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  #191 (permalink)  
Antiguo 02-sep-2010, 09:24
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Creo que están dando una de cal y una de arena para que no haya ni una cosa ni otra... e intentar equilibrar la sobrecargada balanza económica.

Aunque me temo que una inflación moderada a corto plazo no nos la quita ni el tato.


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  #192 (permalink)  
Antiguo 02-sep-2010, 09:27
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Yo me pregunto si sabrán subir tipos a tiempo,antes de que las cosas se desmadren.
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  #193 (permalink)  
Antiguo 03-sep-2010, 08:45
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Food inflation up at 10.86% in third week of August - Money - DNA

Food inflation up at 10.86% in third week of August
Published: Friday, Sep 3, 2010, 12:01 IST | Updated: Friday, Sep 3, 2010, 12:46 IST
Place: Mumbai | Agency: PTI

Annual food inflation rose marginally to 10.86% for the week ended August 21, after the previous two-week decline, despite a fall in vegetables prices.

Food inflation had softened to 10.05% for the week ended August 14 against 10.35% in the previous week.

On an yearly basis, potato became cheaper by over 51%, while vegetables overall saw a decline of 9.90%. Onion prices also fell by 8.97%, official data released today showed.

Cereal prices, however, rose by 6.76%, driven mainly by higher prices of pulses, rice and wheat compared to the same period last year.

While pulses became dearer by over 14 per cent, prices of rice and wheat rose by 8.05 per cent and 7 per cent, respectively, during the week under review on yearly basis.

Among other food items, milk prices soared by 18.22%, and fruits became dearer by 9.27% during the week over the same period last year.

Food inflation has been in double digit for most of the year, except for a brief period in July when it fell to single digit.

The overall inflation, which also factors in the rate of change in prices of manufactured goods, fell to 9.97% in July after a gap of five months.


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  #194 (permalink)  
Antiguo 28-sep-2010, 15:45
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La guerra comercial internacional traerá una inflación desbocada - 2480272 - elEconomista.es

La guerra comercial internacional traerá una inflación desbocada
elEconomista.es
14:48 - 28/09/201013 comentarios

Enlaces relacionados
China advierte a EEUU: no podrá ganar una guerra comercial
Guido Mantega, el ministro de finanzas brasileño, fue ayer el primero en reconocer abiertamente lo que está pasando ahora mismo en el mundo: hay "una guerra comercial internacional". ¿Qué consecuencias traerá?


Pues según un análisis publicado por The Wall Street Journal, la consecuencia inevitable es la inflación, ya que muchos países están buscando devaluar sus monedas para incrementar sus exportaciones y salir así de la crisis actual.

De momento, tanto EEUU como el Reino Unido han utilizado el denominado quantitative easing y medidas extraordinarias que han debilitado sus monedas, mientras que Japón, Suiza, Tailandia, Corea del Sur o Singapur han intervenido directamente o prometido hacerlo. Mientras, China sigue con su criticado anclaje con el dólar que le permite ir de la mano de la moneda estadounidense.

Mantega, con sus comentarios, invita a pensar que Brasil probablemente será el próximo en intervenir. Y es que según Goldman Sachs, las últimas subidas del real brasileño le convierten en la moneda más sobrevalorada del mundo, lo que afecta de lleno a su competitividad tal y como recordaba el ministro.

¿Qué problemas trae una nueva ronda de depreciaciones? El diario lo deja muy claro: estos intentos son como los de los marineros que se suben a los hombros unos de otros para abandonar un barco que se hunde.

Una inflación ordenada para reducir la deuda
Los economistas, por su parte, esperan que esta guerra de las divisas consiga frenar el proceso deflacionista en el que se encuentra sumergido buena parte del mundo, especialmente en Occidente.

De hecho, algunos, como recuerda el periódico, creen que una inflación un poco por encima de lo normal sería positiva, ya que reduciria el valor de las enormes deudas contraídas durante el boom, tanto a nivel privado como público. En suma, una enorme transferencia de riqueza de los ahorradores a los prestatarios.

La idea de salir de la crisis a través de un incremento de los precios para reducir el valor de la deuda ha sido defendida por economistas tan prestigiosos como Gregory Mankiw, ex asesor de la Casa Blanca, o Kenneth Rogoff, profesor de Harvard, ex economista jefe del FMI y coautor junto a Carmen Reinhardt, de la universidad de Maryland, de uno de los libros claves para entender la crisis, This Time is Different.

