Ex-top Central Bank Chief in the interview – “Europe has learned nothing” – Why us an even worse financial crisis looms.

William White: I’m afraid they have actually learned anything. One would think Yes people to rethink the foundations of their actions if things developed differently than expected. But apparently they tend to follow the motto: If you don’t know what to do, then do what you already know. And so are also the actions of central banks since the crisis: very imaginative variations of"carry". White: I think the cause of the financial crisis was an excessive policy of cheap money, combined with new financial products. That led to a massive credit bubble, especially in established economies. Since then nothing has changed really: still a very active financial policy excessively re-inflate the credit volume – doing exactly what originally caused the mess. Economic Nobel Laureate Friedrich von Hayek knew: who takes action against a depression with increased lending, fighting the evil with his cause. But the credit bubble and the high levels of debt are the fundamental problem – and today, the indebtedness of households, the companies and the countries in the G-20 countries is 30 percent higher than in 2007. White: Absolutely. With the zero interest rate policy – about the US Federal Reserve fed – should be increased willingness to invest and which stimulated economic activity. Unfortunately, that did not work. As a result only the assets have been inflated artificially, but the willingness to invest is still weak, what can be observed also in Germany. And now we look at the financial markets: stock prices at an all-time high, that wherever you turn returns of safe bonds to record lows, as the interest rate differentials -, you can see evidence of the increased risk appetite. White: Well, it’s like, that virtually any Central Bank in the world strategy to stimulate aggregate demand by cheap money. The ECB is thus not the only, which is subject to political influences. The view is just common that an expansionary fiscal policy was the right recipe. If this cheap-money policy was not successful so far, this could be only because there still was not enough, the dose should be increased so. Without a doubt, central banks – not only the ECB–are under enormous pressure to maintain the current course or even to accelerate, because their previous approach allows the Governments so to speak "off the hook". White: The bis believes – and I agree with you – that the problem of debt is ultimately one of the ability to pay. People spend money if they fear that in the future not being able to service their debts. Realistically, but would have to admit that many debtors are virtually broke, they will never be able to pay their debts. Meaningful measures would have debt rescheduling, debt relief, write-off of loans, recapitalization of banks – not the tasks of a Central Bank, are yet but by Governments, so as it would be the task of the Government to strengthen the economy through reforms of the labour market. But Governments hesitate to tackle such tough and unpopular tasks – as you do prefer that the Central Bank would have everything at your fingertips. The problem, though, is that these practices not only do not work but also very unpleasant side effects. . Related information can be read clicking http://id.forexmegadroidreview.biz.

25 years of navigation system: Guidebook.

Three years later there was the next important step in the future, because the navigation system was expanded with global positioning system – GPS reception -. Once GPS only for military use was been created. But as the own vehicle position in the own vehicle ten metres could be determined accurately. At retail, there was initially no significant need after the electronic route guidance. So, the navigation systems exclusively in subjects and commercial cars were built. One of the first major customers: the fireworks of Los Angeles, which found its way to the fire faster with the system developed by Bosch. The next development step made a few years later the more precise the screen, the calculation was faster and the route guidance with a speech. Thanks to a simpler symbolism and better maps, it was increasingly faster than comfortable at the target in the second half of the 1990s. For the first time available: travel tips, restaurant and parking. 1998 the first TMC traffic messages moved move into the navigation systems. Where was this way, show the current navigation devices that have become the standard in modern cars. Long ago, these are intertwined, with apps and firmly integrated in the car with sound system, on-board computer and radio. So, there is not only the fastest and shortest route, but also the most fuel-efficient route to your destination with appropriate weather forecast. The future has begun – a quarter century ago. . You must check this site to read extra on this interesting topic.

+++ NewsTicker Ukraine +++: also United States intensify sanctions against Russia.

