haben, um ihre Investitionen in Lateinamerika zu finanzieren.

Dasselbe Bild bietet sich im Automobilsektor. Wind und Regen kommen dann zwar nicht herein, aber auch keine Sonne und keine Luft. In einem Handelskrieg gibt es keine Sieger. Beide Komponenten tragen zum Gesamtertrag des Portfolios bei. Global Macro umfasst die risikokontrollierte Aufteilung des Kapitals auf jene Anlageklassen, denen volkswirtschaftliche Daten und historische Modelle die besten Aussichten zuschreiben. Nach dem erwarteten Trendende einer Anlageklasse wird das Kapital aus den Investments wieder abgezogen und in einen neuen Trend investiert.

Das wurde von den Marktteilnehmern so nicht erwartet. Als Folge sind Aktien und Anleihen gleichzeitig im Kurs gefallen. Wenn man von geringeren Wartungskosten bei E-Autos spricht, sollte man nicht vergessen, dass auf Basis aktueller Technologien nach rund Ladezyklen ein Batterieaustausch vorgenommen werden muss. Allerdings ist die Entsorgung der Altfahrzeuge samt Batterien zumindest hinsichtlich der Treibhausgasemissionen unwesentlich. Durch das Nebeneinander von zwei Technologien sind Plug-in-Hybride relativ teuer und vom Gewicht her vergleichsweise schwer.

Unter den zukunftsweisenden Technologien gelten Brennstoffzellenfahrzeuge als Alternative zu Elektrofahrzeugen. Die Gewinnung des Wasserstoffs und die Speicherung sind sehr energieintensiv. Raiffeisen Capital Management ist derzeit in einem Unternehmen, das im Rahmen des Engagement-Prozesses adressiert wurde, investiert.

Es ist dies BMW. Und das stellt hohe Anforderungen an Platzbedarf und Gewicht. Renault war offizieller Partner der Pariser Klimakonferenz. Der ZOE weist mit dem akuellen Batteriesystem unter Laborbedingungen eine theoretische Reichweite von Kilometern und eine praktische Reichweite von Kilometern auf. Hier wird weltweit aktiv geforscht. Marcus Brookes, Head of Multi-Manager, and Robin McDonald, Fund Manager - Multi-Manager, both Schroders, look at the challenge and importance of emphasising capital preservation over capital growth as market risks build.

In the short-run, market returns tend to be influenced most by a combination of investor sentiment, risk preferences and price momentum, all of which are interrelated. Over the course of a full market cycle however, valuations are ultimately what matter. In the short-run, investors are often penalised for following the familiar approach of buying low and selling high. Yet a full market cycle tends to be enormously forgiving to investors who decide to reduce their risk when markets are at or close to their high point. This is true even if investors do this a little bit too early, and miss out on the final stages of upside.

The mathematics of compounding dictates that large losses have a disproportionate effect when it comes to amassing returns. Therefore, from a full-cycle perspective, avoiding them is critical. Investors always face the question of what to emphasise in their portfolios — capital growth or capital preservation. In this note I want to deal with the challenge of emphasising the latter. This should not be mistaken as a forecast of an imminent market decline. The purpose of our comparison between the two return profiles above is not to advocate permanently taking a defensive stance.

The point is more that the avoidance of losses is generally worth pre-positioning for. Now, we have no special insight into when the bull market in equities will end or indeed what will eventually trigger its demise. Recognising this limitation, in the later stages of a cycle our approach has always been to gradually shift emphasis from capital growth to capital preservation over a period of time as market risks build - the objective being to carry less risk as the market hits its peak, than we do as the market hits its bottom.

This transition phase which is gradually underway is invariably frustrating and requires discipline and patience, as while momentum pushes prices higher in the short term it feels as though almost every single thing you do is wrong. Judging by the avalanche of money currently pouring into passive investment strategies, we would submit that many investors today, consciously or not, are behaving with a higher degree of risk than normal.

We would contend that this makes some markets riskier than generally assumed. A false sense of security prevails over all financial markets at present due to low interest rates. Many investors clearly believe the market environment is largely benign, safe and ostensibly primed for good future returns.

It is true to say that today, the reward for taking risk has been extremely low for a prolonged period or in other words, valuations have been high for some time. It is the combined collapse in this helped by low interest rates and quantitative easing that has amplified returns during this bull market. We suspect that neither of these will prove structural or permanent. Similar to the late s, today we have extreme capital concentration in the US markets.

