interestrateripoff Posted November 10, 2016 Share Posted November 10, 2016 http://uk.reuters.com/article/uk-germany-schaeuble-idUKKBN1352EM Quote German Finance Minister Wolfgang Schaeuble on Thursday urged continued implementation of steps taken to shore up banks after the 2008 financial crisis, and said debt levels should be lowered globally to strengthen the resilience of economies. "In truth, we will have to work harder, slowly, carefully, to reduce the much-too-high public and private debt levels around the world," Schaeuble told a banking conference. "Only through such a reduction will we be able to improve the resilience of our economies against shocks and crises." Global debt levels were now at the highest levels since World War Two, he said. Schaeuble said he hoped interest rates would eventually increase, and said the high liquidity rates resulting from the loose monetary policy of all large central banks had allowed many countries to postpone urgently needed reforms. How do you lower debt levels, when it's debt driving GDP growth? Quote Link to comment Share on other sites More sharing options...
One-percent Posted November 10, 2016 Share Posted November 10, 2016 More to the point, how did he not come to this conclusion earlier, like 10 years ago? Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted November 10, 2016 Share Posted November 10, 2016 1 minute ago, One-percent said: More to the point, how did he not come to this conclusion earlier, like 10 years ago? Wolfgang Schaueble came to that conclusion about 60 years ago. Quote Link to comment Share on other sites More sharing options...
One-percent Posted November 10, 2016 Share Posted November 10, 2016 2 minutes ago, thecrashingisles said: Wolfgang Schaueble came to that conclusion about 60 years ago. Ta. I seem to have strayed from off topic to the serious debate forum care to enlighten me with a link or two as I'm out of my depth with this one Quote Link to comment Share on other sites More sharing options...
billybong Posted November 10, 2016 Share Posted November 10, 2016 (edited) Isn't that at least partly because Germany already has relatively low debt levels relative to GDP. It probably relates to Deutsche Bank as well. That doesn't mean to say that he doesn't have a point on levels of debt. As far as I'm aware there was a push to delever by some countries soon after the start of the crash but apparently it hasn't gone very far - some would say quite the opposite. 2011 http://www.mckinsey.com/global-themes/employment-and-growth/debt-and-deleveraging-the-global-credit-bubble-update 2012 http://www.mckinsey.com/global-themes/employment-and-growth/uneven-progress-on-the-path-to-growth 2015 http://www.mckinsey.com/global-themes/employment-and-growth/debt-and-not-much-deleveraging Blimey the start of the crash was nearly 10 years ago and they still haven't got to grips with it. Edited November 10, 2016 by billybong Quote Link to comment Share on other sites More sharing options...
sikejsudjek Posted November 10, 2016 Share Posted November 10, 2016 A lot of that debt should never have been created in the first place - and paying it off rather than writing it off just transfers even more wealth to the elite. It 'ain't gonna happen. The pitchforks are out. Quote Link to comment Share on other sites More sharing options...
Wayward Posted November 10, 2016 Share Posted November 10, 2016 this guy is a genius...why didn't any one else think of this??? Quote Link to comment Share on other sites More sharing options...
ChewingGrass Posted November 10, 2016 Share Posted November 10, 2016 Thats the German car industry toasted then as it is entirely finance driven. Quote Link to comment Share on other sites More sharing options...
South Lorne Posted November 10, 2016 Share Posted November 10, 2016 3 hours ago, interestrateripoff said: http://uk.reuters.com/article/uk-germany-schaeuble-idUKKBN1352EM How do you lower debt levels, when it's debt driving GDP growth? ..what's he doing about 'Deutsche Bank '...?... Quote Link to comment Share on other sites More sharing options...
frederico Posted November 11, 2016 Share Posted November 11, 2016 10 hours ago, ChewingGrass said: Thats the German car industry toasted then as it is entirely finance driven. Indeed, Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 12, 2016 Share Posted November 12, 2016 Crack dealer says people should stop buying crack. He won't be in a job for long. Quote Link to comment Share on other sites More sharing options...
TheWormIsTurning Posted November 12, 2016 Share Posted November 12, 2016 This blokes been talking out of both sides of his mouth for a long time. Its his nation banking industry that has destroyed the lives of many Greeks due to getting the taxpayer to repay the feckless lending of German banks Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 12, 2016 Share Posted November 12, 2016 20 minutes ago, TheWormIsTurning said: This blokes been talking out of both sides of his mouth for a long time. Its his nation banking industry that has destroyed the lives of many Greeks due to getting the taxpayer to repay the feckless lending of German banks Exactly. So is he suggesting (1) the Greek government accelerates it's repayment schedule (2) Germany exercises debt forgiveness (3) Greece just plain defaults and leaves the eurozone. Who knows. He needs to recognise that Germany are the villains in this. But he won't. Quote Link to comment Share on other sites More sharing options...
reddog Posted November 12, 2016 Share Posted November 12, 2016 4 hours ago, TheWormIsTurning said: This blokes been talking out of both sides of his mouth for a long time. Its his nation banking industry that has destroyed the lives of many Greeks due to getting the taxpayer to repay the feckless lending of German banks The problem is, on one level he is a serious German conservative with a natural aversion to debt (for good reason). But he also enjoys holding high political office, so he has to put up with the reality of being in s Europe up to its eyeballs on debt, so also has to speak (relatively) encouragingly about the situation. Quote Link to comment Share on other sites More sharing options...
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