After the European Union, also the United States have further tightened sanctions against Russia in the Ukraine crisis. The punitive measures directed against the Russian agricultural Bank, the VTB Bank and the Bank of Moscow, as communicated by the Treasury Department in Washington on Tuesday. And the United States out of US citizens henceforth no financing deals can be made more with this money houses. The Ukraine is ready for a fire break around the crash site of the Malaysian passenger plane, where the pro-Russian rebels pull back from the front. The Ukrainian President Petro Poroschenko assured call Rutte the Dutch Prime Minister mark that communicated by a spokesman for the Dutch Government on Tuesday evening in the Hague. Rutte had prompted earlier the Ukraine emphatically to a ceasefire, to allow rescue work in the disaster area in the East of the country. Hardly the EU States have announced massive sanctions against Russia (they should be worked out by Wednesday noon in the individual), U.S. Secretary of State John Kerry put. Should Kremlin Chief Vladimir the separatists continue to support Putin in the Eastern Ukraine, more measures were inevitable. Russia deliver still weapons in the Ukraine and fired artillery over the border, so Kerry after a meeting with the Ukrainian Foreign Minister Pawel Klimkin in Washington. The European Union is preparing sweeping economic sanctions against Russia. The ambassadors of the 28 EU governments put finishing touches to draft regulations, which among other things the access of Russian banks to the European capital market is difficult currently in Brussels. The measures include also an export stop for weapons, high-tech products and special equipment to oil production. Discussions are expected to last until late in the evening, because of complex legal texts. There is no political dispute about the need for the sanctions, but it is. After their brief escape from the crisis-hit Ukraine, six South American soccer professionals are now returned to their club Shakhtar Donetsk. The Brazilian Douglas Costa, commonly, Fred, Ismaily and Alex Teixeira, as well as the Argentine Facundo Ferreyra had denied the trip last week after a test match in France. You justified this with the fierce fighting between the army and pro-Russian separatists in the ex – Soviet Republic. Due to the conflict, Shakhtar plays its home games in the current season in Lviv (Lemberg). The city is more than 1000 kilometres from the embattled Donetsk in the West of the country. The heavy fighting in the East of Ukraine increasingly civilian casualties. A spokesman for the municipal administration of Gorlovka complained at least 31 civilian deaths, including eight children. Near Donetsk is located according to the days under artillery fire. This 43 people to be injured. Five people by a grenade strike in a retirement home killed in Lugansk. Eight other people were injured according to the City Government. Large parts of the city were without gas and electricity supply, it says. Separatists and Ukrainian army will be blaming the civilians killed each other. Russia has criticized the increased Japanese sanctions because of the Ukraine crisis. Japanese behavior was rude and short-sighted, it is based on a faulty view of the operations in the Ukraine, the Russian Foreign Ministry said. The Government in Tokyo announced the day before, to freeze the assets of individuals or groups that are involved in the annexation of the Crimea or the conflict in the Eastern Ukraine. Moscow explained that Japan had no independent policy despite of all expressions of friendship, but go on the sanctions in the wake of the United States. The Ukraine crisis is to blame for most Russians a failed policy of the West a survey after. 64 percent of respondents accuse the United States and Europe an unauthorized intervention, communicated by the independent levada Institute in Moscow. 52 percent fear that the bitter conflict in the neighboring ex – Soviet Republic to a world war could spread. 23 percent favor, that did not recognise people republics Lugansk and Donetsk should – be modelled on the Crimean peninsula parts of Russia. 56 percent are sure that Moscow supported the separatists in the Ukraine. Impending hard economic sanctions of the EU against Russia will hardly meet the German armaments industry according to their industry association. We have an export volume of approximately 35 billion euros for the whole German economy towards Russia at present. There the German security and defence industry is only to a Milli, so we are not affected by the planned sanctions, so the Chief Executive of German security and defence-related industries (BDSV), Georg Wilhelm Adamowitsch, in the Germany radio. When policymakers hold now economic sanctions, to exert pressure on Russia in the Ukraine dispute, he think it right. The conflict between the Ukraine and Russia is expanding now to the cultural sector. The Government in Kiev wants to control in the future more books and films from the neighbouring country. For films from Russia a share was, whether they correspond to national legislation, so the State film Agency in Kiev in the future. Vice Prime Minister Alexander Sytsch says on the book market, the Ukraine wants to protect a quota to local books against the overweight of foreign, especially Russian literature, of the nationalist party Swoboda. Only one-fifth of the books in the country come from Ukrainian production. The United States accused the violation against a key nuclear disarmament treaty to Russia. This is a very serious matter, that we have been trying for some time, to raise with Russia, as a representative of the Government in Washington. In whatever form, Russia should have violated the agreement concluded at the time of the cold war, does not explain though. The New York Times had reported in January that the United States had informed its NATO partners about it, that Russia had tested a land-based cruise missiles. The so-called INF Treaty foresees the destruction of all such missiles with a range of 500 to 5500 kilometers. . You can click the following weblink to discover extra about this interesting subject.