Mankiw recordaba que el abandono del patrón oro en 1933 fue la clave para que EEUU saliera definitivamente de la Gran Depresión. En ese sentido, Frank Beck, de Capital Finance, también citaba ya hace casi dos años al proceso de devaluación global que se dio en los años 30, si bien abogaba por una devaluación coordinada, algo que, de momento, no se está dando.

Para controlar este proceso están los bancos centrales, y como ha recordado Mervyn King, gobernador del banco de Inglaterra, tienen una herramienta poderosa para controlar la inflación, las subidas de tipos.

La incompetencia de los banqueros centrales
Pero como apunta el WSJ, los bancos centrales han mostrado en los últimos años un terrible comportamiento a la hora de anticipar la inflación y reaccionar apropiadamente y a tiempo a cambios dramáticos en la economía.

El diario va más allá en su crítica y señala que ésta generación de banqueros centrales ha pecado consistentemente de imprudencia, irresponsabilidad y exceso.

Cuando la inflación comience a aparecer, predice el WSJ, los banqueros centrales la ignorarán y la calificarán de exógena y fuera de su ámbito de control.

Por lo tanto, el resultado de esta ronda global de devaluación de divisas será una incontrolada y rampante inflación. De hecho, esto es lo que está descontando el incremento espectacular del precio del oro.

Pero a pesar de este proceso, el diario estadounidense cree que China resistirá y que intentará mantener su anclaje al dólar, lo que permitirá que siga engrasada su máquina exportadora y que sus reservas mantengan su valor. La respuesta por parte de EEUU será desencadener una guerra comercial, con aranceles y embargos, y que el consumidor estadounidense sufrirá aunque no tanto como los productores chinos.

De momento, ya se ven los primeros signos de esta guerra con la presión de EEUU sobre el yuan y la imposición de aranceles en China a los pollos americanos, como última muestra.

The Wall Street Journal concluye de manera alarmante: "La crisis financiera nunca iba a terminar de manera tranquila. De hecho, podría terminar de manera muy desordenada".



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  #195 (permalink)  
Antiguo 28-sep-2010, 22:58
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Yo a veces alucino con las conclusiones.

Primero, porque en efecto, ante el anclaje del yuan al dólar, era de esperar hace ya mucho esas medidas arancelarias y embargos por parte de USA. Pero por parte de USA, joder!!!

Sin embargo es China la que poner arenceles a los pollos americanos xD

Y eso prueba que va a haber una guerra comercial. Por parte de USA.

Eso me recuerda al chiste aquel de:

-El otro día vi a tres nazis pegándole una paliza a un pobre, y no pude evitar meterme en medio.
-¿Ah, si? ¿Y como acabo todo?
-Pues no veas que somanta palos le metimos entre los cuatro...


En fin, que no se si es que no se enteran, o no se quieren enterar. Pero de momento, entre China y USA hay poca guerra, y mucha cooperación (Por la cuenta que les trae). No puede acabar bien, y lo sabemos todos, pero estan cooperando. Porque no les queda otra.
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  #196 (permalink)  
Antiguo 30-sep-2010, 11:00
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Floodhit Pakistan printing cash as fast as it can - The National Newspaper

Floodhit Pakistan printing cash as fast as it can
Tom Hussain, Foreign Correspondent

Last Updated: September 29. 2010 10:17PM UAE / September 29. 2010 6:17PM GMT ISLAMABAD // Pakistan’s massive financial problems threaten political stability in the country, as the Asian Development Bank (ADB) yesterday warned in a report that the economy is living on borrowed time.

Political insiders in Islamabad said the tottering economy could within months become a platform for a campaign, led behind the scenes by the country’s powerful military, to weaken the government of Asif Ali Zardari, the president.

There was more bad news as the United States said it would link its future financial aid to tax reform, including stricter tax collection from the wealthy.

“This is one of my pet peeves: countries that will not tax their elites but expect us to come in and help them serve their people are just not going to get the kind of help from us that they have been getting,” Hillary Clinton, the US secretary of state, said about Pakistan yesterday at a conference in New York.

The alarms rang by the ADB, Asia’s equivalent to the World Bank, in its latest economic update were clear.

It said the Pakistani government was borrowing from the central bank to fund its operations. It has been printing huge sums of extra cash to pay its bills, helping to fuel a resurgence of inflation over the past year to an annual rate of more than 12 per cent in June from about nine per cent in October 2009.

The government was printing the money because its revenues were insufficient to pay the interest on its massive debt and cover its defence spending, consumer subsidies and pensions, the ADB said.