Once again this has been partially driven by an innovation and technology boom. So far in , for the first time in a long time, US equities have started to underperform international markets. From a value perspective, we believe this makes sense and may only be the beginning of a multi-year trend. Outside of a brief episode in late and the period from February to August , US equity valuations have never been higher than they are today.

From a full-cycle perspective they look unattractive and in time could prove far riskier than is presently assumed. Importantly, the US dollar has also enjoyed a bull market since , which we believe may now be in the process of topping out. And, of course, bonds have been in a bull market since , leading to valuation levels today that are hard to comprehend. If our observations on these three major asset classes prove to be reasonable, then it highlights some potential opportunities.

It also underlines why some traditional solutions to our capital preservation conundrum may no longer be helpful:. As such, investors get used to them and become almost resigned to their persistence. We believe this is exactly the time when being active, patient and disciplined could add most value from a full-cycle perspective. We remain alert to profiting from the opportunities that may present themselves as these trends begin to tire. Alternative investments, including commodities, involve a higher degree of risk and can be more volatile and less liquid than shares and bonds.

They should only be considered as a long term investment. In Zeiten steigender Inflations- und Wachstumsraten schneiden inflationsindexierte Anleihen durchschnittlich um 3 Prozent besser ab als Nominalanleihen. Die Break- even-Inflationsrate die Differenz zwischen der Rendite einer nominalen Staatsanleihe und der Rendite einer inflationsindexierten Staatsanleihe mit identischer Laufzeit spiegelt die Inflationserwartungen und den Risikoaufschlag aufgrund der mit Unsicherheit behafteten Inflationsentwicklung.

Dies mindert die Wahrscheinlichkeit einer langfristig steigenden Inflation. Im vergangenen Jahrzehnt haben globale Linker besser abgeschnitten als alle anderen Anlageklassen. Die mit Linker erwirtschaften Renditen sind jedoch nach wie vor weitgehend stabil. Im Kontext von Portfolioanlagen und Anleihen sind Linker effiziente Diversifizierungsinstrumente, denn sie weisen nur eine geringe Korrelation mit anderen Anlageklassen wie Aktien und Rohstoffen auf.

Linker sind in Erholungs- und Inflationsphasen attraktiver, wenn die Zentralbanken die geldpolitischen Rahmenbedingungen straffen. Rechnen, Rechnen, staun, Fragezeichen. Die Bankstergesellschaften Europas sind pleite! That answer is simple. Then one may also ask why the bonds of the two large Cypriot banks are not being hit. The answer is the same; most are held as collateral at the ECB or Target2. In both cases, remember uncounted liabilities, the government of Cyprus has guaranteed the debt. Consequently if the two Cyprus banks default it is of small matter as the sovereign has guaranteed the debt.

However if the country defaults and leaves the European Union then it will matter and matter significantly as the tiny country of Cyprus would wipe out the entire equity capital of the European Central Bank. The fuse is lit If you are waiting for the bullet to hit you then you're already dead Remember, this is modern finance, which means that parallel to the bond problem, the depositors' money is not just sitting there.

It has been pledged, reinvested and does not really exist. So when everyone tries to transform an imaginary store of wealth ie. XX euros into "unhypothecated" hard currency, well, that is when the fun begins. This could mean Germany acquiesces to outright printing which still may not give much time to them , or the EZ is effectively dissolved.

The trust or gullibility of the people is evaporating faster than they can contain. The Law of Unintended Consequences only exacerbates their efforts at this point, but make no mistake: Is that all we are talking about here. Ben Bernanke sneezes and This is pocket change. The FED will open up some swaps lines or the discount window, whatever. It will happen again. The ponzi must go on. Dem System drohe der Zusammenbruch. Es geht bergab http: But BofAML raises the question of what damage and required response would occur in the remainder of the European Union should Cyprus leave or be pushed.

Unlike some EU leaders suggestions, BofAML suggests the contagion and growth impacts could last a decade; but it is the policy reaction of the ECB that is most crucial to understand and how it may rapidly lead to a German decision on debt mutualization or not that should be most concerning. Welt am Sonntag reports http: Simply put, he adds Cyprus must respect the rules, insistent that, "Cyprus is a hard road to go either way; but that is not the result of European stubbornness, but a business model that no longer works.

