DB: CAMOUFLAGE OR COUNTER-ATACK.

The biggest bank group in Germany has confirmed today that will repurchase part of the debt that emitted in the markets, the plans of Deutsche Bank of repurchasing part of its debt senior it is an intent of to put control to its punishment in Bag and to silence the doubts on its financial situation. The giant bank German has announced that it will repurchase funds senior (debt guaranteed by the own entity) for a volume of 3.000 million Eurus and of 2.000 million dollars (about 1.800 million Eurus to the current change). on the whole, about 4.800 million Eurus. 

The repurchase operation will be open during seven skilled days for the debt denominated in Eurus and during twenty days for the one denominated in dollars, subject to a possible discount of the repurchase price in the funds that are welcomed to this process starting from the tenth skilled day. With this operation, Deutsche Bank seeks to demonstrate that it possesses enough resources so much to buy debt as to assist its more immediate financial commitments. To tranquilize the investors, Deutsche Bank assured that it is a solvent bank and that he/she has enough liquidity to pay this year the interests (350 millions) of holding of convertible debt (Coconuts) emitted in 2014. 

In this sense, the German bank assures that its strong position of liquidity will allow him to repurchase these debt titles without he/she has it effects in the emission plan for this year. The responsible financier of Deutsche Bank, Marcus Schenk, it has pointed out that with this repurchase proposal the entity is taking advantage, also, "the advantages of the conditions of the market" to repurchase its funds and to reduce this way its debt load to attractive" "prices. The German bank has announced its plan the same day in that S&P has clipped the rating of its hybrid debt, of BB - until B+ in the case of the debt Tier1, and of BB until BB - in that of the instruments of Tier2. 

Likewise, the bank has received the German government's support when the German minister of Finances, Wolfgang Schäuble, assured today that the Deutsche Bank, first bank of Germany, "has enough capital" and it is a “strong bank”. The Deutsche Bank has enough capital. We have taken preventive measures to make the most resistant banks soon after the financial crisis of 2007-2008", Schäuble it pointed out in a press wheel at the end of a council of Ministers of Economy and Finances of the European Union (UE), the Ecofin. 

The actions of Deutsche Bank that accumulate a near punishment to 40% from year beginnings, has bounced today with force. and they have closed session with an ascent of 11,8% and they recovered the 15 Eurus.  

DB: CAMUFLAJE O CONTRA ATAQUE

El mayor grupo bancario de Alemania ha confirmado hoy que recomprará parte de la deuda que emitió en los mercados, Los planes de Deutche Bank de recomprar parte de su deuda senior es un intento de poner freno a su castigo en Bolsa y acallar las dudas sobre su situación financiera. El gigante bancario alemán ha anunciado que recomprará bonos senior (deuda garantizada por la propia entidad) por un volumen de 3.000 millones de euros y de 2.000 millones de dólares (unos 1.800 millones de euros al cambio actual). En conjunto, unos 4.800 millones de euros.

La operación de recompra estará abierta durante siete días hábiles para la deuda denominada en euros y durante veinte días para la denominada en dólares, sujeta a una posible rebaja del precio de recompra en los bonos que se acojan a este proceso a partir del décimo día hábil. Con esta operación, Deutche Bank pretende demostrar que posee recursos suficientes tanto para comprar deuda como para atender sus compromisos financieros más inmediatos. Para tranquilizar a los inversores, Deutsche Bank aseguró que es un banco solvente y que tiene suficiente liquidez para pagar este año los intereses (350 millones) de títulos de deuda convertible (CoCos) emitidos en 2014.

En este sentido, el banco germano asegura que su fuerte posición de liquidez le permitirá recomprar estos títulos de deuda sin que ello tenga efectos en el plan de emisión para este año. El responsable financiero de Deutche Bank, Marcus Schenk, ha señalado que con esta propuesta de recompra la entidad está aprovechando, además, "las ventajas de las condiciones del mercado" para recomprar sus bonos y rebajar así su carga de deuda a "precios atractivos". El banco alemán ha anunciado su plan el mismo día en que S&P ha recortado el rating de su deuda hibrida, de BB- hasta B+ en el caso de la deuda Tier1, y de BB hasta BB- en el de los instrumentos de Tier2.

Así mismo el banco ha recibido el apoyo del gobierno alemán cuando el ministro alemán de Finanzas, Wolfgang Schäuble, aseguró hoy que el Deutsche Bank, primer banco de Alemania, "tiene suficiente capital" y es un "banco fuerte". El Deutche Bank tiene suficiente capital. Hemos tomado medidas preventivas para hacer los bancos más resistentes a raíz de la crisis financiera de 2007-2008", señaló Schäuble en una rueda de prensa al término de un consejo de ministros de Economía y Finanzas de la Unión Europea (UE), el Ecofin.