It said the cost of keeping afloat state corporations, whose total losses represented 1.6 of the country’s gross domestic product (GDP) last year, was also distorting the government’s finances.

As well, Pakistan’s three years of slower economic growth – induced by political instability and violence as well as the global economic uncertainties – has slashed government revenue. It totals nine per cent of GDP, which is the broad measure of a nation’s economy, among the lowest rates in the world.

More recently, the massive cost of reconstruction after recent floods, which have affected 20 million people, only underscores the need for the government to create “fiscal space” by withdrawing remaining subsidies and raising taxes, the ADB said.

The Pakistani government had privately hoped that international sympathy for the victims of the floods would persuade its creditors to either lend it more money, or reschedule payments on its foreign debt of US$50 billion (Dh184bn).

Instead, the International Monetary Fund (IMF), Pakistan’s biggest creditor, last month told Hafeez Sheikh, the minister of finance, that payments from an $11bn emergency-loan programme would be frozen until something was done to fix Pakistan’s tax collection system. Taxes are a growing issue for Washington.

“There’s got to be some reciprocity here. Because one of the things that is now happening in Pakistan is … you cannot have a tax rate of nine per cent of GDP when big landholders and all the other elites do not pay anything, or pay so little that it’s laughable,” Mrs Clinton said.

Countries such as Pakistan would no longer receive “the kind of help from us that historically they may have” without initiating serious economic reform, she said.
Pakistan’s ministry of finance issued a statement yesterday saying two days of negotiations with the country’s four provincial governments had resulted in an agreement on the introduction of a reformed value-added tax on consumer transactions.

The introduction of the tax, expected within weeks, would fulfil a major demand of the IMF and should trigger the release of withheld loans after meetings this month.

However, the tenuous relations between the United States and Pakistan, and between power players within Pakistan, could see politics overshadow economics, political insiders said.

Mrs Clinton also expressed resentment about lingering popular mistrust of the US in Pakistan. “After the flood, US aid did a terrific job in being the first to respond. But we have to fight to get the US government’s label on our material because a lot of our aid workers and our NGO partners are afraid to have association with the US government.”

The Pakistani military is largely responsible for the mistrust. Since handing back power, after nine years of direct rule, to civilian politicians after February 2008 elections, the army chief, Gen Pervez Kayani, has worked to restore the military’s tarnished public image, notably during flood-relief operations.

At the same time, he has steadily sought to re-establish the military’s sway in national affairs, using the military’s many sympathisers in Pakistan’s media to paint Mr Zardari as a corrupt opportunist.

Until a breakthrough in December brokered by US military commanders, the military had resented the Obama administration’s previous insistence on dealing exclusively with the civilian government.

Since then, the military has pushed its challenge. On Monday, Gen Kayani made a rare visit to the presidency to pressure Mr Zardari and Yousaf Raza Gilani, the prime minister, into backing down from a confrontation with the country’s Supreme Court.

As they met, the Supreme Court accepted the government’s request that it not apply to the president its November 2009 order, which struck down a controversial amnesty law, until his appeal against corruption convictions was heard.

The court could have invoked a constitutional clause empowering it to call in the army to enforce its order to the government to arrest politicians and officials who had benefitted from the amnesty, and reinstate charges ranging from corruption to murder.

Political insiders said the latest ruling would create enough breathing space before a conference of international donors in November, where Pakistan would lobby for reconstruction funds.

After that, another move against the Zardari administration could be in the cards, the insiders said.


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  #197 (permalink)  
Antiguo 10-oct-2010, 17:03
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Review
"This impressive new book makes several important contributions: the case studies provide never before available accounts of elite politics, with vivid details of the personal and political differences among top leaders; the model of inflationary cycles provides new insights into how financial policy changed to cool an over-heating economy. It is both a fascinating portrait of elite politics in China and a rigorous test of an analytical model. Most scholars are good at one approach or the other. Shih shows he is equally gifted at both."
Bruce Dickson, George Washington University

"Shih offers a political-economic explanation of a dual feature of the post-reform Chinese financial system-an inflationary cycle and a large amount of non-performing loans. This book will make a valuable contribution to understanding the Chinese financial system and the reasons for the lack of reform thereof."
Chung Lee, University of Hawaii at Manoa

Product De******ion
How does the Chinese banking sector really work? Nearly all financial institutions in China are managed by members of the Communist Party, yet economists and even those who engage the Chinese banking sector simply do not have a framework with which to analyze the links between banking and politics. Drawing from interviews, statistical analysis, and archival research, this book is the first to develop a framework with which to analyze how elite politics impact both monetary and banking policies. This book serves as an important reference point for all subsequent work on Chinese banking.


