Eckhard Höffner

The Cambridge Global Handbook of Financial Infrastructure Cambridge Core - Finance and Accountancy - The Cambridge Global Handbook of Financial Infrastructure

Thrilled to share that the Cambridge Global Handbook of Financial Infrastructure, co-edited with Malcolm Campbell-Verduyn and Barbara Brandl, has been published!

You can find all chapters open access: doi.org/10.1017/9781...

A fantastic team of editors and a very useful volume. All open access. My contribution with @mnance.bsky.social on bank power and owning financial infrastructures.

YouTube video by Nationale Akademie der Wissenschaften Leopoldina Die große Stagflation

Ein Vortrag vom allseits beliebten H.W. Sinn.
www.youtube.com/watch?v=SgX8...

Ich kenne keine. Für die Reagan-Fans gelten andere Zusammenhänge und damit Ursachen als für andere.
Wir hatten Öl-Preis, Triffin-Dilema (Bretton Woods), hohe Zinsen, Zunahme Wettbewerb (Tigerstaaten, Japan), steigende Löhne, streikendes Kapital, Zunahme Arbeitslosigkeit usw.

As far as I know, with oil prices at around $60, fracking is no longer profitable. It looks like Trump wants to fulfill the campaign promises about what Harris is supposedly going to do: Great depression, no more fracking, degrowth ...

One has the impression that Trump will bring about a national bankruptcy. He has some experience with bankruptcies, so no one knows more about it than he does.

The rich realising that tax cuts cannot compensate for the losses they're suffering from the isolation revolution.

Zur Zeit sieht es so aus, als sollen Zölle und die Unternehmen es richten, weil die Ausbildung in den USA ist in der Regel nicht gerade vielversprechend. Die Unternehmen werden sich es genau überlegen, ob sie Leute Jahre lang ausbilden oder billiger Roboter aus China kaufen.

Ich bin gespannt, wie die Re-Industrialisierung in den USA durch Zölle und die magische Hand des Marktes laufen wird, so ganz ohne entsprechende Arbeitskräfte, Ausbildungsmöglichkeiten, irgend eine Planung oder andere Förderung durch den Staat.

Posting tonight ti shine a light on what the Alien Enemies Act looks like IRL. Our @immdef.bsky.social client fled Venezuela last year & came to US to seek asylum. He has a strong claim. He was detained upon entry because ICE alleged his tattoos are gang related. They are absolutely not. 🧵

Wären die #Grünen wie die Union und #Merz, dann gäbe es jetzt kein #Sondervermögen für Infrastruktur und keine zusätzlichen Gelder für #Verteidigung. Dann würde Deutschland weiter in einer politischen Paralyse verharren und das Vertrauen von Unternehmen und Menschen in die Politik weiter sinken.

nd by the system of "peaceful penetration" she gave these
countries not only capital, but, what they needed hardly less, organization. The whole of Europe east of the Rhine thus fell into the German industrial orbit, and its economic life was adjusted accordingly.

Of Germany's pre-war foreign investments, amounting in all to about $6,250,000,000, not far short of $2,500,000,000 was invested in Russia, Austria-Hungary, Bulgaria, Roumania, and Turkey.

Germany not only furnished these countries with trade, but, in the case of some of them, supplied a great part of the capital needed for their own development.

There was no European country except those west of Germany which did not do more than a quarter of their total trade with her; and in the case of Russia, Austria-Hungary, and Holland the proportion was far greater.

In our own case (GB) we sent more exports to Germany than to any other country in the world except India, and we bought more from her than from any other country in the world except the United States.

She was the largest source of supply to Russia, Norway, Sweden, Denmark, Holland, Switzerland, Italy, Austria-Hungary, Roumania, and Bulgaria; and the second largest
source of supply to Great Britain, Belgium, and France.

The statistics of the economic interdependence of Germany and her neighbors are overwhelming. Germany was the best customer of Russia, Norway, Holland,
Belgium, Switzerland, Italy, and Austria-Hungary; she was the 2. best customer of GB, Sweden, and Denmark; and the third best customer of France.

The increasing pace of Germany gave her neighbors an outlet for their products, in exchange for which the enterprise of the German merchant supplied them with their chief requirements at a low price.

Round Germany as a central support the rest of the European economic system grouped itself, and on the prosperity and enterprise of Germany the prosperity of the
rest of the Continent mainly depended.

The following excerpt from "The Economic Consquences of the Peace" (J.M. Keynes) is strongly reminiscent of the current situation with China. It is also clear which mistake our politicians should not do if we want to avoid disaster as after 1930.

The EU rigid macroeconomic constraints on public finance were totally artificial -a lie. They have now lifted them to enable massive military production.
The EU could have done the same thing earlier to ensure good housing, healthcare and other public services, and to promote a green transition.

EU chief unveils €800bn plan to ‘rearm’ Europe ‘We are ready to step up’ says Ursula von der Leyen after US suspends military aid to Ukraine

#PEACE IS NOT ACHIEVED BY MAKING MORE WEAPONS
Defense spending is at the expense of public services + green investments
Instead of militarization, the world must continue disarmament talks, promote green development+ #humanrights to deter conflict

#EndAusterity

www.theguardian.com/world/2025/m...

If Trump continues with his restructuring (without a defined goal), the main question is whether and how the rest of the world can break the connection?

Unregulierte Tech-Tests: Thiel, Altman und Co wollen Freedom Cities Im Weißen Haus sollen Gespräche geführt werden, wie man Freedom Cities in den USA errichten kann – Städte ohne Regulierung.

Im Weißen Haus sollen Gespräche geführt werden, wie man Freedom Cities in den USA errichten kann – Städte ohne Regulierung. #Künstliche Intelligenz

Trump team is pivoting to 'no pain, no gain' as economic message (Bloomberg) -- President Donald Trump campaigned on a promise to cure what he said was an ailing US economy. Little more than a month into his second term, he’s starting to hint that the treatment mig...

Da müssen wir (ihr) jetzt durch, damit es hinterher die Chance gibt, dass es besser geht. Nach solchen mit Durchhalteparolen verkauften "Rosskuren" geht es typischerweise vielen sehr lange nicht mehr besser.
finance.yahoo.com/news/trump-t...

Aktienmärkte drehen sich tendenziell um. Asiatische und europäische Aktienmärkte steigen, US-Indizes sind volatil, Hauptrichtung ist aber eher abwärts gerichtet.

China will not enter into an alliance like the one between Europe and the USA. But an improvement in relations seems necessary.