Las acciones de Deutche Bank, que acumulan un castigo cercano al 40% desde comienzos de año, han rebotado hoy con fuerza. y han cerrado sesión con una subida de un 11,8% y recuperaban los 15 euros.

MAYBE RUSSIA DOESN'T LOOK TOWARD EUROPE AND BE EUROPE WHO SHOULD LOOK AT RUSSIA

The Government of Valdimir Putin is preparing the sale of several public companies that they have been reason of pride for the country during years. Aeroflot, Alrosa or Rosneft are some of the companies that could be privatized short term to get some extraordinary revenues. This 2016 will be the second year of recession for Russia, a country ballasted by the collapse of the prices of the petroleum and of the gas. The smallest derived revenues in this phenomenon are leaving an important hole in the public finances of Russia, as the Financial Times publishes. Also, the inflation comes closer to 13% and the ruble is in historical minima in front of the dollar, what complicates and a lot the performance of the authorities of Moscow, they will Recapture the calendar of privatizations. 

It is certain that Russia takes years selling small participations of state companies, but the rhythm of privatizations had stopped in dry with the turn of Vladimir Putin to the presidency in 2012. In Russia the privatizations are not very seen by the society. As it publishes the British newspaper, during the transition that crossed the Soviet Union in 1990, the politicians tried to bring near to the country toward the capitalism with some very polemic privatizations. A small number of people got rich after being made with an important number of companies, creating a group of oligarchs’ that they have always stayed this way near to the governments of the country. 

But arrived to this point of the Russian economy, it seems that Putin doesn't have left another option that to privatize several companies. The directive of Alrosa, Rosneft, Russian Railways, the bank VTB, Aeroflot and the biggest manufacturer in ships of the country, Sovcomflot, met this Monday with Putin to discuss on the privatization plans.  

Oleg Kouzmin, economist of Capital Renaissance, explains that there are certain differences among the privatizations of the years 90 and the current ones: "The first privatizations had the objective of to adjust the economic structure and to make it more efficient. While now the intention is to collect money, the fall of the petroleum that has crawled to the Ruble, has become the main reason to recapture the calendar privatization’s", the expert points out. 

And it is that more than half of the Russian public budget it came from the derived revenues of the petroleum and the gas up to 2014. The last year, with the fall of the first matters, the public revenues fell in 43%. The situation is complex, Moscow has already committed to clip the expense 10%, but it won't be enough to square the public bills, for what the best sure option for the country goes to privatize some companies, he explains the British newspaper. 

It was unavoidable, but I believe that it won't be enough this action to save the Russian economy because the companies that are mentioned to be privatization object are not any a company of novel character or very advanced technology they continue based some in the clear extraction of matters cousins that there is one like it is Alrosa that is an extractora of first maters of high value I refer to the extraction of Diamonds, then this Rosnef that is petroleum, Russia Railwais already tells it its name it is the Russian railroad, bank that is practically the main one in volume and international business of Russia bank, that it should be suffering his, the Russian official airlines and maker of airplanes and a shipping one "the shipping one bigger than Russia specialized in transport of gas liquefied petroleum etc.   

In summary, we are speaking of state enormous companies that should have for logic a profitability very deteriorated by their weight and official antiquity what took sure to be directive personnel's excessive dimensioned and manpower very above the necessary thing that which they won't be maybe very easy of getting a good privatization besides the difficulty of negotiating with the Russian (in fact, already with any communist country in my professional time was an odyssey) anyway he didn't want to analyze this topic from the economic point of view or profitability because I am for sure in western hands they would be it and a lot, he doesn't go the problem somewhere around but in that Russia stops for Putin concretely possibly this is as pulling up him the molars without anesthesia. 

I take time requesting to Russia and Putin that it returns the view toward the UE this it is the occasion, but in this occasion I should request to the European economies that make the same and as soon as possible better power enter in the nucleus hard of the Russian almost official industry he could open an enormous window of business and of possibilities of getting this more western Russia that I am claiming an and another time if this it is the road it is necessary to take advantage of it for the good of the two European economic nuclei the UE and the Russian republic to unite these two economies it would be to create an enormous market and to the height of the China of the USA, of the market Asia Pacific in serious few words to locate at Europe (continent) as the third part of the tripod that dominated the world from this century 21 from now on that is to say the USA, China and Asia and Europe with included Russia, don't doubt it neither a moment.  

DOES THE ALLOTMENT BEGIN ANOTHER TIME, THAT HE PLAYED US TO MAKE IN THE UE?

The "Brics" (Brazil, Russia, India, China and South Africa), a term in disuse. You began to use this concept in 2001, it was the then economist boss of Goldman Sachs, Jim O'Neill who began to use it. These countries were called to dominate the world economy in the future, however, the strong crisis that cross Russia and Brazil has been able to put an end to this name to give to light the new denomination of "Ticks" that includes South Korea and Taiwan. Two countries that are specializing in the technological sector of high added value, a strategy that can be the best shield to stop in dry the global economic turbulences. 

