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Fabian Wintersberger Profile
Fabian Wintersberger

@f_wintersberger

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Rates Trader, economist, father. The last Austrian economist in the Misesian tradition in AUT. Posts in English; repost≠endorsements -private account

Linz, Österreich
Joined December 2016
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@f_wintersberger
Fabian Wintersberger
19 days
The #WeeklyWintersberger 'The Middle' 1. European PMIs & EU politics 2. Germany continues to struggle 3. US PMIs signal continuing strength 4. Bonds: deep recession, everything else is bearish More: Have a great summer!
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@f_wintersberger
Fabian Wintersberger
2 years
Can we say the Austrian finance ministry pulled off the century's trade by issuing a 100y bond with a 0.85% yield in 2020?
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@f_wintersberger
Fabian Wintersberger
2 years
See this strong economy? The consumer is so strong that more and more people have stopped producing. US trade deficit widens to $-109.8bn.
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@f_wintersberger
Fabian Wintersberger
3 years
Climate change: Ursula is really onto it to reduce carbon emissions! Hypocrisy at its best.
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@f_wintersberger
Fabian Wintersberger
3 years
#food #inflation is coming to Europe
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@f_wintersberger
Fabian Wintersberger
2 years
Wow! German producer prices rose 45.8% YoY, much more than the 37.2% expected. In Europe, it's hard to see a peak in inflation. Expect higher inflation rates down the road.
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@f_wintersberger
Fabian Wintersberger
2 years
The main reason, in my opinion, why Germany and Austria are so dependent on Russian gas is that they wanted to be the pioneers of renewables, abandoned coal & rejected nuclear. And they didn’t think about proper risk management (several suppliers) So, politics failed, as always.
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@f_wintersberger
Fabian Wintersberger
10 months
To be honest, after Macron said, 'times of abundance are over,' I didn't expect 'no abundance' to include such a banquet in Versailles.
@f_wintersberger
Fabian Wintersberger
2 years
I assume Macron was very thoughtful in choosing the location from which he told the French that the “times of abundance” were over. Or was he?
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@f_wintersberger
Fabian Wintersberger
2 years
Germany is on its way to becoming Italy.
@financialjuice
FinancialJuice
2 years
GERMAN STATS OFFICE: GERMAN GOVERNMENT BUDGET RECORDED FINANCIAL DEFICIT OF €117.6 BILLION AT THE END OF 2022.
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@f_wintersberger
Fabian Wintersberger
2 years
The euro is toast👇
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@f_wintersberger
Fabian Wintersberger
2 years
European politicians: 'renewable energy will make us independent' Reality 👇 Draw your own conclusions.
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@f_wintersberger
Fabian Wintersberger
2 years
Reshoring means a higher cost of production, hence higher prices. Higher inflation is here to stay.
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@f_wintersberger
Fabian Wintersberger
2 years
It's been a tough week for the euro, but thankfully the ECB is fully committed to fighting climate change.
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@f_wintersberger
Fabian Wintersberger
2 years
Oh my gosh. I have no words for this.
@CapTweed
Tweed Cap
2 years
“Inflation came from nowhere” Yes. She really just said that on TV.. 😂🤣
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@f_wintersberger
Fabian Wintersberger
2 years
The lower the euro falls, the more inflation will stay elevated. Good job, Lagarde!
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@f_wintersberger
Fabian Wintersberger
2 years
French electricity prices reached another all-time high this morning 👇
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@f_wintersberger
Fabian Wintersberger
2 years
Prices are scarcity signals, and if you mess around with those signals, you misallocate capital and resources. It's that simple.
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@f_wintersberger
Fabian Wintersberger
2 years
'But they said the consumer is strong'
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@f_wintersberger
Fabian Wintersberger
2 years
#Austria is a funny country: to 'dampen' inflation pressures, ppl will receive a € 500 'climate bonus' by September (the initial plan was in October). Gov says it's financed by a CO2 tax, kicking in October. Funny, right? Funnier: 300k ppl, randomly chosen, get the bonus today.
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@f_wintersberger
Fabian Wintersberger
3 years
Did you hear about this new cryptocurrency? It's called USD/TRY
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@f_wintersberger
Fabian Wintersberger
1 year
Remember the good old days?
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@f_wintersberger
Fabian Wintersberger
12 days
🇩🇪 Once again, disappointing data coming out of Germany: Industrial Production YoY plunges to -6.7% (est. -4.3%).
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@f_wintersberger
Fabian Wintersberger
3 years
Insiders know something that you don't. They sell. Good morning & have a good start!
