10/12/17

Ora Si Indaga Su Deutsche Bank: Causò La Crisi Dello Spread



----
Ora Si Indaga Su Deutsche Bank: Causò La Crisi Dello Spread
// Piovegovernoladro

La prima banca tedesca, Deutsche Bank, e alcuni suoi ex top manager sono indagati dalla Procura di Milano per la mega speculazione in titoli di Stato italiani effettuata nel primo semestre del 2011.

Operazione che contribuì a far volare lo spread dei rendimenti tra i Btp e i Bund tedeschi e a creare le condizioni per dimissioni del governo Berlusconi, a cui subentrò l'esecutivo di Mario Monti.

Secondo l'Espresso in edicola oggi, che ha ricostruisce e rivela la vicenda, l'ipotesi di reato è la manipolazione del mercato, avvenuta attraverso operazioni finanziarie finite sotto la lente dei pm per un ...

8/12/17: Happiness: Bounded and Unbounded



----
8/12/17: Happiness: Bounded and Unbounded
// Silver For The People

trueeconomics.blogspot.com / by  / Friday, December 8, 2017

Why I love Twitter? Because you can have, within minutes of each other, in your tweeter stream this…

READ MORE

The post 8/12/17: Happiness: Bounded and Unbounded appeared first on Silver For The People.


----

Read in my feedly


Inviato da iPhone

IMF Warning About China’s TRILLIONS in Potential SYSTEMIC RISKS! Here’s Why.



----
IMF Warning About China's TRILLIONS in Potential SYSTEMIC RISKS! Here's Why.
// Silver For The People

investmentwatchblog.com / BY  · 

Here is the IMF, talking about just a small percentage of the risks in China. Does this mean that China the only country with issues? No. Not even close. But where there are risks, we must identify them.

In your opinion, does China pose a serious threat to the global economy?

READ MORE

The post IMF Warning About China's TRILLIONS in Potential SYSTEMIC RISKS! Here's Why. appeared first on Silver For The People.


----

Read in my feedly


Inviato da iPhone

Enron 2.0? ECB, Global Banks On The Hook For $21 Billion In Steinhoff Implosion



----
Enron 2.0? ECB, Global Banks On The Hook For $21 Billion In Steinhoff Implosion
// Silver For The People

zerohedge.com / by Tyler Durden / Dec 9, 2017 2:35 PM

Earlier this week we reported that as part of the stunning, unexpected collapse of South African retail giant Steinhoff, which also owns France-based Conforama furniture chain, Mattress Firm in the U.S. and Poundland in the U.K., none other than the ECB was unveiled as owning an unknown amount of its recently issued €800 million in 2025 bonds, which plunged from 85 to as little as 41 cents on Wednesday when the news hit

… and which we said would be sharply downgraded in the coming days as the rating agencies – once again painfully behind the curve – caught up with reality. That's precisely what happened late on Thursday, when Moody's cut its Baa3 rating by four notches deep into junk territory, highlighting "the uncertainties and implications for the company's liquidity and debt capital structure."

READ MORE

The post Enron 2.0? ECB, Global Banks On The Hook For $21 Billion In Steinhoff Implosion appeared first on Silver For The People.


----

Read in my feedly


Inviato da iPhone

Egon von Greyerz Warns A Storm Is Coming In 2018



----
Egon von Greyerz Warns A Storm Is Coming In 2018
// Silver For The People

Egon von Greyerz Warns A Storm Is Coming In 2018

kingworldnews.com / December 09, 2017

Today Egon von Greyerz warned a great storm is coming in 2018.

December 9 (King World News) – Egon von Greyerz:  "If we look at 2018, I see debt continuing to accelerate.  In China, for example, debt was up almost $4 trillion.  That is a massive record for China.  And since 2008, debt is up $19 trillion.  So China is now a real debt bubble, and I think that's one of the major risks for next year…

READ MORE

The post Egon von Greyerz Warns A Storm Is Coming In 2018 appeared first on Silver For The People.


----

Read in my feedly


Inviato da iPhone

Marx, Robotics, And The Collapse Of Profits



----
Marx, Robotics, And The Collapse Of Profits
// Zero Hedge

Authored by Charles Hugh Smith via oftwominds.com

Whatever commoditized robots can produce is no longer profitable; rather, the production destroys capital.

Yesterday I discussed how robots only do work that's profitable, as any enterprise buying, programming and maintaining robots to do unprofitable work will soon be out of business.