It is important this new definition because indirectly sample very clearly that the bases in those that the Brics was sustained were not all solid bases or of future the Brics falls basically for two countries whose economy was not traverse but almost monkey product is certain that the strength of Russia was the petroleum and their prices and that of Brazil in principle the same thing neither a neither the other one have some industries neither technologies punters, that which teaches believes me to the world and the nations that you cannot base the modern economy on a single activity or product that he doesn't have at least the possibility to evolve being created this way the renovation of its own market continually. 

Such and like the noted daily Financial Times, this change of chromium’s in the list of countries explains with more future he says much of what is expected from the economy in the future. While Russia and Brazil are countries with a great dependence of the commodities, Taiwan and South Korea they are technological powers, a sector that is demonstrating to be more stable and less more vulnerable to the movements of the economic cycle and they also fulfill the condition that before commented, they have been the same product like base, a constant evolution. 

To the heat of the petroleum to 100 dollars and of the high price of other first materials many countries they achieved strong rates of growth, low unemployment and almost nonexistent levels of public debt. However, when the tide of the first materials began to lower by the middle of 2014, one has seen that some of these countries depended excessively on the commodities and its prices. And one has seen clearly that neither the commodities, neither the petroleum can be modernized and to change like to be able to alter competitive prices or you offer differentiated. 

The technology wins in front of the petroleum Stephen Holden, founder of Copley Fund Research that advises in 120 investment funds in emergent markets, explains that "the Brics is no longer the motor of the growth of the emergent markets. Now a new order of the things" exists. "The technology is a sector to the rise and the consumer is investing now in these products. I don't believe that people are aware of this new history in the emergent markets, at least not as much as he should be. They think of Brazil, Russia; big energy powers, with strong companies. But this has radically" changed. 

Richard Sneller, director of rent emergent variable in Baillie Gifford, believes that "some emergent markets are adapting to the pleasure of the youngest consumers, they adapt to the technology, to the electronic trade, to the online stores, even much quicker that USA". In these last years a strong rotation, the industries and companies dedicated to the commodities and the primary sector has taken place they are being overcome by the technological ones. The companies say traditional that they use a lot of manpower and that they work with first matters they depend on the price of the same ones, while those that work with technology depend on their work and investment. 

With this example of the fall of the "Brics" to leave step to the "Ticks" is clear that the future of the new economies is in the transversally of the same ones one can no longer think of economies based on a monkey product neither so at least they should trust now those Ticks because they don't doubt it in some years its technologies they will have stopped to be its difference in front of other markets. 

We are another time before the feared word GLOBALIZATION that has taken possession of the world and that like I have said many times; he has harmed us a lot of to the western world. Now we should have learned and to apply the globalization in our economies in the aspect production. 

It is necessary to industrialize Europe in form globalized, that is to say, it is necessary to begin to work in new technologies, at the time that we look for as improving the energy, to see how we can manufacture revolutionary infrastructures, as for example highways that the roadways are illuminated at night by means of lines of electric current that at the same time, be good to be able to feed from energy to the new electrics cars and vehicles, giving them a limitless autonomy while they circulate for these carts and electrified freeways, and all this without forgetting to continue making furniture, appliances and of course, round trip space rockets, this will be the next future.  

THE FOURTH INDUSTRIAL REVOLUTION CHANGED THE LAWS OF THE ECONOMY

Tomorrow they begin in Davos (Switzerland), the meeting that should be the most important in the given world the level of the assistants in theory and of the topic of the one that is in her in theory decides the economy of the world or at least the addresses are indicated that would be convenient it continued to not improve alone the Macro-economy but also the economy of the societies that we make possible with our work the Macro-economy, I begin this way this I articulate because I want to make a consideration that seems that the rich and judicious characters of Davos have forgotten and it is that if there is not micro-economy it is that it cannot have Macro-economy. 

As each end of January for 46 years. They go to the mythical spa 2.500 people with the label of world leaders in their specialty, be the politics, the finances, the science or the economy. No matter how much he wants to refuse so much accumulation of to know and to be able to 1.500 meters on the level of the sea, the statement is certain. There they are not alone those that send but those that instruct them on how to make it. For that reason, there is so much desire of the cabinets of the assistants' communication in that it is known that they are there. 

This year Davos intends to study the effects and the future of the Fourth industrial revolution and its effects. Van to study the appearance of unthinkable technologies until recently, their immediate applications and, mainly the decontrol on their domain. The symbol is the drones. But I would say that this technology is already old frankly I don't understand how they can already base on this old technology that is even sold already as toys for children the economic philosophy to develop in Davos.