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@f_wintersberger
Fabian Wintersberger
9 months
🇩🇪 Germany again had to import electricity in October. Since it quit nuclear, there were z-e-r-o months where it produced enough electricity for domestic electricity consumption 👇 (pic h/t @simhaas )
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@f_wintersberger
Fabian Wintersberger
1 year
Update 👇 German electricity imports rose to another record level.
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@f_wintersberger
Fabian Wintersberger
1 year
Now that Germany has switched off its nuclear power plants, electricity imports reached a record level in May. (pic ( h/t @simhaas )
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@f_wintersberger
Fabian Wintersberger
3 years
*Italy PPI rises 25.3% YoY -BBG probably nothing...
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@f_wintersberger
Fabian Wintersberger
3 years
Letting the government measure the current rate of inflation is kind of as if the mafia observes the current rate of crime.
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@f_wintersberger
Fabian Wintersberger
2 years
Debt levels are the real problem for the Fed when it comes to fighting inflation. An argument that Powell might neither be an Arthur Burns nor a Paul Volcker but more of a mix of Marriner S. Eccles, Thomas B. McCabe & William McChesney Martin (Fed chairs between 1945 - 1970).
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@f_wintersberger
Fabian Wintersberger
1 year
Remember when everyone & their mother championed Spain's interventionism to control CPI? Yet, most forget such interventions can only artificially reduce CPI temporarily, as they don't lead to additional supply & only leads to a higher CPI down the road. Core CPI unaffected.
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@f_wintersberger
Fabian Wintersberger
2 years
Lagarde: 'We were fighting deflation, and inflation came out of nowhere!' Here's the Eurozone Core Monetary Union Index of Consumer Prices (2015=100). I cannot identify deflation - can you?
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@f_wintersberger
Fabian Wintersberger
2 years
Sehr geehrte @BMeinl ! Morgen wird im #OeNR über die #Impfpflicht abgestimmt. Diese ist, frei nach Ihrem Vorgänger, ein 'totes Pferd', & wird zu einer Blamage werden. Gehen Sie heute Abend nochmal in sich, und stimmen Sie morgen wie eine Liberale ab: mit Nein. Schönen Abend!
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@f_wintersberger
Fabian Wintersberger
2 years
Development of gas, coal, and oil since 2020: Gas: +1,900% Coal: +620% Oil (WTI): +53% Cheap energy looks like a thing of the past.
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@f_wintersberger
Fabian Wintersberger
1 year
According to the Taylor-Rule, the Fed would need to hike interest rates up to 9%. I can assure you, that won't happen because something would break before. But just imagine how epic the recession would be if that happened.
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@f_wintersberger
Fabian Wintersberger
2 years
Some argued that in a recession, demand will collapse faster than supply. But let's assume European manufacturing partly shuts down, production is falling, but people receive unemployment benefits & extra free money. What is falling faster, supply or demand? I tend to say supply.
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@f_wintersberger
Fabian Wintersberger
2 years
European gas prices go ballistic again.
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@f_wintersberger
Fabian Wintersberger
2 years
The euro is on its way to becoming an EM currency, as the US is ready to fight Russia down to the very last European. Parity soon, but be prepared that the euro can go much lower. Thanks, ECB!
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@f_wintersberger
Fabian Wintersberger
1 year
10y Bund Futures (white) vs. Dax (blue). The last two times when stocks and bonds disagreed: were 2000 and 2008. The current divergence looks more like 2000.
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@f_wintersberger
Fabian Wintersberger
1 year
Looks like 10y Bunds are back down to a make-or-break point.
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@f_wintersberger
Fabian Wintersberger
3 months
@johanknorberg @wirtschaftfreih Do you have a similar chart for wealth, e.g., assets?
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@f_wintersberger
Fabian Wintersberger
2 years
How it started vs. how it's going. 👇
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@f_wintersberger
Fabian Wintersberger
3 months
Former BoE governor Mervyn King with a truth bomb: CBs relied on forecasting models that ignore the money supply. He pointed out that excessive money supply relative to output historically led to inflation, thrashing CBs for ignoring broad money growth. Link below 👇
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@f_wintersberger
Fabian Wintersberger
1 year
Can you see what kills inflation? Bringing the Real Fed Funds Rate above CPI.
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@f_wintersberger
Fabian Wintersberger
2 years
Germany: EU harmonized CPI May at 8.7% (est. 8.1%). Still, ECB officials say that interest rate hikes should be made only gradually.
