The new Stock Exchange bluff rising - the blog of Marcello Foa
We live in the era of '"rational man." There is the theory of rational citizen, the consumer's rational, rational voter and of course rational investor. According to this theory, our behavior would be dictated by the ability to carefully weigh the pros and cons of each choice in order to opt for the one we are most convenient.
In fact if you think about how you act in the life of every day, you will notice countertop food warmer how your behavior is mainly determined countertop food warmer by instinctive behaviors, emotional, impulsive or non-rational, it is normal that it is: the heart, the soul, the personality, mood, the need to belong (family, patriotic, social), the need to be accepted prevail often (almost always?) on the reasoning. And who knows who is in charge of communication to manipulate both the individual and the masses need to leverage psychological techniques that act on the non-rational part of us.
And 'what he understood very well one of the few economists really free in Italy, Alessandro Penates, which, as inconvenient, rarely finds space on the front pages of newspapers. Yesterday he wrote an extraordinary article in which he shows how the recent growth of the stock will be based not on reasonable expectations and an objective analysis of reality, but on the management of perceptions and directed decisive (and it is not a surprise) by Mario Draghi and Ben Bernanke who can count on courteous and interessatissima countertop food warmer willingness of the big banks, which have a key role in guiding the flock of small and medium investors, and thus amplify movements upward or downward.
The economic policy has become a matter countertop food warmer of communication. The Fed has created an expectation of continued quantitative easing, with the aim of injecting confidence, the stock market, countertop food warmer more sensitive to the moods, salt, creating a wealth countertop food warmer effect, the people, feeling more rich should consume more and businesses return to invest. But if Wall Street has posted strong growth, credit, consumption and investments languish.
Draghi has also embraced the approach the media (...) The aim is to convince you that if the growth is coming, the crisis is over, the public debt becomes sustainable, country risk and the spread disappear, and the reduction in interest rates raises credit, consumption and investment.
If the recovery countertop food warmer is around the corner, the corner, however, is not seen. The credit is a sensitive indicator of the economic cycle. But credit is not expanding, and even continues to contract (-2% to businesses Eurozone in June, down 4% in Italy). It is the same policy of the ECB to aggravate the problem: The Fed has purchased financial assets in the market, mainly by families, injecting money directly into the private sector, the ECB has done in quantities similar to the Fed (removing gold and currencies, 19% of GDP, compared to 21% of the Fed), but by banks.
To rejoice because we have slowed the fall, or we stop, but we are on the ground, but survived the crash, it means you have lost sight of the problem: Europe has suffered countertop food warmer the same time the worst episode of double-dip recession countertop food warmer and the longest period of contraction seen in the post-war period. Not if it comes with political ads. As in other cases, it seems aimed at influencing the markets, but that only creates the illusion of being able to solve the underlying economic problems.
ANTONIO MANTERO August 19, 2013 at 16:43: In fact, before they had to do a single state called Europe, what I believe impossible, and then do the sovereign currency countertop food warmer of that state, chiamandala EUR or as they like, but the story not done with itself. However, I think Germany has always been by far the largest European industrial, since the nineteenth, the largest factories countertop food warmer in the chemical also have always had them, we have had many small factories or that no one knows. ANTONIO MANTERO August 19, 2013 at 23:42:
Maurice and Girda, I carefully read your speeches countertop food warmer of 17 and 19 August. I guess we can at least agree on two things, the scaffolding cultural, theoretical and conceptual euro is not an economic system, is nothing. A State without money is not a State, countertop food warmer a State or a monetary sovereignty is or is not a State, countertop food warmer it is only free land for the raids of international speculation. The other thing, and much more compelling is that we have to escape as soon as possible by quest'euro that there is devastating physically and inevitably, avendoci countertop food warmer removed many certainties, morally! Not to forget: 1) Italy's Lira in 2000 was the first in Europe for industrial production, today we are among the last.
We live in the era of '"rational man." There is the theory of rational citizen, the consumer's rational, rational voter and of course rational investor. According to this theory, our behavior would be dictated by the ability to carefully weigh the pros and cons of each choice in order to opt for the one we are most convenient.
In fact if you think about how you act in the life of every day, you will notice countertop food warmer how your behavior is mainly determined countertop food warmer by instinctive behaviors, emotional, impulsive or non-rational, it is normal that it is: the heart, the soul, the personality, mood, the need to belong (family, patriotic, social), the need to be accepted prevail often (almost always?) on the reasoning. And who knows who is in charge of communication to manipulate both the individual and the masses need to leverage psychological techniques that act on the non-rational part of us.
And 'what he understood very well one of the few economists really free in Italy, Alessandro Penates, which, as inconvenient, rarely finds space on the front pages of newspapers. Yesterday he wrote an extraordinary article in which he shows how the recent growth of the stock will be based not on reasonable expectations and an objective analysis of reality, but on the management of perceptions and directed decisive (and it is not a surprise) by Mario Draghi and Ben Bernanke who can count on courteous and interessatissima countertop food warmer willingness of the big banks, which have a key role in guiding the flock of small and medium investors, and thus amplify movements upward or downward.
The economic policy has become a matter countertop food warmer of communication. The Fed has created an expectation of continued quantitative easing, with the aim of injecting confidence, the stock market, countertop food warmer more sensitive to the moods, salt, creating a wealth countertop food warmer effect, the people, feeling more rich should consume more and businesses return to invest. But if Wall Street has posted strong growth, credit, consumption and investments languish.
Draghi has also embraced the approach the media (...) The aim is to convince you that if the growth is coming, the crisis is over, the public debt becomes sustainable, country risk and the spread disappear, and the reduction in interest rates raises credit, consumption and investment.
If the recovery countertop food warmer is around the corner, the corner, however, is not seen. The credit is a sensitive indicator of the economic cycle. But credit is not expanding, and even continues to contract (-2% to businesses Eurozone in June, down 4% in Italy). It is the same policy of the ECB to aggravate the problem: The Fed has purchased financial assets in the market, mainly by families, injecting money directly into the private sector, the ECB has done in quantities similar to the Fed (removing gold and currencies, 19% of GDP, compared to 21% of the Fed), but by banks.
To rejoice because we have slowed the fall, or we stop, but we are on the ground, but survived the crash, it means you have lost sight of the problem: Europe has suffered countertop food warmer the same time the worst episode of double-dip recession countertop food warmer and the longest period of contraction seen in the post-war period. Not if it comes with political ads. As in other cases, it seems aimed at influencing the markets, but that only creates the illusion of being able to solve the underlying economic problems.
ANTONIO MANTERO August 19, 2013 at 16:43: In fact, before they had to do a single state called Europe, what I believe impossible, and then do the sovereign currency countertop food warmer of that state, chiamandala EUR or as they like, but the story not done with itself. However, I think Germany has always been by far the largest European industrial, since the nineteenth, the largest factories countertop food warmer in the chemical also have always had them, we have had many small factories or that no one knows. ANTONIO MANTERO August 19, 2013 at 23:42:
Maurice and Girda, I carefully read your speeches countertop food warmer of 17 and 19 August. I guess we can at least agree on two things, the scaffolding cultural, theoretical and conceptual euro is not an economic system, is nothing. A State without money is not a State, countertop food warmer a State or a monetary sovereignty is or is not a State, countertop food warmer it is only free land for the raids of international speculation. The other thing, and much more compelling is that we have to escape as soon as possible by quest'euro that there is devastating physically and inevitably, avendoci countertop food warmer removed many certainties, morally! Not to forget: 1) Italy's Lira in 2000 was the first in Europe for industrial production, today we are among the last.
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