Take: Statistical tricks, an imaginative balance sheet, debt-financed economic stimulus programs and trillions for generating a new speculative bubble – and the global economic crisis seems to be over-wound
In good time before the federal election, Germany’s opinion makers write the "Export World Champion" from the recession. Mirror-Online sees Germany already from the recession sagging, the Handelsblatt embarks an economic growth of 0.3% in the second quarter of 2009 and the Financial Times Germany is already discussing how "we" defeated the crisis. Also in the United States, the American central bank Fed sees an end to the recession, as industrial production in July increased by 0.5% towards the previous month. For the third quarter of this year, even growth of three to four percent is expected.
The FTD also sees the American industry before a spectacular comeback after these aggressive workplaces degraded and now increased their productivity on average around five% towards the first quarter of 2007. The idea that it was precisely the rapidly rising productivity of the industry (explosive expansion of the financial markets in the Clinton-ARA), which ultimately contributed to the training of the financial market-driven and speculation bubbles generating capitalism in the last decades, financial journalists do not come in itself. Even American economic media are currently aligning from the impact of a "Jobless Growth", an economic growth without workplace growth, which can only be maintained at short notice:
However, Other Recent Reports Are Warning Of A Jobless Recovery, Which Could Result In Paint Luster Growth in The Coming Quarters, Especially With Some 70 Percent of the U.S. Economy Dependent On Consumer Spending.
If at all, you can not find out on the rear newspaper columns that the workplace reduction will continue to progress, or that economic risks continue to exist. No one opinion-forming German newspaper, for example, specifies that in the same period in which a stimulus recovery of 0.3% was held against the previous quarter, Germany’s GDP also fell by 7.1% – at the same period of the previous year. Not a single German opinion maker considered it appropriate to share his readers that this is the strongest economic slump in the German economic history that has ever been statistically recorded year-on-year. Meanwhile, it remains dedicated Internet blocks, such as the economic cross-committee, to point out that this "more than just uncritical view" of mass media a "very weak quarter deliberately reinterpreted in a recessional one".
The muzzle rates continues
"Songreden, Schasten", creative booking and failing rating agencies had contributed to the composition of the crisis, states the economic tense. At least the latter have learned their lesson from the crisis?
Like the Frankfurt General Zeitung (FAZ) on the 28. July reported, the rating agency is standard Poor’sP) "more time" for the renewed review of your evaluation procedure after exposing massive criticism from the financial industry. The new rules were simply too strict the iers of securities! It threatens "mass gradations" of securities, which are also heavyweights like the European Central Bank "not welcome" if they are to lose their investigation of AAA, the FAZ reported. Again in plain text: The rating agencies are now criticized because their new evaluation criteria are too strict!
How to look for the evaluation rules revised for prere from the financial industry, may be apparent from the past July on the basis of an episode from last July. After SP Several credit warries for commercial real estate (CMBS) on the Note BBB-downgraded, the rating agency had to be on 24. July after massive criticism, and forgive the bestnote AAA. Investors who are the one of SP-graded CMBs had previously bought, be "punished on unfair art", the FAZ quoted a Citigroup banker. The CMBS market had been a bit recovered, because papers were bought with high banks of investors as part of a state credit program, the FAZ continues. This upswing is now in danger.
In the meantime, it is also clear that the basic business model of the agencies remains untouched. The iers of the securities will continue to pay the agencies for review. Especially this conflict of interest in which the rating agencies advised was made responsible for the mass revaluation of scrap papers during the speculative bubble in the real estate market! In order not to danger to the taxpayer subsidized by the taxpayer with all the toxic "securities", these are, of course, not to evaluate their value as a financial mull. The emergence of the "frozen" financial markets can only solve control systematic self-fraud.