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@f_wintersberger
Fabian Wintersberger
2 years
Out of nowhere (Christine Lagarde), consumer price inflation in #Austria accelerated to 11 % YoY.
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@f_wintersberger
Fabian Wintersberger
3 months
'we may cut' 'we may keep rates steady' 'we may hike'
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@f_wintersberger
Fabian Wintersberger
2 years
'European power prices are not expensive by chance, but by design. The exponential increase in subsidies, regulated costs and the price of CO2 emission rights are political decisions.'
@dlacalle_IA
Daniel Lacalle
2 years
Europe's Energy Crisis Was Created by Political Interventionism.
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@f_wintersberger
Fabian Wintersberger
2 years
So many people are wrongfully blaming the rate hikes for the current problems. No, the problem was the artificially low-interest rates prior, and that was when the problems got created.
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@f_wintersberger
Fabian Wintersberger
2 years
10% inflation, and there are still people who think that 2% is the neutral rate. Astonishing!
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@f_wintersberger
Fabian Wintersberger
4 years
The Spanish government thinks about implementing a four day work week & the Germans are going to pay for it. Of course the "recovery" fund money will be invested wisely and will spur growth... Just laughable!
@thinkBTO
Dr. Daniel Stelter
4 years
#EU #Wiederaufbaufonds soll Viertagewoche bezahlen. Weiterer Beweis, dass man sich auf dauerhafte #Transfers einstellt. Bezahlt aus Steuererhöhungen und Vermögensabgaben in #Deutschland .
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@f_wintersberger
Fabian Wintersberger
10 months
Exactly. Monetary aggregates (like M2) might be too narrow in a world where everyone can trade stocks against cash on their phone within minutes. That’s why a re-acceleration (among other influences) may seem likely. When markets react to the reality, we should see a bear
@biancoresearch
Jim Bianco
11 months
The Cleveland Fed updated their inflation nowcast this morning. August CPI is now projected at 0.79%, pushing the YoY to 3.82%. September CPI is now projected at 0.45%, pushing the YoY to 3.91%. Driving this has been the rise in gasoline prices. Yes, the Cleveland Fed has
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@f_wintersberger
Fabian Wintersberger
3 months
If you support the idea of a United States of Europe, you’re advocating for: - more centralization - more regulation - Joint debt & liability - mass surveillance I fail to see how any of these align with classical liberal principles or are the solution to our problems.
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@f_wintersberger
Fabian Wintersberger
3 years
'...the ECB really is no longer the ECB anymore. The Green Transition is primarily a political project, so the ECB’s new mandate to also combat climate change is evidence that any pretense of political independence of the ECB has now been trashed'
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@f_wintersberger
Fabian Wintersberger
2 years
Norway: PPI +79.4% YoY Wow!
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@f_wintersberger
Fabian Wintersberger
2 years
Russian Central Bank lowers the key rate from 17% to 14% (est. 15%) Ruble rises, now at 70.96 USD. @LukeGromen @ttmygh
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@f_wintersberger
Fabian Wintersberger
2 years
@m_grill @a_nnaschneider Sie wissen es vielleicht nicht: Libertär ist die amerikanische Version von 'klassisch Liberal', weil die Demokraten den Begriff 'Liberals' als Synonym für Linksliberalismus etabliert haben. Die Anarchokapitalisten (die Sie hier meinen) sind nur eine Gruppe unter den Libertären.
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@f_wintersberger
Fabian Wintersberger
1 year
It's not about whether you agree with Farage or not. It's about whether you are an advocate of freedom or not. Good piece by @DoombergT
@f_wintersberger
Fabian Wintersberger
1 year
Worrying developments.
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@f_wintersberger
Fabian Wintersberger
2 years
Ignorance, incompetence, or both 👇
@vonderleyen
Ursula von der Leyen
2 years
The EU agreement on an oil price cap, coordinated with G7 and others, will reduce Russia’s revenues significantly. It will help us stabilise global energy prices, benefitting emerging economies around the world.
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@f_wintersberger
Fabian Wintersberger
6 years
why taxes benefit large companies
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@f_wintersberger
Fabian Wintersberger
6 months
Modern Monetary Theory
@yanti8ve
Flame (炎)
9 months
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@f_wintersberger
Fabian Wintersberger
2 years
Still, everyone is buying the dip. Hard to believe...
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@f_wintersberger
Fabian Wintersberger
2 years
In 2018, the 2y started falling before the Fed ended its hiking cycle. The 2y reversed recently, probably because market expectations on rate hikes were too aggressive. But, in '18, we already saw 8 hikes, this time only 1. I think the Fed can't hike above 1.5% until sth breaks.