 

The fourth industrial revolution is not the drones there are already other geniuses that, if a new industrial revolution that will change the humanity's social and economic structures, will culminate I refer to the nanotechnology to the robotics, and to the creation of materials of unthinkable qualities that they will change everything, and that it is necessary and urgent to plan the new system of life of the society and the repercussion of the traditional economy we see because I say it. 

The robotics already began more than 30 years ago basically in the industry they were you scheme more or less big until dangerous for its quick movements and also very rigid in its function they were more machines to make a thing that not a robot, with the whole workers of you manufacture them they didn't see them well to weigh that they liberated them basically of heavy and repetitive works, this era the reason that we explained to the workers that saw as those schemes full with cables and hydraulic tubes and arms that rotated as the mills of wind of gift Cuisse of the Stain they removed them the work position no matter how much we made an effort the engineers to explain to them that they won't remove them the work but being changed it because they would pass to make other more valued the worker guessed that that was the principle of the end.

 

And they were right for that reason today Davos will talk about the fourth industrial revolution because we are no longer speaking of enormous you scheme silly neither of toys that fly as the drones we are already seeing robots able to simply reprogram them marking them the movement that they should make simply guiding them a person and when he has taught it to him he gives to the button of fixing and I list and when this work has ended alone he has catch to the robot of the arms and the hands again (pincers) to make him to make the movements that are required and fix the movement again. It is no longer necessary to disassemble one it schemes to reconstruct it again no longer, it is simply necessary to teach him that he has to make and I list. 

That they will be able to make the printer 3D with the old ones and the new materials that are getting ready and already lastly that they won't make the robots humanoids with the more and more near artificial intelligence with learning capacity.

 

Well I believe that with this introduction it is enough to outline the problem that we are come above now in that we are in the babblings of this whole artificial world the big managers the big managerial institutions what come it is these robots not making pieces or things are seeing millions of dollars of production made by workers that don't charge anything that they don't become sick that they don't have labor accidents, etc. But what nobody studies are still that this is impossible because up to now the big companies made their benefits thanks to that the same workers that charged their wage to make that that then, thanks to make it and to win a wage they bought and this gave the benefits to the managers. 

As we will make it from now on there will be some robots that manufactured enormous products but that they didn't use neither they needed so he will be necessary to hope the human society consummates them, but as we will make it if we don't work because those that work are the robots we won't have wages we won't have with which to buy what the robots manufacture to thousands and a low cost that we will make with all that if we don't have money to buy them, and the companies that will make if they don't sell so that the robots will serve them. I believe that with these ideas it is enough for what wanted to stress it is not question of studying the Drones in Davos it would be necessary to begin to think how he will move the economy and the markets when there is less and less hard-working human that they win a salary and therefore they cannot buy and however a lot of production of everything that the robots don't need and neither they have salary. 

That alone entrance sees a solution maybe it is too simple, but it stops this this Davos, the fourth industrial revolution will become the first social revolution where robots and machines worked and the humans got paid, not to work but to buy and to consume that that the machines and robots manufacture.  

LA CUARTA REVOLUCION INDUSTRIAL CAMBIARA LAS LEYES DE LA ECONOMIA

Mañana empiezan en Davos (Suiza), la reunión que en teoría debería ser la más importante del mundo dado el nivel de los asistentes y del tema del que se trata en ella en teoría se decide la economía del mundo o al menos se indican las direcciones que sería conveniente siguiera para mejorar no solo la Macro-economía sino también la economía de las sociedades que con nuestro trabajo hacemos posible la Macro-economía, empiezo así este articulo porque quiero hacer una consideración que parece que los ricos y sesudos personajes de Davos han olvidado y es que si no hay micro-economía resulta que no puede haber Macro-economía.

Como cada final de enero desde hace 46 años. Acuden al mítico balneario 2.500 personas con la etiqueta de líderes mundiales en su especialidad, sea la política, las finanzas, la ciencia o la economía. Por más que se quiera negar tanta acumulación de saber y poder a 1.500 metros sobre el nivel del mar, la afirmación es cierta. Allí están no solo los que mandan sino los que les instruyen sobre cómo hacerlo. Por eso hay tanto afán de los gabinetes de comunicación de los asistentes en que se sepa que están ahí.

Este año Davos se propone estudiar los efectos y el futuro de la Cuarta revolución industrial y sus efectos. Van a estudiar la aparición de tecnologías impensables hasta hace poco, sus aplicaciones inmediatas y, sobre todo el descontrol sobre su dominio. El símbolo son los drones. Pero yo diría que esta tecnología ya es vieja francamente no comprendo cómo pueden basar en esta ya vieja tecnología que incluso se vende ya como juguetes para niños la filosofía económica a desarrollar en Davos.