Auch Investments auf den Cayman Islands http: Brandenburg hat mit Zypern-Bonds spekuliert http: Mit dem Fokus auf die Armut ist er da schon einmal auf dem richtigen Pfad. Russland zieht sein Geld ab http: Holt euer Geld aus den Banken in Europa! Aber das ist nun wohl Fakt. Die deutsche Regierung zeigt sich vor der Krisenberatung zu Zypern unnachgiebig.

But there is one 'market' open - a market that prices in the belief or lack thereof in the status quo to a lesser or greater extent. Illiquid as it may be, today's Bitcoin prices and volume says a lot about the headlines of the day Sparer werden auch ohne Konto-Zugriff in ganz Europa enteignet http: Und noch ein Gedanke zur Zwangsabgabe auf Zypern.

Oder begreift man es schlicht nicht, bis die Zahl auf dem eigenen Konto direkt angeknabbert wird? Bildbearbeitung mit Lightroom http: So he goes to the hospital emergency room like Mitt Romney says and runs up a hundred thousand dollar bill he can never pay which will ruin his credit and keep him from ever getting a job.

Jetzt hat ein Gericht das Urteil aufgehoben - ein Urteil, in dessen Vorfeld schwere Fehler gemacht wurden. Von Bastian Obermayer und Nicolas Richter mehr Lasst mal die Profis ran http: Barroso und Van Rompuy zur Rettung angetreten! Das Spiel kenne wir schon: Bezahlen tun Dritte, also wir! Wenn der Staat dann hinschaut, ist nur noch ein symbolischer Wert zu erkennen. Das kann das Wahrscheinlichste sein. Die Handlungen der EU sind vorhersehbar.

Gut gemacht , kann man da nur sagen. Was die Russen innerhalb weniger Tage gelernt haben sollte man sich zum Vorbild machen. Here, to keep up appearances that Cyprus' opinion is even remotely relevant, Europea's unelected leaders will do what they does best - make a closed door decision affecting the lives of millions of people, which ultimately have one purpose: A preview of this elaborate song and dance ritual is below from Kathimerini. It will be next followed by an even more elaborate song and dance from the Eurozone finance ministers, which will then finally go back to Cyprus, where a decision will likely have to be reached ahead of the Asian FX market open, or all that late Friday "Cyprus is saved" enthusiasm will evaporate in a GETCO millisecond.

At this pace, in lieu of some grand bargain, we expect it is only hours before the final limit is imposed: Buttcoin is doomed, mark my words. Apparently, in the case of local media leader El Pais, putting up the following in print https: Oops, there goes freedom of expression. Of course, the full article can still be found on line, here for example http: Putin has to do in order to restore the former Soviet Union to its glory days is to stand by and watch the EU implode and then pick and choose the pieces that he wants. Now it would not surprise me if he already had his hand picked fiancial advisors placed in strategic locations to help the EU policy wonks along in their effort to make the worst possible decision at each cross roads.

Odds are these idiots can do it on their own, but it never helps to have a little nudge in the back if you start thinking or something like that. I would speculate that there's a lot more Russian involvement in this deal than meets the eye. They can go out to the markets trying to finance thier failed economies. Would you be writing blank cheques to your indebted neighbour who has never tried to live within his means? OK, Im gonna help you, but these are my contions. Just pure logic, nothing else.

Politically, I can see two dimensions. The first dimension belongs to the geopolitical history of the region, with the addition of the recently discovered natural gas reserves - should Russia eventually obtain a bailout of Cyprus as we write, this does not seem likely against a pledge on the natural gas reserves or a naval base, a new balance of power will have been drafted in the region, with Israel as the biggest loser. The second political dimension relates exactly to Kreditanstalt and the imposition of direct political conditions upon which the 'bailout' is given.

Economically, Cyprus is worse than the KreditAnstalt and Argentina crises because it has an element of confiscation and two broken promises that were absent in the latter. If you thought that the probability of default of the Argentine government was beyond four years, you would play the bet with a chance of winning it. What are depositors of Euros faced with today?

Anything but a clean bet! They are a crooked cabal of politicians and bankers, a rabid equivocating hydra that represents no one but themselves and a failed idea. They are money-changing profiteers that serve no purpose but to defraud and rob taxpayers and depositors using the gavel and ledger rather than the gun and tank.