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@f_wintersberger
Fabian Wintersberger
1 year
A sooner-than-expected recession might cause a deflationary shock, but even that won't bring consumer prices down to their long-term trend. Prices must remain constant for the rest of the decade to get there. A deep dive into inflation and an outlook -> see the pinned tweet
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@f_wintersberger
Fabian Wintersberger
1 year
Rate hikes? Who cares! BBG Financial Conditions Index is now back to where it was in February 2022. Fed Funds Rate back then: 0% h/t @LizAnnSonders
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@f_wintersberger
Fabian Wintersberger
11 months
For years, the left told central banks to print money to create high growth. Instead, you have high inflation and no growth. They reap what they sow.
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@f_wintersberger
Fabian Wintersberger
2 years
Lockheed Martin has surged to new all-time highs since the war started. Always remember: military aid (regardless of which country gets it) means that you transfer government money to the weapon industry.
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@f_wintersberger
Fabian Wintersberger
1 year
The days of Germany as Europe's economic powerhouse are ending due to high energy costs, high inflation, and questionable plans for more EU regulation. (Chart: @Schuldensuehner )
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@f_wintersberger
Fabian Wintersberger
4 years
Lockdown-policies by governments more and more remind me of monetary policy by central banks: If it doesn't work at all or as expected it simply wasn't enough according to them. #moar
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@f_wintersberger
Fabian Wintersberger
2 years
Von der Leyen: 'We have to acknowledge a new reality of higher public debt.' Apparently, she was asleep for 14 years.
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@f_wintersberger
Fabian Wintersberger
1 year
Today, we are in this rare environment where the Fed hikes interest rates, but the deficit continues to grow as a share of GDP. This works against monetary tightening.
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@f_wintersberger
Fabian Wintersberger
1 year
Net investments into Germany last year 👇 -$131.8bn ($11bn inflows vs. $142bn outflows) Robert Habeck‘s economic policies shallow the German industrial base. Lower growth and tough times ahead for Germany. (source: ZDF, Handelsblatt)
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@f_wintersberger
Fabian Wintersberger
1 year
Another ECB 50bps hike is coming
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@f_wintersberger
Fabian Wintersberger
3 years
German producer price inflation armageddon continues: YoY 18.4% (16.2% est) MoM 3.8% (1.9% est)
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@f_wintersberger
Fabian Wintersberger
2 years
We've been in an economic war for six months now. Everyone talks about how to reduce the demand for gas, electricity, etc. But still, very few talk about what can be done on the supply side to lower the price. No fracking in Europe, no more nuclear. Just solar, wind & hope...
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@f_wintersberger
Fabian Wintersberger
4 years
Dieses Gespräch muss man gesehen haben: If you are able to understand German then watch this highly interesting interview with Friedrich August von Hayek:
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@f_wintersberger
Fabian Wintersberger
2 years
Interesting. German journalists in 2021: racist conspiracy theorists who believe in fake news protest against covid lockdowns & hold the silent majority hostage. Censor them! 2022: brave people protest against lockdowns, call for freedom & censorship. We support freedom!
@argonerd
Argo Nerd
2 years
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@f_wintersberger
Fabian Wintersberger
3 years
Do not count on central banks to tighten. Yields will not rise because of talking about tightening but rather will rise because of accelerating inflation. The transitory talk is just wishful thinking and hope that words become reality. The situation is different to past 2008...
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@f_wintersberger
Fabian Wintersberger
1 year
Really? The 'hottest day recorded for Planet Earth' isn‘t based on measurings but on a computer model?
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@f_wintersberger
Fabian Wintersberger
2 years
Until now, #Austria spent €4 billion on covid tests, resulting in the infection curve moving like everywhere else.
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@f_wintersberger
Fabian Wintersberger
1 year
I am astonished that so many people in the investment community fall for MMT. Maybe, it's time to reshare this piece by @dlacalle_IA . The title says it all: 'MMT Is Fake Economics'
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@f_wintersberger
Fabian Wintersberger
2 years
Always a good laugh!
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@f_wintersberger
Fabian Wintersberger
3 years
Global debt soars to a record high: 'Loose monetary policy is today’s biggest market risk'
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@f_wintersberger
Fabian Wintersberger
2 years
That didn‘t age well…
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@f_wintersberger
Fabian Wintersberger
1 year
As if he was talking about today's developments👇
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@f_wintersberger
Fabian Wintersberger
2 years
Update 👇 #food #inflation is coming to Europe
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@f_wintersberger
Fabian Wintersberger
3 years
#food #inflation is coming to Europe
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@f_wintersberger
Fabian Wintersberger
8 months
@SCHIEDER machen Sie sich doch nicht lächerlich...