La cuarta revolución industrial no son los drones hay ya otros ingenios que, si van a culminar una nueva revolución industrial que va a cambiar las estructuras sociales y económicas de la humanidad, me refiero a la nanotecnología a la robótica, y a la creación de materiales de impensables cualidades que lo van a cambiar todo, y que es preciso y urgente planificar el nuevo sistema de vida de la sociedad y la repercusión de la economía tradicional veamos porque lo digo.

La robótica empezó ya hace más de 30 años en la industria básicamente eran maquinas más o menos grandes hasta peligrosas por sus rápidos movimientos y además muy rígidas en su función eran más máquinas para hacer una cosa que no un robot, con todo los trabajadores de las fabricas no los vieron bien a pesar que los liberaban básicamente de trabajos pesados y repetitivos, esta era la razón que explicábamos a los trabajadores que veían como aquellas maquinas llenas de cables y tubos hidráulicos y brazos que giraban como los molinos de viento de don Quijote de la Mancha les quitaban el puesto de trabajo por mucho que nos esforzábamos los ingenieros a explicarles que no les iban a quitar el trabajo sino cambiárselo porque pasarían a hacer otros más valorados el trabajador adivinaba que aquello era el principio del fin.

Y tenían razón por eso hoy Davos va a hablar sobre la cuarta revolución industrial porque ya no estamos hablando de enormes maquinas tontas ni de juguetes que vuelan como los drones estamos viendo ya robots capaces de reprogramarlos simplemente marcándoles el movimiento que deben hacer guiándolos simplemente una persona y cuando se lo ha enseñado le da al botón de fijar y listo y cuando este trabajo se ha terminado solo tiene que volver a coger al robot de los brazos y las manos (pinzas) hacerle hacer los movimientos que se requieren y volver a fijar el movimiento. Ya no hay que desmontar una maquina reconstruirla de nuevo ya no, simplemente hay que enseñarle que tiene que hacer y listo.

Que serán capaces de hacer la impresora 3D con los viejos y los nuevos materiales que están preparándose y ya por último que no harán los robots humanoides con la cada vez más cercana inteligencia artificial con capacidad de aprendizaje.

Bien creo que con esta introducción es suficiente para plantear el problema que se nos viene encima ahora en que estamos en los balbuceos de todo este mundo artificial los grandes empresarios las grandes instituciones empresariales lo que ven es a estos robots no haciendo piezas o cosas están viendo millones de dólares de producción hecha por trabajadores que no cobran nada, que no se ponen enfermos, que no tienen accidentes laborales, etc. Pero lo que nadie estudia todavía es que esto es imposible porque hasta ahora las grandes empresas hacían sus beneficios gracias a que los mismos trabajadores que cobraban su salario por hacer aquello que luego, gracias a hacerlo y ganar un salario compraban y esto daba los beneficios a los empresarios.

Como lo haremos de ahora en adelante habrá unos robots que fabricaran ingentes productos pero que ellos no usaran ni necesitaran así que habrá que esperar que la sociedad humana los consuma, pero como lo vamos a hacer si no trabajamos porque los que trabajan son los robots no tendremos salarios no tendremos con que comprar lo que los robots fabrican a miles y a un bajo coste,  que haremos con todo eso si no tenemos dinero para comprarlos, y las empresas que harán si no venden para que les servirán los robots. Creo que con estas ideas basta para lo que quería remarcar no es cuestión de estudiar los Drones en Davos habría que empezar a pensar cómo se moverá la economía y los mercados cuando haya cada vez menos trabajadores humanos que ganen un sueldo y por lo tanto no puedan comprar y sin embargo mucha producción de todo que los robots no necesitan y tampoco tienen sueldo.

Así de entrada solo veo una solución quizás sea demasiado simple, pero para esto esta Davos, la cuarta revolución industrial se convertirá en la primera revolución social donde trabajaran robots y máquinas y cobraran los humanos, no por trabajar sino para comprar y consumir lo que las máquinas y robots fabriquen.

THE FED PUTS POINT FINAL WING ECONOMY OF THE CHOCOLATE OF THE PARROT

It will no longer sustain more time the current crisis with the help of not capitalizing the money the things they will already return to their place the big debtors they won't be able to continue getting in debt as happily as up to now the money little by little anger costing more and more to obtain it, but on the contrary it will also be more profitable to have it and there is the change that you/they will make the economies here because what is clear is that A. - their debts and B. will break - they will return more money for those than they have. The central bankers from all over the world were requesting to their homologous of the American Federal Reservation a he runs off with of the types of interest it is already here, and for sure we will finish the 2016 with the price of the dollar in 1% 

It is not that he has a glass ball that shows it to me it is that so much in public as in private in the conference of central bankers that was developed in Jackson Hole, the message of authorities was that the Fed telegraphed a hardening monetary initial and, after a he runs off with of the dollar that is prolonged for one year, the financial markets at world level they say to be as prepared as they could be. I believe that the volatility of the markets last week went more as preparation to this event that not to the restlessness of the economy China also reinforced by the entrance of the Yuan in the market of foreign currencies.  

