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Boehringer, Simone
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4 articles of this author have been cited in the European Press Review so far.
Debts boost price of gold and silver
The price of gold reached a record high on Monday, while silver was more expensive than it has been since 1980. This trend will continue as long as states struggle to cope with their debts and investors remain in fear of inflation, the left-liberal daily Süddeutsche Zeitung predicts: "You can only rely on precious metals as long as there is no better alternative or people are afraid that other investments will be taxed too heavily or gobbled up by inflation. And this is precisely the situation we have now: because of the rising oil and raw material prices experts like Bundesbank [Germany's central bank] boss Axel Weber are reckoning with an inflation rate of up to three percent. ... The price of precious metals on the stock markets rises and falls with the ability of Western states to cope with their debts. Up to now Europe has bungled along from one bailout fund to the next. ... And the most dangerous debtor for global growth, the US, is trying to keep the crisis at bay with free money fresh from the printing press. There is no sign of a permanent solution to the debt problem."
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More from the press review on the subject » Inflation, » Politics, » Global
Rising oil prices spur innovation
The unrest in Libya has caused oil prices to reach their highest level in two and a half years, with North Sea Brent Crude at around 107 dollars per barrel. Instead of regulating markets politicians should be delighted at the innovative energy rising prices can release, writes the left-liberal daily Süddeutsche Zeitung: "Strictly regulating the market or selectively suspending futures trading in energy feedstock and above all soft commodities, as some politicians never stop demanding, is ... not an adequate solution as long as the bets tally with the basic trend. And the latter has remained the same for most raw materials. The global population is rising, the world is already being exploited to the hilt. The demand for many raw materials is also increasing as a result and supply cannot always keep up. ... Experience shows that people only start to rethink their positions when what exists becomes too expensive. And that is the good news behind today's bad news. And just like the ever recurring overreactions on the stock market it's nothing new. ... Rising oil prices will only make people more open to innovation."
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More from the press review on the subject » Energy, » Unrest / Riots, » Economy, » Global, » Libya
High price of gold threatens euro
The price of gold has reached a record high. On Tuesday the price for a troy ounce (31.1 grammes) was 1251,05 US dollars. The left-liberal Süddeutsche Zeitung warns of the dangers of investing in gold: "The more people do it, the greater the scepticism will be among those who don't yet have any bars or coins. Experts estimate that between one and two percent of the population has gold investments. At the time of the 1929 stock market crash it was calculated to be seven percent. If it goes that way now it would trigger an explosion in prices. And the banks and politicians can't afford that because every euro that is deposited in the metal is lost to the financial sector and the economy because it is not invested. Moreover there's a danger of the drop in the euro's value accelerating if the price of gold goes up even faster and the idea of a new precious metal standard, until now discussed only within small circles and in China, gains currency. … A gold ban for private investors would be a last resort."
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More from the press review on the subject » Fiscal Policy, » Europe, » Global, » China
Abolish the central banks!
"Why not question the financial system as a whole?" the Süddeutsche Zeitung asks, and argues for central banks to be abolished. "Instead of calling for limits to premiums for bankers and a stricter rule here or a harder regulation there, it is time to start thinking about a new financial order. After all, this is not the first time that crisis management has been introduced as an emergency measure after a large market bubble has burst. It is just the magnitude that has increased with time. Ultimately the citizens are always the ones who have to pay, in the form of unemployment, higher taxes or inflation. ... Until today people have widely believed that crises can only be coped with by making sufficient liquidity available. This gives carte blanche to central banks to act without regard for their own guidelines. ... In a financial system without central banks it would not be possible to cut business cycles short. ... If the market were no longer ready to buy up state securities, governments would have to economise. Then the only creditworthy institutions would be those with sound economic practices."
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More from the press review on the subject » International Relations, » Fiscal Policy, » Global
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