Curiously there had been some confusion about Russia's "noble" motives in Cyprus seemingly forgetting that in Realpolitik, as in love and war, all is fair. We hope all such confusion can now be put to rest following the clarification by Jorgo Hatzimarkakis, the German Euro deputy of Greek origin, who told Skai television on Sunday morning that Russia did not want Cyprus to stay in the eurozone. Again where is Draghi? Are we all settled now?

Is it now fully accepted that central banks have never been independent, nor are and they will never be independent? They are simply order takers. Let's use our imagination: Urgent call to Washington and Berlin: Russians have confiscated US and German assets in Russia. Then Merkel calls Obama: We agree, no problem. Let's tell Benny and Mario to buy Dow and Dax. Are we all set now? Plan B Vorbild Rentenmark http: Das Modell folgt dem der deutschen Renten-Mark im Jahr Warten wir es also ab, ob diese Karte gezogen werden wird Deutsche Wirtschafts Nachrichten http: Sie werden nur die ersten sein, die das sinkende Schiff verlassen.

Hoffentlich zieht Zypern diese Karte. Vielleicht hat die orthodoxe Kirche ja Informationen von der Vatikansbank? As Die Welt notes http: With the Troika capping their handout at EUR10bn of the current EUR17bn needed and the deposit levy reportedly filling EUR6bn of that EUR7bn hole , the need for a bigger bailout - which seems increasingly likely - will fall on Cyprus banks' depositors or taxpayers leading to a hard-to-beat downward spiral. Simply put, the more deposits are pulled, the more deposits need to be confiscated; and with retailer stocks running low "will last another days" and cash-on-delivery demanded, the real economy will "have a problem if this is not resolved by next week.

Nicolas Pidoula - Nur die EZB und die Banken, die fehlinvestiert hatten. Deutsche Bank, Brandenburg usw. Die Papierversprechen sind null und nichtig. Der einzige Weg, an wirkliches Geld zu kommen, ist, die Ersparnisse der Leute abzugreifen. Enteignung nennt man da.

Echoes from Edinburgh 1910 an Account and Interpretation of the World Missionary Conference

Dabei verstrickte der Russe sich selbst immer wieder in dunkle Machenschaften. Selbst bei Putins Gegnern stand er in Ungunst. Sacha Meier - Als ehemaliger Forscher und El. Auslands-Technologietransferverbot festgesetzt kann ich Ihnen aus erster Hand versichern, dass es sich auch in der Schweiz nicht auszahlt, gegen die Interessen seiner Regierung zu verstossen.

Hohe Sonderzahlungen britische Banker bekommen Millionen-Boni http: More snow on the way for Britain http: Es wird eng http: Offenbar werden nun langsam die Euro-Scheine knapp. Faced with a changing environment, the human spirit and its social manifestations change in response. But once the human endeavor itself creates the environment, how can such adaptation be a simple exercise in instinct? Simply put, it cannot. Throughout all of this crisis, the global elites have displayed consistently worsening signs of decadence, psychopathic tendencies, and overall detachment from reality.

And who can blame them? There has been no tap on the shoulder, no knock on the door, no raid on the office to indicate that anything is seriously wrong. Such is the contemporary reality we live in. People try to live their lives, to avert their eyes, to hide their children from the sight and effect of the monstrous cavorting of the elites. Perhaps a crazed fad for frugality will break out and suppress the urges of the elites. In the meantime, hide your valuables as well as you can, and treat your children with the sympathy they deserve.

The choice is yours, as well as theirs. I was about to look for the link where this came from so I could send the original to a colleague of mine when I saw it was you. Zypern lehnt Troika-Forderung ab http: Hintergrund ist die geplante Zerschlagung der Laiki Bank. If they failed to do so, confidential bank data would be forwarded to U.

The initial shipment of data from those banks would not include client names but, based on the data, U. They're going to drive entire economies underground if they keep this shit up, and then they'll know even less about how people earn and spend their money. What is motivating them, now, to give up on a centuries-old policy of financial privacy?

Although Cyprus is tiny enough to be completely overlooked in most circumstances, its economy and banking system have characteristics similar to other, much larger, eurozone countries. Cyprus is certainly at the extreme end, but an over-leveraged banking system, with insufficient capital and reliance on foreign funding, is familiar territory in the eurozone. But while Cyprus is at an extreme, four of the features of the reported deal are setting unfortunate precedents for the future. If the reported deal is done to keep Cyprus inside the euro by Monday, we can expect to hear, very loudly, that this is a unique case, and that the unfortunate features of this settlement cannot be extrapolated to any other future circumstances.

