Bardzo kiepsko widzi przyszłość Bank Rozrachunków Międzynarodowych.

Bank of International Settlements' Tough Assessments Don't Bode Well for World Economy

In a new report, the Bank for International Settlements (BIS) - often called the "central banks' central bank" - points out that bond investors are not as smart as they think, that Western debt is much higher than officially reported (since contingent liabilities and pension debts are excluded from official numbers), and that the recovery of the world economy may be crushed by fiscal problems.
More worryingly, the current expansionary fiscal policy has coincided with rising, and largely unfunded, age-related spending (pension and health care costs). Driven by the countries’ demographic profiles, the ratio of old-age population to working-age population is projected to rise sharply. Interestingly, this rise is concentrated in countries such as Japan, Spain, Italy and Greece, which are already laden with relatively high debts (Graph 2, left-hand panel). Added to the effects of population ageing is the problem posed by rising per capita health care costs.

So far, at least, investors have continued to view government bonds as relatively safe. But bond traders are notoriously short-sighted, assuming they can get out before the storm hits: their time horizons are days or weeks, not years or decades. We take a longer and less benign view of current developments, arguing that the aftermath of the financial crisis is poised to bring a simmering fiscal problem in industrial economies to boiling point. In the face of rapidly ageing populations, for many countries the path of pre-crisis future revenues was insufficient to finance promised expenditure.

Historical data shows that once public debts near 100pc of GDP they act as a ball and chain on wealth creation.

If countries do not retrench quickly, they will create a market fear of "monetization" that becomes self-fulfilling. "Monetary policy may ultimately become impotent to control inflation, regardless of the fighting credentials of the central bank" it said.

Some states may be tempted to carry out a creeping default by stoking inflation. "The payoff to do this rises the bigger the debt, the longer its average maturity, the bigger the fraction held by foreigners." The BIS said the danger that any government would consciously take this path is "not insignificant" in the longer run.

Of course, a brutal fiscal purge in every major country at once itself poses a danger. The result would be to crush recovery and tip the world economy back into crisis, making deficits worse again.

Ato co ma sie zmienic ustrój,komuna wróci ? nie rozumiem, zginęli --
przykro mi ,kazdy odczówa to na swój sposób ale zycie toczy sie dalej,
przecierz za jakis czas i tak by może ze swoich stanowisk by musieli odejśc

cdm net pekao i alior - a jak to KGB nam czyści konta?

ilu jeszcze debilów i spiskowców znajdzie się by podjudzać polaków,że Rosja miała w tym jakiś udział.Q-wa przecież takich świrów u nas jest od groma by zbijać kapitał polityczny.Co zaś wyciągnięta ręka zostanie odrzucona i to na zawsze?Prezydent cały czas walczył o prawde ,którą już wszyscy znali,pytam tylko po co chciał dalej na tym zbijać kapitał polityczny?

hakerzy dzisiaj skutecznie zaatakowali alior i pekao...

To nie tylko dług federalny jest problemem. Długi poszczególnych stanów są coraz większe, a nie mogą sobie same drukować pieniędzy....
The $2.3 Trillion State and Local Government Debt Monster – California Pension Systems on Unsupportable Path with $500 Billion Projected Shortfall.

Much of the focus on government debt over the past few years has revolved around the federal government. No doubt, this is a stunningly large amount. Yet the government has the ability to finance this debt through the U.S. Treasury and Federal Reserve with a buffet of choices. You have direct bailouts to Wall Street, quantitative easing, and systematically dismantling the U.S. dollar. But one issue that is rising to the top is that of state and local government debt. States do not have the ability to print money at the whim of any central banker. And the state and local government debt market is up to a whopping $2.3 trillion. At this point, trillion is the new billion.

DAX już na minusie. Koniec udawania wzrostu pod kolejne bajki o niby pomocy dla Grecji....