Some economies accused of the volatility that they are come above to the actions and comments of the Fed that the ascent of types altered their costs. For the governor of the central bank of Mexico, an increment of the federal funds on the part of its neighbor sends an encouraging sign of economic health, even if that forces to its institution to also go up the types. "If the Fed hardens (the monetary politics), he will be due to the fact that they have a perception that the inflation is advancing, but more important it is still that the unemployment is falling and the economy is recovering", Carstens affirmed in an interview with Reuters". For us that it is a good news", he added. 

In spite of the fact that Yao Yudong, official of the Popular Bank of China, accused last week to the Fed for the turbulences of the market and he said that a he runs off with of types it should be postponed, most of the central bankers of emergent markets contacted by Reuters in Jackson Hole and in the last months they share the vision of Carstens. The end of more than six years of types in levels minimum record in United States could produce a potential wave of painful adjustments while the countries fight with the probability of a stronger included dollar and in the face of exits of capitals and changes in the relative prices of goods transables. 

However, the end of the uncertainty for the authorities could compensate those difficulties. Effects of the lax ultra-monetary politics in United States have been felt in countries so diverse as Chile and Switzerland. The inflation annualized in Chile has been consistently above the objective range of the Central Bank of between a 2 and 4 percent. Latin America has seen an increase of the inflation as the countries "internalizing" the evolution of the monetary politics of the Fed, the president of the Chilean Central Bank, Rodrigo assured Vergara, in the conference. 

That tendency type has been in progress during about two years, when the ex-president of the Fed Ben Bernanke untied a strong tension in the markets after suggesting that the central bank was prepared to reduce its program of purchase of funds. Two years later, the authorities of the Fed say that certain volatility is unavoidable when the politics becomes hard. The emergent markets, the smallest economies, often look for to have a weaker currency. So from their perspective a hardening of the Fed could be useful to weaken its foreign currency and to help them for what you/they want to make that is supposed it is to be more competitive in front of the dollar. 

Iodine this is well from the point of view of the macroeconomics of the central banks but the economy of the street will pass it very bad, of entrance an ascent of interest elevates the cost of the debt immediately and of the deficit of the bills of the states it urges the import products to all the poor countries and I include in this chapter to Russia because to these countries that or they are producing of petroleum or of basic, agricultural matters mainly, they will pay them less and less dollars and however they, will have to pay and to return more dollars: one because the dollar will strengthen and another cause, because its currency was devaluated. 

Me the truth is that I believe that too much of the time has been abused granted by the Fed maintaining the price from the money to 0, this at the end has made that numerous economies have thought of era the future one and it was not this way and now he will see, Spain for example has elevated its debt in more than 25% spending from 800 to 1000 million Eurus during this period of cheap money now will have to return it more expensive, because the euro doesn't doubt it was devaluated in front of the dollar, but the interests also rose in Europe, the BCE won't take a lot in making it when he makes it the Fed.  

At the end we will realize that during every year this alone maneuver has been good to maintain the illusion that it was facilitated to the economies the possibility to leave the crisis, thanks to paying less for the money. But the problem is now, because the economies of half world didn't understand this way it, but rather they understood that this facilitated them to get in debt more and more because they were saved a lot in interests. Now the saving finished now this saving he/she becomes in more cost and expense, at the end we will have saved ourselves alone the chocolate dl parrot.    

IBERDROLA ANOTHER SPANISH COMPANY THAT SHE PREPARES THEIR MARCH

They already forgave me, but I begin to see that the next elections general Spanish don’t are as always of the pleasure of the Spanish capital I say the Spanish economy it doesn't not leave the crisis because there is crisis but because there are not companies and therefore there are not Spanish capitals that you/they look for their reactivation and if they don't make it the managers and the big companies the government he cannot make anything because the alone governments know how to manufacture costs and taxes to pay them but they don't produce anything of added value. 

That that a while ago say that it is passing in Spain it is very serious for years since the crisis began or if they want since I finish flowing the horn of the fortune of Rodríguez's Zapatero (PSOE) government there for the 2009, to locate it more in the time, the Spanish capitals located in the biggest companies in the country saw that the possibility to increase it one came below because all or almost all the big Spanish companies its source of revenues depended on the Bulletin of the State. That is to say of the concessions of the investment of civil work of the damned laws of the energy etc. 

As the advice of administration of these companies they are also formed by oligarchs and retired politicians realized that with a government intervened by the UE few concessions they will have and the Bulletin of the State little work and money will give of then from now on. But the problem was still more serious and it is that they realized that although they had made a lot of money if this money stayed in Spain waiting that it changed the cycle they will simply lose it for the costs of useless so biggest structures unproductive. 