Let us hope not. If nothing else, it would certainly demonstrate that the eurozone still has much work to do before the crisis is fully under control. How funny is this? At least these slaves have tv, no? Forward [over the cliff] Aktualisiert vor 26 Minuten - Live-Ticker Comet Castle - Stefan Seip http: Jeder Kunde muss genau hinsehen, was sich hinter der Fassade seiner Bank verbirgt.

Wer sein Geld auf die Bank getragen hat, hat ab sofort keine Sicherheit mehr, dass er es jemals wiedersieht. Mit der Grund-Idee der EU hat das alles freilich nichts mehr zu tun. Spareinlagen sind sicher, wenn es keine Staatspleite in Europa gibt http: Bei einer Pressekonferenz am While we have little color on what kind of carnage the President of Cyprus had to accept to his fellow countrymen, the news is that: In other words, a deal far worse then the original on proposed by the Eurogroup last week - when the banks still existed.

The key appears to be the 'saving' of the insured depositors crucial to avoid a pan-European bank run and the crushing of the 'whale' depositors. We await final confirmation of the final terms of the final deal once the Cypriot people wake up and don't forget the ECB 'standard of living' rules http: The Cypriot Parliament still has to vote for this - and not one of them voted for it last week.

Tune in to see the Eurogroup explain how this is in the best interest of the Cypriot people, how the 'deal' illustrates the solidarity of the European people, and how the worst of the crisis is now behind us. Dont get those pesky democratically elected representatives involved - well played EU Moral hazard occurs when victims can vote against their own fleecing. Does the defendant get a vote on the jury? As Led Zeppelin used to sing What would you do if you had large deposits at banks in Italy, Portugal, Greece Holy fuck what a unbelievably terrible precedent this sets, everywhere.

With democracy now a complete farce since not even Parliament will be allowed to vote on deposit confiscation as part of a financial sector bankruptcy deal, here is the island nation's president explaining what just happened: When asked for comment, an unnamed member of the Troika said, "We were not satisfied with the prospect of creating an EU wide bank run. We prefer social unrest leaning towards potential civil war. Fifth grade mathaletes in Cyprus are stunned, and they have gathered outside of Ms.

Whocouldanodios's classroom to protest years of obviously unnecessary math classes. In France, 3rd grade math students say, "We told you so. The irony is dumbfounding. I find it interesting that gold is also higher with stocks. Now that is a bit different. Let's see if this lasts.

The proposal, which will now be presented to euro zone finance ministers for discussion, will involve setting up a "good bank" and a "bad bank" and will mean that Popular Bank of Cyprus, known as Laiki, will effectively be shut down. Deposits below , euros in Laiki will be transferred to Bank of Cyprus. Deposits above , euros, which under EU law are not insured, will be frozen and will be used to resolve debt. It remains unclear how large the writedown on those funds will be. The EU spokesman said there would be no "levy" imposed on any Cypriot banks, with the package requiring a full "bail-in" of uninsured depositors, which is likely to mean heavy losses for those with large holdings in Laiki and potentially Bank of Cyprus, where many Russians hold bank accounts.

Economic forces

At least that seems to be the feeling of the mob. Whether or not the EU is willing to collapse their stake in Cyprus hinges on whether the PTB feel they've milked enough from the peeps. One thing is certain, the damage to the delusion that your bank protects your accounts has been destroyed in the peripheral countries of the Eurozone. There are no doubt bank runs occurring in every peripheral country in Europe now. Slovenia is in a bank run now and will require a bailout soon. Contagian is a bitch. Their is very likely a large amount of IMF money needed to put a plug in this leak and it will be on its way which means more Fed printing.

Of course this information will be on the "back page" of the "Bail In" deal. This deal will be spun as "another save" and lauded as "inventive" and important as a resolution to the "banking crisis" that really wasn't a crisis just prior to it becoming suddenly a crisis.

Here is the bottom line Peeps are now clued in The most conservative investment in the Peep's mind was "money in the bank" and now that is no longer safe. What would you do next week if you had money in the peripheral country's banks? What do you think the Banker's will do? Here is the key They will have no choice or it will make a giant sucking sound as money from every account in Cyprus evaporates in a blink of an eye. But it gets even better. Watch for the contagian and this is why there is fear in the heart of all the bankers tonight.