Herrsching: Miss Karla and the revolution.

-Jule Ronstedt is in distress. In a sense. Success not lacking the actress and Director though. On the contrary. But there is something what it craves: after more exciting and interesting female characters on television and in the cinema. And exactly why keeping a little so there, as the writer and satirist Kurt Tucholsky 1930 put it there in his crossword puzzle of violence: the rest of the library consisted of finer literature, I write my small needs me yourself. Also Jule Ronstedt writes itself now the puppet itself, which like to want to see her on stage or screen. When you consider only this front, à la Tucholsky is not wrong to have Jule Ronstedt with their tactics. However, would the artist, born in Munich and raised in Herrsching, Tucholsky call hardly as her role model. Not because they show no respect for the poet would, but simple and poignant because Jule Ronstedt has now no models. And is anyone wants to take as a model. It belongs rather to those who admire the performances of others without becoming jealous, if she themselves didn’t materialize such. Wim Wenders is one example. She wanted his film salt of the Earth about the Brazilian photographer Sebastião Salgado, the well-known Director presented on Friday in Starnberg, don’t miss. Not only because she hoped to become acquainted with the master himself. But because she admired his strong imagery, as she says: I could not. Ronstedt sees itself rather as someone who is more responsible than for the Visual language: when I write, I file for hours at rates around. And she writes a whole lot: columns, articles, stories, scripts – such as the trilogy around Miss Karla. Two short films were it has become: Miss Karlas last attempt – and just the now for the short film award nominated Miss Tony’s first visit. Part three shall follow: Miss Karla lucky. Who has seen it and of oblique figures attracted, which the question arises, why Ronstedt has not made a long feature film from the really promising stuff quickly. But the explanation sounds understandable: for me, short films are an Etude, a finger exercise. For the Herrschingerin, who now lives with husband and 13-year-old daughter in Haidhausen, has big plans for five years: you wrote a screenplay for a feature-length comedy mafia. She is already negotiating with producers. And if it were up to her, the shooting would start for next year. This Ronstedt first not intended to himself filmmaking, directing, writing books. She decided at the age of eight years rather to be an actress she says: I had a very different idea: I thought because one speaks only French and walking around all day with a shawl around his neck. At that time she dressed up just like, today she feel the thing with the constant costume changes during the filming as a rather cumbersome and exhausting. She is however still sees a slight advantage: it is one easier to slip into a different role. But this is just such a thing with the roles. As she plays Alicia in from blue sky at the age of 24, she found the series total square: today it would no longer turn something, says the 43-year-old. Because there a boy naked is bathed, because there are two men in a shared apartment live with the children of one: you think about equal in pedophilia. Also on the cult series à la anyhow and anyway the television would no longer dare. And at this point, Ronstedt lands also right back on her favorite subject: the lack of character female figures. We ended up back at Heinz Erhardt. At a time when so shown only as an appendage to their husbands in the women that, make life easier for these. There is, however, nowadays rarely self-determined female personalities in the film. Recently, she was sitting in the pre-selection Commission for the German film award, she says. She’ve sighted 65 films here, only at about five of them, the protagonists had embodies figures that correspond to the time. These observations horror Ronstedt, they make them even angry – even if she doesn’t see as emancipated: I’m also a housewife, mother, wife. But it is about authenticity, loyalty to himself and to a revolution in the German film. It could well be just being there, which starts this. . For extra regarding this matter click http://id.forexmegadroidreview.biz.

Default or not, the moment of truth has arrived for the Argentina.