So the exodus of Spanish companies began toward outside of the country, but the used system is very well disguised they didn't leave the companies physically but the work and with him the investments, this way today we all know that the biggest managerial and bank corporations in Spain, they obtain its biggest benefits working and investing the money that they obtained in Spain in the good time to compete.  

Because he has given me to denounce this today, although I have already made reference of it other times, because today I take out it to coalition because I have seen that another of the big ones is preparing their escape from Spain to the market it USA, curious truth almost at the same time that it begins the cycle change the FED. Avangrid, company fruit of the coalition of the branch of Iberdrola in United States with UIL Holding, begins to quote to 38 dollars for action. 

The new company created after the purchase of the American UIL Holdings on the part of the Spanish Iberdrola has begun to quote in the parquet of New York with a valuation of 11.993 million dollars (11.053 million Eurus). The actions of Avangrid have opened to 38,75 dollars and they stay at the moment around the 37,6 dollars. The social capital of the society is composed of 309,5 million actions. 

The entrance of Avangrid in Wall Street that has begun their term in Bag the presidents of Iberdrola, Ignacio Sánchez-gallant touch of the bell, he has taken place exactly the day after the ascent of types in United States after almost ten years, what has generated a great expectation and it has caused that the parquet of New York was packed of brokers, and investors. 

Sánchez-gallant was shown satisfied before the creation of the Avangrid and it assured that it supposes a pride for the company and for the Spaniards. "The Spaniards are this way, we insist and we get" it, the directive assured, in reference to the process of purchase of UIL Holdings, announced in February by 3.000 million dollars and that he has closed "in time record". Not Mister Gallant the Spaniards "insist and we impoverish" so that you expand and make benefits outside of Spain, but this that is you today so happy to Spain it won't suppose him any increase of work positions neither any percentage increase of the GDP.     

The value of Avangrid in the parquet of New York overcomes that of another company of the sector, as the Italian Enel Green Power (9.345 million Eurus to yesterday's closing), the German RWE (6.677 million Eurus) or the Portuguese EDP Renovaveis (5.889 million Eurus). In comparison with companies of the Ibex, inside the energy sector, the capitalization of Avangrid is superior to the companies like Electric Net (10.601 million Eurus to yesterday's closing). on the other hand, Iberdrola has a superior value to the 40.000 million Eurus. 

Besides for the coincidence that the exit to Bag took place after the ascent of types, "what has produced a lot of expectation", the irruption of Avangrid in Wall Street takes place after the approval on the part of the Government of Barack Obama of the extension from the helps to the renewable energy. Iberdrola USA, with active of more than 30.000 million dollars, it is the second eolic operator of United States, "where we have a list of enormous" projects, he said Gallant. 

The president of Iberdrola announced that the company will present February 24 in London the strategic plan of the whole group, where it will become special reference to the new branch, Avangrid. And it is already, in Spain it will be what is and the reactivation will be made outside, in Spain they will follow the same unemployed and the GDP and the same debt or more. However, in the USA where there is full employment you will create more on of work and they will invest more dollars. "And to Spain that they give" him.  

I have already exposed it other times because the companies and the true Spanish capital leaves and they leave us here the funds vultures and the opportunists Anglo-Saxon pirates that stay for four Eurus, that that in the good time cost thousands of millions, this it is the unit sense and of imperial Spanish, he likes to grow outside because here it is not worthwhile there are not possibilities to make it. As it will have them, if all the big corporations, company’s manufacturers, Banks, etc. Escapes of the Spanish economy that dies for starvation, this unfortunately didn't get ready neither with these elections the 20D   

IBERDROLA OTRA EMPRESA ESPAÑOLA QUE PREPARA SU MARCHA

Ya me perdonaran, pero empiezo a ver que las próximas elecciones generales españolas no son del agrado del capital español como siempre digo la economía española no sale de la crisis no porque haya crisis sino porque no hay empresas y por lo tanto no hay capitales españoles que miren por su reactivación y si no lo hacen los empresarios y las grandes empresas el gobierno no puede hacer nada porque los gobiernos solo saben fabricar costes e impuestos para pagarlos pero no producen nada de valor añadido.

Lo que hace tiempo digo que está pasando en España es muy grave desde hace años desde que empezó la crisis o si quieren desde que termino de fluir el cuerno de la fortuna del gobierno de Rodríguez Zapatero allá por el 2009, por situarlo más en el tiempo, los capitales españoles situados en las empresas más grandes del país vieron que la posibilidad de incrementarlo se venía abajo porque todas o casi todas las grandes empresas españolas su fuente de ingresos dependía del Boletín del Estado. Es decir de las concesiones de la inversión de obra civil de las malditas leyes de la energía etc.