If this genie is working its way out of the other peripheral accounts tonight then money is moving into every safe haven available and out of the peripheral's banks. This instability is disastrous if it develops and "capital controls" will be evident fairly rapidly outside of Cyprus. This will require the headline price of gold to be held in check tomorrow. Let's see how it holds. MSM will be painting this with every coat of candy cane pink they've got tonight and tomorrow. Rally caps on gang. I would link to the page but the last time I did, over mindless people then followed him as a result.

And they are all having mindless conversations with a guy who writes nothing like the real Max Keiser and who has zero sense of humor unlike the real Max Keiser. Anyway here are the only facebook pages that I personally update: Keiser Report on Facebook http: This is just for those that do use the site. But down the fake Keiser and all his hate will go. Nicht nur auf Zypern. Und es zeigt noch etwas: Auch das jetzige Vorgehen ist ja ein klarer Rechtsbruch. Das geht schlicht nicht.

Sein eigenes Geld kann man dagegen noch weitestgehend aus einer Bank heraushalten. Der geringverdienende Angestellte oder Arbeiter sucht mit Schwarzarbeit die steigende Steuer- und Abgabenblast zu kompensieren. Pass the scotch tape Unterschiede brauchen gesunde Grenzen! Cyprus, although in serious trouble, is just a zit on the arse of the gigantic shaky house of cards known as the EU experiment. In der Folge haben die Banken mehr Reserven, die Basisgeldmenge steigt.

Wenn die Banken dann die Kreditmenge ausweiten, steigen die Preise, jedoch nicht nur im Land des Defizits, sondern nach und nach in der gesamten Eurozone. Das Free-Lunch der Euro-Partner kann weitergehen. But as these three banks aren't publicly traded, the Spanish government said it would give the holders of their newly created ordinary shares the option of selling them to the country's deposit guarantee fund.

Financial markets closed Friday on a positive note, as an agreement on Cyprus appeared to be taking shape and a minor relief rally across most asset classes overnight vindicated hopes of a positive outcome as details of the detail were announced overnight. More clarity is still required on some aspects of the agreement deposit and bondholders but the fact that the national parliament does not need to vote again should stop the deal from unravelling as it did last week.

Whether this is enough to restore confidence and prevent a possible cautionary deposit flight from Cyprus remains to be seen. Where have we seen this before? The restructuring of the two banks will be conducted under the new and extensive bank resolution authority conferred to the Central Bank of Cyprus last week, and will not require parliamentary approval. Reaching a deal has raised awareness that inter-country fiscal transfers in the Euro area remain a messy business, leaving public opinion damaged.

Until more clarity emerges on how Cyprus will settle after the banks re-open, however, and with an attempt under way to form a new government and find a new President, we prefer to stay on the sidelines until the dust settles. This allowed Greece to circumvent EU Maastricht deficit rules. Don't fucking look back, just run. Get your money out now. What blah-blah-blah bullshit this is. I have heard better "resolutions" from friends and in-laws that owed me money. Convoluted monkeyshit babble, are we NOT supposed to see that they will of the people is not addressed here?

When the fuck are people in this country going to realize that the tact of telling you "it's for your own good" is complete and utter bullshit? Watch the trial balloon in Cyprus and next, Spain.

Deutscher Euro

Chancellor Angela Merkel, "as well as the government, is very happy that the troika, the euro group and Cyprus were able to reach an agreement," German government spokesman Steffen Seibert says in Berlin. That remains to be seen, especially when factoring in the Russian response. Which wont be pleasant. The truth is that Merkel and Putin are in perfect agreement about this Cyprus event.

The Kremlin now has even more control of the Russian oligarchs and the Russian economy. A win-win situation for Germany and Russia. De facto bedeutet die Zypern-Entscheidung die rechtlich in keiner Weise abgesicherte http: Und nirgends ist es einfacher, mit einer Briefkastenfirma oder Stiftung Geld vor dem Fiskus zu verstecken.

Then, courtesy of the most epically bungled up "bail-out in" attempt in the history of the Troika, Cyprus became the only thing everyone talked about: How did this transformation from an ugly island duckling to a glorious black swan look like from the perspective of the media?

