fix articles 21519, josef ackermann Los Angeles Indymedia : tag : josef ackermann

josef ackermann

Is the Financial Crash 2.0 Coming? (tags)

Market ideology has been on the advance since the 1980s. Only a few voices warned of the risks and instability of the liberalized financial markets. After they profited from the generous bailout packages, the banks began to speculate against the most indebted countries.

Unemployment and New Ways (tags)

The rise of unemployment worldwide has reached unparalleled dimensions. In 1999, 700 million were affected. The neoliberal economic theory promotes the prosperity of the rich, not society as a whole. Profit maximization is often the only goal. Reducing working hours is vital.

Unemployment and Inequality (tags)

"The past will devour the future" if there is no radical change of direction in economic development. That is Thomas Piketty's prediction. Piketty sees the solution in a global capital tax or wealth tax.

Homo Economicus and Dethronement of the Profit Principle (tags)

Max Frisch summarized economism int he formula: "what brings profit is rational." Economism is a business ethics conception, a justification theory for profit maximization that declares ethics superfluous. Ultimately this is an "ethic" without morality.

Economic Ethics After the Crisis (tags)

Peter Ulrich is an emeritus professor of Economic Ethics at the University of St. Gallen, Switzerland and author of Integrative Economic Ethics (2008). The economy should be embedded in society; society should not be embedded in the economy. The invisible hand is a myth to be unmasked.

Creative Destruction (tags)

The exodus from the casino capitalism producing ever faster and ever deeper crises cannot succeed without a broad and powerful democratic base. Parliamentary democracy is urged to finally take up the struggle around the primacy of politics

Medrciless Samaritans and 10 Causes of the Crisis (tags)

"There is no society. There are only individual men and women," said Margaret Thatcher. Margaret Thatcher, the former British Prime Minister, had a great share in the crisis in which Europe, capitalism and democracy find themselves.

Creation of Money (tags)

To give a credit to a customer, a bank doesn't need to take the savings of another cutomer from its vaults. It creates the money out of nothing. In a countermove, the bank must deposit money with the central bank. There is a debate whether the creation of money can be left to the banks.

Surveyiing Utopia (tags)

Raul Zelik and Elmar Altvater discuss the nature of utopia, economics, how growth and work become fetishes, how what is rational in micro-economics can become irrational in macro-economics, time prosperity and how Marx recognized the contradictions in capitalism.

Performance-Oriented Society and Basic Income (tags)

The acquisition and accumulation of wealth are based on many natural and social conditions. Many societies and generations worked so today's possibilities of acquisition exist. The so-called performance justice is often only a veil for great injustices.

True and False Causes of the Financial Crisis (tags)

If we can produce enough for all in superfluity-and we are already technically in this position-why must the whole enormous social wealth be squeezed through the needle of buying and selling, money, profit and growth? We all deserve something better than capitalist crisis economy.

Market Failure Wherever One Looks (tags)

7-8 million jobs lost in two years, 150,000 public sector jobs lost in September, are signs of total system incompetence. It's time to redefine state and market and adopt alternative economic policy with reduced working hours and infrastructure investment.

The Banking and Financial Crisis (tags)

"The transition from a long-term to a short-term orientation went along with the exaggerated profit goals. The approach of shareholder value sets maximum profits and dividends in the center of business policy and no longer long-term investments and the interests of employees.."

True and False Causes of the Financial Crisis (tags)

The jubilant singing about free enterprise as the supposedly best of all worlds sounds much quieter than at the beginning of the 1990s. We urgently need alternatives. This is now a matter of survival. As it was taboo to doubt the rule of the church in the Middle Ages, the thought prohibition of questioning the market economy is in effect.

Attac's Bank Tribunal: The Jury's Verdict (tags)

This crisis did not break out over society like a force of nature. Financial managers spread the legend that financial crises belong to capitalism as water belongs to the ocean and that euphoric phases of bubble formation and the bursting of bubbles come and go like the seasons.

Fallen Stars: On the Greed of Bankers and a New Morality (tags)

The economic ethicist Ulrich Thielemann explains how greed, false theories and the herd instinct caused the massive financial crisis. They had the theory when we make profits that is ultimately good for everyone.

Anatomy of a Crisis (tags)

The problem is that a large part of US real estate financing, the "subprime" market for real estate credits to poor borrowers, functioned according to the model of a chain letter. Radical redistribution, nationally and internationally, is the command of the hour.

Anatomy of a Crisis (tags)

The problem is that a large part of US real estate financing, the so-called subprime market for real estate credits to poor borrowers, functioned according to the model of a chain letter. Radical redistribution, nationally and internationally, is the command of the hour.

Crisis Populism and Rose-Colored Glasses (tags)

When it concerns socializing the losses of the financial disaster, the head of Deutsche Bank no longer believes in the "self-healing power of the market." The bankruptcy of neoliberalism is blatant.

Farewell to Neoliberalism (tags)

State interventions in the economy are unpopular and generally regarded as "against the system"-when the state interferes in profiteering. In the case of a crisis, the losses should be socialized.

Global Casino Capitalism (tags)

What began with cheap money for American homebuyers has expanded to the greatest financial market crisis since the war. The whole extent of bad credits with banks is not yet known, let alone the effects on the world economy.

The Real Financial Tsunami is coming! (tags)

"The $690 billion worth of “interest only” ARMs due for interest rate hike between now and July 2008 are by and large not Sub-prime but a little higher quality, but only just. There are a total of $1.4 trillion in “interest only” ARMs according to the US research firm, First American Loan Performance. A recent study calculates that, as these ARMs face staggering higher interest costs in the next 9 months, more than $325 billion of the loans will default leaving 1 million property owners in technical mortgage default. But if banks are unable to reclaim the homes as assets to offset the non-performing mortgages, the US banking system and a chunk of the global banking system faces a financial gridlock that will make events to date truly “peanuts” by comparison. "

Who Frees Us From Capital? (tags)

Whole continents bowed to the Washington Consensus..The World Bank must end its embittered attack on distribution policy.. Privatization awakened false hopes.. Evo Morales in Bolivia nationalized the oil and gas economy and raised the monthly minimum wage to $100.

Basic Income Strengthens Workers' Negotiating Power (tags)

Basic income would be an effective instrument against the growing poverty, a kind of democracy package and a good vehicle for self-determined reduced working hours..Some leftists have a hard time because they follow a certain work fetishism

The Status Quo (tags)

Perhaps the only question is whether the people or corporate elites should regulate and plan. Perhaps businessmen are not the only ones who understand growth and de-velopment. Perhaps profit worship and the self-healing market are myths.

"Managers Do Not Only Serve Shareholders" (tags)

"It is not legitimate to exploit every conceivable outsourcing chance. It is not legitimate to declare jobs superfluous to realize double-digit profits.. Profit cannot be the only maxim of good entrepreneural conduct.."

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