The suspense ends today. Yesterday, downtown of Buenos Aires was carpeted poster unequivocally. We can see the American and Argentine flags face to face and a slogan: "Griesa or Cristina. Clearly, ‘death or the homeland’, i.e. the salvation of the Argentina or one of the vulture funds. "It feels almost returned to the Falklands war at the end of the dictatorship!", mocks a member of the opposition. These days, the Government of Cristina Kirchner said that he preferred the default rather than pay $ 1.3 billion to the vulture funds. A blow of poker? Because, at the same time, it multiplied the gestures of goodwill last minute. A delegation of the Minister of economy met yesterday with the American mediator Daniel Pollack to try to snatch a «stay», i.e. a new suspension of the execution of the sentence to pay hedge funds. Especially since the US federal judge Thomas Griesa, deemed intransigent believes in Buenos Aires, for the first time demonstrated flexibility. At the request of Citibank, he exceptionally authorized payment by the Argentina to Spanish Repsol of obligations in pesos and dollars used for compensation as a result of the expropriation of oil company YPF. Present with President Cristina Kirchner at a Summit of Mercosur in Venezuela, the Minister of the economy, Axel Kicillof, planned to skip needed a plane to take part in the final discussions in New York. Monday night, he launched a symbolic gesture to demonstrate to the international community that the Argentina paid creditors. Buenos Aires has anticipated a first payment of $ 650 million to the Club of Paris, following the agreement of last May. "The Argentina continues the regularization of international liabilities accumulated after the bankruptcy of 2001", insisted the Ministry of economy. "The continuity of the econom IC activity does not depend on any technical defect", assured Jorge Capitanich, head of the Government. However, at the palais presidential, we fear its consequences, out calculators and on board already on anti-crisis measures. A failure may result claims up to $ 20 billion, estimated. Almost the equivalent of the Central Bank’s reserves. Calls have already made to the Chinese to make sure that the default will not affect a $ 2 billion loan for the construction of a freight train line. The Argentina has created a front for international support against the vulture funds. There is China, the Russia and all its allies of Mercosur. The main concern is the worsening of the crisis. The third Latin American economy entered into recession at the beginning of the year. According to the Société d’Etudes Abeceb, failure would cause "a fall in GDP of 3.5%, 41% annual inflation and a contraction of the consumption of the order of 3.8%. A panorama of recession coupled with high inflation that is cold in the back of business leaders. "In the event of default, external financial credit disappears and commercial credit will be complicated. Consequently, employment will be affected and there will be serious economic and social consequences", believes Miguel Blanco, president of the Institute for the development of business (Idea). . For additional data regarding this matter check http://id.forexmegadroidreview.biz.

Gaza: Hamas ready for 24-hour truce.

Faced with this spiral of violence, the international community has so far failed to oppose that its horror and its helpless calls a cease-fire. Israel and the Palestinian Islamist movement Hamas ruling Gaza seem determined to go all the way in their war, despite the heavy human toll and devastation in the Palestinian enclave. The Israeli offensive triggered on 8 July to put an end to the firing of rockets by Hamas has made more than 1. 110 Palestinians were killed, mostly civilians according to the UN. Israeli side, three civilians and 53 soldiers have been killed, the heaviest military balance since the war against Lebanon in 2006. The Israeli army said have killed more than 300 Hamas fighters and hit nearly 3. 900 "terrorist sites" since the beginning of the conflict triggered by air raids before spreading on July 17 at a ground operation. But the aim to obtain a "demilitarization of Gaza" and destroy the arsenal of rockets and tunnels to attack Hamas, is far from being achieved. This Israeli operation already lasted as long as of 2008/2009, which was intended also to stop the firing of rockets by Hamas and was for the Palestinians (1. 440 deaths) the deadliest of the four wars since Israel’s unilateral withdrawal from Gaza in 2005. And nothing seems to be able to stop it. . You can check this http://id.forexmegadroidreview.biz to discover more regarding this interesting matter.

Oktoberfest 2014: What is new at the Oktoberfest.

Mayor Josef Schmid (CSU) presented the new Oktoberfest attractions in the press on Tuesday in his capacity as economic adviser and was allowed to say equally pleased that the Oktoberfest is now firmly with butcher hand: he himself comes from an Allacher butcher shop, the new Oktoberfest Councillor Georg SAH is butcher and the spokesperson for the hosts, Toni Roiderer, anyway. The Oktoberfest is something unbandig, Schmid said he remembers like to his childhood, when went on the first Saturday the whole family at the Oktoberfest. There was always a coconut ball and a Schokobanane and before that lots of rides for the small Seppi: at that time it might be even wilder for me than it is today. Thus it should be acceptable for Munich’s second mayor, that it not quite so wild will go to this year, regarding the changes. Encounter is the attraction of made Karl Häsler, where a virtual Professor in a circular Auditorium in front of 80 people dance the dolls or aliens can and brutalized with all sorts of high-tech and special effects, as well as other thrill. Safety bar there on the seats also, but much will be held at encounter only in the head. The new transit scheme for the Theresienwiese is brand new for the Oktoberfest residents while the building up of the Oktoberfest. So far the Matthias Pschorr road on weekdays was in principle open but locked every hour for 10 minutes, so that the construction could go through. From now on it is completely locked for a month on weekdays between nine and 16: 00, at other times, it remains at the 10-minute barrier. On Saturdays and Sundays the passage remains open but still all day. With the construction of the rides from 27 August to the passage is completely blocked. . Related information can be found reading source.