The following chart courtesy of Bloomberg's Michael McDonough, which shows the instances of mentions of the words "Apple", "Germany" and "Cyprus" across newswires, shows the answer which not surprisingly even looks like a swan. We will ignore the rather hilarious Freudian slip, and focus on what he was explicitly talking about with Reuters http: Because as Cyprus also showed, votes to deprive depositors of cash, whether insured or uninsured, simply won't fly. Welcome to Fuckyounomics in SuperMarioLand. Spend 19 minutes and listen to a very wise man Perhaps this FX cross is the reason Why would any sane person put a penny of savings into any Eu country after they've shown that they won't hesitate to steal it.

However if you are Russian and now have personal experience with it, it can shake people out of the fog. In the long run, the EU has made it clear they will destroy anything and anyone to save their little Frankenstein economic experiment, which to any rational outside observer should make the Euro a toxic currency. Hmmm, Dark day for EU when Russians feel thier money safer in rubles!

The elite are turning on each other, and the hard-working responsible people will be relegated to clean up and rebuilding. Alas, the weeds always return and grow faster. From banks need to save themselves to forcing "all financial institutions, as well as investors, to think about the risks they are taking on because they will now have to realize that it may also hurt them," he is making a lot of sense - though we suspect Mr.

Draghi will not be amused as his 'promise' looks like being tested. Simply put, Dijsselblom is saying that a balance sheet can be 'normalized' not only by boosting assets courtesy of the ECB but by collapsing liabilities or remarking bad loans to market - something that no one in power has admitted to date.

While this is upsetting to markets - so used to the visible hand of central planning saving themfrom themselves - this is very positive step for 'real people' as taxpayers appear to be 'off the hook' and the responsible parties beginning to be punished. The Woman Liquidating Cyprus' Banks http: HSBC which has neither admitted nor denied such allegations formally. Because who better to unwind a money laundering operation than one who has allegedly two and a half decades of experience winding one. TV pundits could proclaim their omnipotence - knowing full well that Cyprus was a storm in a teacup - and then D-Bom hit the wires with some harsh reality speak.

European banks plummeted - most of Italy's banking system ended limit down, European bank credit spreads blew to their widest in 4 months and bank stocks are playing catch down - as we pointed out recently with their biggest 6-day plunge in 8 months and almost negative YTD. Equity indices across the continent saw their biggest drops in a month since the Italian elections but it was Spain and Italy that bore the brunt - rightfully so as fulcrum securities.

Ein zypriotischer Anwalt mit russischen Klienten fragt. EU zweifelt am Erfolg des Zypern-Deals: In Belgien hat das Zittern schon begonnen. Tonight is a good night for Cyprus: Today makes the sixth try. Perhaps they can take it by the end of the day. As you know our intermediate target has been to since mid-January. Let's see if they can take that price level and hold it for more than a day. If not they may have to back up to big support at to IF a 'significant' event triggers a selloff then we are looking into the 's at least with a 'must hold' at Look at the turmoil that a relatively symbolic event like Cyprus was able to stir.

This is what I would call a 'fluffy' market. I would not bet on that just yet. It is a bubble, but bubbles are notorious bear-busters since they have an internal logic of their own. In that sense Cyprus was a watershed event, despite its seeming insignificance, as the MF Global style confiscations of the oligarchs become official government policy.

PNG Posted by Jesse at In this episode of the Keiser Report, Max Keiser and Stacy Herbert the new world order called Yes, No, Maybe in which secret downgrades and confiscation plans are certain only to a few insiders whilst chaos and confusion reigns for the rest of the population. Russland lenkt ein http: I want you readers, particularly those of you in the Eurozone, to wrap your heads around this and consider the brazen audacity displayed by these people.

What he is saying is that bank savings deposits no longer effectively belong to you the savers. They belong to the state and the state will confiscate them whenever it is deemed to be in that state's best interests. If this does not send shock waves throughout the system and instill fear in individuals throughout the Eurozone, then there is no hope for any such people.

Normal, rational, sane, thinking individuals will immediately recognize this for what it is; a complete reversal of the traditional role of banking in which banks makes loans to depositors and other individuals. Now, depositors are in effect making loans to banks. Yet even that is not an apt comparison for in the case of a loan, one usually expects to receive back the amount loaned plus interest.