What few observers seem to grasp is that automation goes through two distinct stages of profitability: when robots/automation first replace high-cost human workers, profits soar. Observers then draw projections based on the belief that these initial profits will continue essentially forever.

But this initial boost phase of profits gushing from automation is short-lived; as the tools of automation are themselves commoditized and become available to anyone on the planet with some capital and ambition, lower cost automated competitors come to market, destroying the pricing power of the first adopter.

Once an enterprise is competing only with other automated enterprises, profits fall to near-zero as lower cost competitors emerge. Competitive advantages are small once a field has been commoditized/globalized, and there is little pricing power left except for brands that establish some cache people will pay extra to have and hold.

But everything that's been commoditized will no longer be profitable, as the competitive advantage of replacing human workers with robots vanishes once competitors have also replaced their human workers with robots.

Karl Marx described this dynamic of profits cratering and then vanishing in the 19th century. Marx described the consequences of over-investment in commoditized production and the resulting over-capacity: when anyone with access to investors or credit can buy the same machinery—that is, the machines are interchangeable commodities such as sewing machines, power looms, etc.--the capacity to produce rises as every competitor attempts to lower the unit cost of each product by producing more.

In other words, the only competitive advantage in an economy of commoditized machines and products is to increase production by over-investing in productive capacity. If competition has lowered the price of products, those who can double their production will achieve profitable economies of scale.

Over-investment and overcapacity are intrinsic dynamics of production; those who fail to invest heavily in increasing capacity will become unprofitable. Once their capital is destroyed, they vanish in insolvency.

Robot

As Marx explained, every enterprise is driven to pursue the same strategy, and the end result is massive over-investment and overcapacity. The flood of products overwhelms demand, and prices fall below the production costs.

Over-investment leads to overcapacity that devalues whatever is being produced.

This leads to a counter-intuitive result: over-investment destroys capital.

The naïve faith that robots will generate so much wealth that humans will have no work has it backward: over-investment in commoditized robots and their commoditized production will destroy capital, not create it.

Recall that enterprises don't have profits, enterprises only have expenses. Robots will never be free, due to their intrinsic complexity and use of resources and energy. As robots and other tools of automation become commodities that anyone can buy, whatever robots can produce is devalued accordingly.

In other words, whatever commoditized robots can produce is no longer profitable; rather, the production destroys capital.

This leads to a startling conclusion: this destruction of capital must be subsidized by taxing whatever is still profitable, i.e. whatever cannot be commoditized or automated.

In other words, enterprises profiting from human labor that can't be replaced by commoditized (interchangeable) robots will be subsidizing intrinsically unprofitable robotic production that destroys capital.

Exactly how will all these robots create unimaginable wealth when every moment they're in production they're destroying capital? It will fall to the remaining profitable enterprises and their human employees to subsidize the capital-destroying robots.

Robots can only perform profitable work, and in a fully commoditized production chain, very little production will be profitable. This raises a question: who will subsidize all the unprofitable robots? Who will buy them, program them, repair them and energize them? Who will subsidize all this capital-destroying work performed by robots?

The overcapacity intrinsic to automation destroys financial capital, globalized commoditization destroys social capital, and overconsumption destroys the planet's natural capital.

The fantasy that robots will do all the work of stripmining the Earth to provide for our endless overconsumption, and generate vast profits doing so, is just another manifestation of an intrinsically destructive and unsustainable Mode of Production.


----

Read in my feedly


Inviato da iPhone...

Un antifascismo che puzza di fascismo



----
Un antifascismo che puzza di fascismo
// Contropiano.org

Un pò di chiarezza? Ricapitoliamo: dopo il blitz dei neonazisti di Como della scorsa settimana, oggi PD, MDP, CGIL, Sinistra Italiana e Campo Progressista hanno fatto, tutti insieme e proprio lì, una "manifestazione antifascista istituzionale" a cui hanno aderito Boldrini, D'Alema e Veltroni. Il corteo indetto dagli studenti comaschi è […]

L'articolo Un antifascismo che puzza di fascismo su Contropiano.


----

Read in my feedly


Inviato da iPhone

Recensione libri: Le pubblicazioni di Rill

Recensione libri: Le pubblicazioni di Rill Le pubblicazioni di Rill - Riflessi di Luce Lunare AAVV - Davanti allohttps://www.finanzaelambrusco.it/articoli/articoli/cultura/recensione-libri-le-pubblicazioni-di-rill/