Football: Griezmann pays tribute to his former club.

At the time of farewell, Antoine Griezmann don’t forget to greet his former team. Transferred Monday from the basque club Real Sociedad to Atletico Madrid for the sum of 30 million euros, the french striker held to pay tribute to those who have shown at the highest level. "Thank you for everything, for making me grow, taught me all these things and my dream" said winger of 23 years, regarded as one of the greatest European hopes after his performances at the World Cup to the Brazil.   Spotted at the age of 15 by Real Sociedad – the basque club of San Sebastián – the native of Mâcon (Saône-et-Loire) made all its classes up to push the doors of the France team. Rejected in his youth by many french clubs due to a judged too frail physique, the player owes much to Real Sociedad and failed to know at the time of his departure for Atlético Madrid. "When I arrived, I was still a little young, and you have opened the doors of your House. You were the first and only give me your trust. "in a letter in the form of tribute, that which constitutes the future of the team of France in the company of Varane, Sakho, worthy and other Pogba recalled. He now joined the workforce vice-champion of Europe of Diego Simeone with the ambition to impose itself as a value of the old Continent. However promising to never forget the club which has revealed. . You can click the following http://id.forexmegadroidreview.biz to discover extra on this great topic.

Leukemia: approval of Gazyvaro by the EU.

The Swiss pharmaceutical group Roche got the green light from the European Union for its Gazyvaro drug for treating the most common form of leukemia, it announced Tuesday. The European Commission has approved this treatment, in combination with chemotherapy with chlorambucil, for patients with chronic lymphocytic leukemia who have not yet received treatment and for which intensive therapy is not feasible, said the Basel group in a statement. This decision was based on a study of phase III, known as CLL11, which demonstrated that the association of this medication with chlorambucil reduced significantly the risk? worsening of the disease or death and allowed to extend the survival of patients who had not yet received treatment. The Committee for medicinal products for human use (CHMP), an instance of the EU, was pronounced in favour of this drug in May. It also called obinutuzumab, is already marketed in the United States, under the name of Gazyva, where he received the go-ahead from health authorities last November. Roche said expect to start marketing of this drug in several countries?Europe this year. Chronic Lymphocytic Leukemia is one of the most common forms of cancer of the blood. . Additional data can be read clicking source.

Flight MH17: no mission army on the site of the crash.

International experts gave to visit Sunday at the site where the Boeing due to the proximity of the fighting between the Ukrainian army and pro-Russian separatist forces crashed. Alexander Hug, Deputy Director of the mission in Ukraine of the Organization for security and cooperation in Europe (OSCE) said that the situation on the ground was not safe. He expressed concern that the ongoing fighting between the regular forces and the pro-Russian rebels have consequences on the site where the MH17 flight. The Dutch were able to gain access to this area following an agreement between the Organization for security and cooperation in Europe (OSCE) and the pro-Russian separatists, said the Ministry. The Netherlands are in charge of the process of identification of victims and lead the investigation into the causes of the crash. Many bodies were already taken to the Netherlands, but others are still on the scene. The British Government ruled Saturday that it was highly likely that the Boeing of the Malaysia Airlines which crashed on July 17 in the East of the Ukraine was shot by a surface-to-air missile provided by the Russia and fired from an area controlled by pro-Russian rebels. Taking into account the corpus important and growing of credible evidence, in the absence of persuasive information to the contrary, we believe it is highly likely that the flight MH17 was shot by a system of ground – air missile Russian SA-11 type operating from an area held by the separatists backed by the Russians in East of the Ukraine, wrote the Foreign Office in a release entitled Russian on the flight MH17 myths. . Similar information can be found reading http://id.forexmegadroidreview.biz.