17 grudnia 2010

Richard Koo - 14 Grudnia 2010 - list do inwestorów

Kolejny list do inwestorów Richarda, którego przedstawiłem już wcześniej na łamach mojego bloga. Poruszone tematy: * Surprise agreement between President Obama and Republican Party * Use of credit cards in US drops precipitously * Collapse of housing myth and rising US household savings * US tax deductions for various types of interest continued from Great Depression to 1970s * Upward pressure on savings rate will take time to correct * Re-examining US deleveraging process * Statistics prevent accurate measure of deleveraging * Pessimistic estimates may be closer to reality * Americans no longer averse to saving * Agreement reached by President Obama and Republicans a step in the right direction * Mistaken view that fiscal stimulus is inefficient alive and well in US * Fiscal elasticity far higher during balance sheet recessions * Europe and US may repeat Japan’s mistakes * Fiscal positions of European nations grow increasingly precarious * Focus on fiscal consolidation creates vicious cycle for EU * Ireland a textbook example of vicious cycle driven by fiscal consolidation * IMF concerned but unable to change course * US supports economy with fiscal stimulus while EU undermines economy with austerity koo.dec.14.2010

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