In this case, the depositors are having their money forcibly extracted from them with no hope of ever seeing it again and having that money used to bail out the banks instead! Just who in the hell do these people think that they are? These pestilential parasites, who sit in ivory towers and can glibly utter such rapacious comments, are literally undermining the entire banking system in their shortsighted idiocy.

Do these fools really believe that those citizens who have money in Eurozone banks, particularly high net worth individuals, are going to merely sit by and calmly observe this situation and do absolutely nothing? I cannot think of a better way to start a run on the banks. If individuals believe that the state now believes it has the right to raid their hard earned wealth at any time why would they feel the least bit secure about putting that wealth in harm's way?

As far as the price action in both gold and in the euro goes, Gold was down rather sharply early in the session as the safe havens were thrown out once a "deal" was announced. The Euro was down but not by much considering the backdrop. Once those Dutch official's comments hit the wires, the bottom fell out of the Euro and gold began working off its lows. If it can push past the euro mark, it looks like it has room to make a run to I am still thunderstruck as I contemplate those comments uttered by Mr. This is like something out of fictional novel and yet it is happening right before our eyes.

Alles ist nur die Schuld der Banker, denn sie haben in Griechenland investiert. Sie alle trifft die Schuld. Die skiz- bewusst nur langsam und graduell bzw. Zudem umfassen die EU-Sank- tigte Finanzmarktinvestitionen. Auch hier gibt es ein kla- wird bzw. Zudem ist seite sind, erscheinen zunehmend limitiert. So hat sich der Rubelverfall seit ren Jahren und lagen die entsprechenden September, als die westlichen Banken- und Finanzsek- Quartalsdurchschnitte um 75— Milliarden Rubel. Daher haben Ban- rung ausgerichtete Notenbankpolitik setzt. Die Notenbank Russlands hat tor platziert werden.

Allerdings ist zu betonen, tor nur etwa 10 Prozent der Aktiva, lag diese Rate dass Russland jederzeit einen Mindestreservepuffer von immerhin bei 20 Prozent. Diese Gelder werden in Zukunft wohl genutzt werden, um die unmittelbaren und mittelbaren Sank- Auch mittelbare Sanktionswirkungen sind tionswirkungen abzufedern. Die negative Entwicklung eben Veranlagungs- Regeln gebrochen werden. Auch wenn angesichts des aktuell deutlich besseren unter Druck setzten. Vor allem rus- die derzeit ohnehin schon unter Druck steht. Daher lassen sich nicht einfach alle externen Dollar an Auslandsschulden zu bedienen bzw.

Nach den werfungen kommt. Wie lange reichen die Puffer hen Banken weiterhin zu. Des Weiteren haben einzelne angesichts der aktuellen Sanktionen? Daher werden die aktuellen Sanktionen immer mittlere Unternehmen in Russland bzw. Damit lei- schwarzseherischen Projektionen in Bezug auf Kapital- det dieser Sektor besonders in der aktuellen Situation. Im Bankbereich gilt beispielsweise, dass die in ziell agieren.

In dieser Position hat er in den letzten Monaten die Sanktionsdebatte mit allen Anspruchsgruppen des Unternehmens aktiv begleitet. Prozentanteile Ausslandsschulden September , ca. Russische Aktienindexe seit 3. Umfragen des Lewada-Zentrums vom Wie sollte Russland auf die Sanktionen westlicher Staaten reagieren? Nutzen oder schaden die Sanktionen des Westens und die Gegensanktionen Russ- lands der russischen Wirtschaft? Allem Anschein nach man- gelt es denen akut nun an Personal. Das Traurigste daran ist jedoch, dass Putin anscheinend einen anderen Plan im Kopf hat.

Erst dann sollte es um den Aufbau kommunaler Verwaltungen und Vertretungen gehen. Unweigerlich mit afrikanischen Ergebnissen.

Hauptantagonist Russlands sei der Westen. Der Westen hat noch nicht begriffen, dass er vor einer neuen Gefahr steht. Die aggressiven Fanatiker haben dennoch Chancen. Nein, wir sind kein Drittes Reich. Mit diesem Raum ist bei uns alles in Ordnung. Wir haben keine hehre Idee. Unsere Ideen sind, von der Vergangenheit zu leben.

In unserer Seele gibt es nichts anderes. In echt… Na, ja. Wird das aber klappen? Auch wenn sie sehr stark sind.