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Antiguo 10-oct-2010, 17:14
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Iniciado por hugolp Ver Mensaje
Un euro fuerte hace quebrar a los PIGS y les provoca un agujero enorme a los bancos alemanes. Es mejor cobrar en dinero devaluado que no cobrar.

No sería malo que los PIGS quebraran y pudieramos empezar de nuevo, pero no creo que Alemania quiera cargarse el status quo y no cobrar. Prefiere cobrar en euros devaluados. Al final la deuda es para tener control, no dinero. El dinero este lo pueden crear si quieren.

Así que la clave es si van a rescatar a los PIGS o no. Si los rescatan lo harán usando al banco central (no hay otra manera) y los precios subirán. Si no los rescatan entonces sí que podría haber una deflación brutal. Ya sabes que yo he dicho siempre que va a haber rescates, los alemanes nos apretaran y nos forzarán a tomar medidas duras como condición al rescate, pero al final nos rescatarán. De hecho, llevan ya un año rescatandonos. El balance del BCE se ha casi doblado. Y parece que van a seguir rescatandonos.

No se como haces para seguir teniendo esta fe que tienes en el euro.


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Antiguo 26-oct-2010, 12:19
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Mish's Global Economic Trend Analysis: Massive Inflation in China, US Inflation Nonexistent

Massive Inflation in China, US Inflation Nonexistent

Those looking for massive inflation cannot find it in the US where credit contraction is still underway. However, one can find massive inflation in China, where increases in money supply and credit run rampant, and property and food prices soar.

Please consider China Hides Rampant Inflation in Money Binge: Patrick Chovanec

High-end property prices in dozens of Chinese cities have doubled during the global financial crisis. Sales of gold bars have done the same this year. Fine pieces of jade are selling at $3,000 an ounce, up 50 percent in the past couple of months, while packets of certain types of dahongpao tea are going for $30,000 a kilogram. Art and wine auctions in China are pulling in record prices, while the Shanghai stock market surged 8.5 percent last week to the highest level in almost six months.

If it seems like there’s a lot of money sloshing around the Chinese economy, that’s because there is. Over the past two years, M1 expanded by 56 percent, M2 by 53 percent. Currently, even with much-touted “cooling measures,” both are still growing at an annual rate of about 20 percent.

...most people in China seem content to believe their country has found a fantastic new formula for prosperity.

In reality, there is rampant inflation in China. It’s just showing up in asset prices. The new money that was created entered the economy as loans, mainly to fund investment in fixed assets. When it finally reached consumers, they bought tangibles, like property, instead of spending on consumer goods.

Chinese Inflation Shows Up in Food and Property Prices

The New York Times reports Food and Property Prices Drive China’s Concern Over Inflation

China’s roaring economy slowed in the third quarter, rising at an annual rate of 9.6 percent after the government took steps to prevent overheating, according to data released Thursday. But inflation last month hit its highest rate in nearly two years.

The government said the consumer price index, the broadest measure of inflation, rose 3.6 percent from the previous September. It was the highest rate in China since 2008, largely because of food prices, which rose 8 percent last month.

Interest rates on savings deposits in China had recently fallen to about 2.25 percent a year before the decision Tuesday. (The government-mandated rate is now 2.5 percent.) But inflation has risen steadily this year, which means bank depositors are essentially facing a negative interest rate return.

And yet, things may be even worse than the consumer price index suggests. A growing number of analysts say inflationary pressure is stronger than the price index indicates, because it is heavily weighted toward food — particularly pork prices. Rising energy, property and transportation costs are not as significant a factor in the index. And even the price increases of many food items — aside from pork — are also not adequately weighed or calculated, analysts say.

Basket of Nonsense

These stories highlight the problems of measuring "inflation" with a basket of consumer prices. The Greenspan and Bernanke Feds both made huge mistakes by ignoring property prices.

It is actually impossible to pick a representative basket of goods and services. Moreover, and more importantly, even if one could pick such a basket, bubbles caused by inflation can form in equities, commodities, land prices, housing, or other assets.

Please remember this is a global economy. Prices, especially commodity prices, are set at the margin, and based on global demands, not just on demands in the US.

Many have misguidedly pointed to rising commodity prices as proof of inflation. All things considered, that "proof" pertains not to the US, but rather to China where credit, monetary, and price inflation are all clearly running rampant.


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