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@f_wintersberger
Fabian Wintersberger
4 years
Mises half Kollegen bei ihrer Flucht vor den Nazis, er selbst wurde von den Nazis gejagt & floh unter gefährlichen Umständen in die USA. Ihm die Unterstützung v. Diktaturen nachzusagen ist schlechter Stil. Außerdem: Mises starb 1973, 1 Monat nach Pinochets Putsch.
@MarterbauerM
Markus Marterbauer
4 years
Absurd: @OrtnerOnline fordert ökonom Schulbildung, um Demokratie zu stärken, u empfiehlt ausgerechnet Hayek u Mises, die Diktaturen in Chile u Ö unterstützten, weil sie Freiheit wirtschaftl Eliten durch Demokratie, Sozialstaat u Gewerkschaft bedroht sahen.
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@f_wintersberger
Fabian Wintersberger
2 years
Don’t get fooled by the fancy name 'TPI', it’s simply QE.
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@f_wintersberger
Fabian Wintersberger
2 years
Data suggests: It's over. German and Austrian politicians are still in denial.
@kylamb8
Kyle Lamb
2 years
In England, surveillance of Omicron found just 75 deaths among 212,019 confirmed cases. That's a 0.03% case fatality rate and that's deaths "with" positive test up to 28 days prior to death. Infection fatality rate of flu is ~0.1%. UK has since stopped publishing surveillance.
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@f_wintersberger
Fabian Wintersberger
4 years
QE hasn't worked in 2008 and even more QE won't save us nowadays. Economic ignorance by central banks policy makers is astonishing.
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@f_wintersberger
Fabian Wintersberger
1 year
Translation: we will hand out your money to net-zero businesses, whether they’re productive or not. Green bubble in the making. You can even question whether it’s helping the planet.
@EU_Commission
European Commission
1 year
The fight against climate change is a must. A must for our planet. A must for our economic prosperity. And a must for our strategic independence. With the Green Deal Industrial Plan, we want to enhance the competitiveness of Europe's net-zero industry. #EUIndustrialStrategy
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@f_wintersberger
Fabian Wintersberger
11 months
@OVoglauer Sie meinen, man darf so etwas nicht tragen?
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@f_wintersberger
Fabian Wintersberger
2 years
That's what artificially low yields in the US created: A record number of zombie companies. It will be pretty hard for them to survive an environment of rising yields. (chart source: @JonathanBaird88 on Linkedin)
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@f_wintersberger
Fabian Wintersberger
4 years
"Schon längst ist für jeden, der es sehen will, überdeutlich, dass es nicht um das Erreichen eines Inflationsziels geht, sondern um den Erhalt der Eurozone mittels einer Schuldenunion – über den Umweg der EZB-Bilanz." Lesenswerter Text von @thinkBTO
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@f_wintersberger
Fabian Wintersberger
8 months
What's going wrong in Germany in one chart 👇
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@f_wintersberger
Fabian Wintersberger
1 year
This is the US Consumer Price Index, and the deviation from the trend shows the damage that it has done. Inflation is a tax that affects low-income groups the most. The Fed aims to return price growth to the same rate as post-2000, but it clearly hasn't succeeded yet.
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@f_wintersberger
Fabian Wintersberger
3 years
Bond markets want to tell something about the economy. Tapering, NFP above expectations; still 10y yields down sharply. That’s the anticipation of a slowdown in my opinion.
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@f_wintersberger
Fabian Wintersberger
2 years
German gas storage at 100% 👇
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@f_wintersberger
Fabian Wintersberger
2 years
The US might force Russia to default on its dollar debt. The result would be, that those institutions don’t get paid 👇
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@financialjuice
FinancialJuice
2 years
THE US IS SET TO STOP RUSSIA FROM PAYING ITS DEBTS, INCREASING THE RISK OF DEFAULT. - SOURCE.
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@f_wintersberger
Fabian Wintersberger
10 months
@vonderleyen What about freezing the Azerbaijan FX reserves, stopping gas imports, and send money to Armenia? Anything else would be hypocritical, wouldn't it?
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@f_wintersberger
Fabian Wintersberger
2 years
A windfall profit tax reduces investment, even if politicians pretend otherwise. 👇 (pic h/t @Josh_Young_1 )
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