Como además los consejos de administración de estas empresas están formados por oligarcas y políticos retirados se dieron cuenta que con un gobierno intervenido por la UE pocas concesiones iban a haber y el Boletín del Estado poco trabajo y dinero iba a dar de entonces en adelante. Pero el problema todavía era más grave y es que se dieron cuenta que si bien habían ganado muchísimo dinero si este dinero se quedaba en España esperando que cambiara el ciclo lo iban a perder simplemente por los costes de estructuras inútiles y sobredimensionadas.

Así que empezó el éxodo de empresas españolas hacia fuera del país, pero el sistema empleado está muy bien disfrazado no se iban físicamente las empresas sino el trabajo y con él las inversiones, así hoy todos sabemos que las mayores corporaciones empresariales y bancarias de España, obtienen sus mayores beneficios trabajando e invirtiendo para competir el dinero que obtuvieron en España en la buena época.

Porque me ha dado por denunciar esto hoy, aunque ya he hecho referencia de ello otras veces, pues hoy lo saco a coalición porque he visto que otra de las grandes está preparando su huida de España al mercado USA, curioso verdad casi a la vez que inicia el cambio de ciclo la FED. Avangrid, compañía fruto de la fusión de la filial de Iberdrola en Estados Unidos con UIL Holding, empieza a cotizar a 38 dólares por acción.

La nueva compañía creada tras la compra de la estadounidense UIL Holdings por parte de la española Iberdrola ha empezado a cotizar en el parqué de Nueva York con una valoración de 11.993 millones de dólares (11.053 millones de euros). Las acciones de Avangrid se han estrenado a 38,75 dólares y se mantienen actualmente en torno a los 37,6 dólares. El capital social de la sociedad se compone de 309,5 millones de acciones.

La entrada de Avangrid en Wall Street, que ha iniciado su andadura en Bolsa tras el toque de campana del presidente de Iberdrola, Ignacio Sánchez-Galán, se ha producido justo el día después de la subida de tipos en Estados Unidos después de casi diez años, lo que ha generado una gran expectación y ha provocado que el parqué de Nueva York estuviera abarrotado de brókers, inversores y medios de comunicación.

Sánchez-Galán se mostró satisfecho ante la creación de la Avangrid y aseguró que supone un orgullo para la compañía y para los españoles. "Los españoles somos así, nos empeñamos y lo conseguimos", aseguró el directivo, en referencia al proceso de compra de UIL Holdings, anunciado en febrero por 3.000 millones de dólares y que se ha cerrado "en tiempo récord". No señor Galán los españoles nos “empeñamos y empobrecemos” para que ustedes se expandan y hagan beneficios fuera de España, pero esto que está usted hoy tan contento a España no le va a suponer ningún aumento de puestos de trabajo ni ningún aumento porcentual del PIB.    

El valor de Avangrid en la Bolsa de Nueva York supera al de otra empresa del sector, como la italiana Enel Green Power (9.345 millones de euros al cierre de ayer), la alemana RWE (6.677 millones de euros) o la portuguesa EDP Renovaveis (5.889 millones de euros). En comparación con compañías del Ibex, dentro del sector energético, la capitalización de Avangrid es superior a las empresas como Red Eléctrica (10.601 millones de euros al cierre de ayer). Por su parte, Iberdrola tiene un valor superior a los 40.000 millones de euros.

Además de por la coincidencia de que la salida a Bolsa se produjera tras la subida de tipos, "lo que ha producido mucha expectación", la irrupción de Avangrid en Wall Street se produce tras la aprobación por parte del Gobierno de Barack Obama de la extensión de las ayudas a las energías renovables. Iberdrola USA, con activos de más de 30.000 millones de dólares, es el segundo operador eólico de Estados Unidos, "donde tenemos una lista de proyectos enormes", dijo Galán.

El presidente de Iberdrola anunció que la compañía presentará el 24 de febrero en Londres el plan estratégico de todo el grupo, donde se hará especial referencia a la nueva filial, Avangrid. Y ya está, en España quedará lo que quede y la reactivación se hará fuera, en España seguirán los mismos desempleados y el m ismo PIB y la misma deuda o más. Sin embargo, en los EEUU donde hay pleno empleo ustedes crearán más puestos de trabajo e invertirán más dólares. “Y a España que le den”.

Ya lo he expuesto otras veces porque las empresas y el verdadero capital español se va y nos dejan aquí los fondos buitres y los oportunistas piratas anglosajones, que se quedan por cuatro euros, aquello que en la buena época costo miles de millones, este es el sentido de unidad y de españolidad del español imperial, le gusta crecer fuera porque aquí no merece la pena no hay posibilidades para hacerlo. Como va a haberlas, si todas las grandes corporaciones, empresas constructoras, Bancos, etc. Huyen despavoridos de la economía española que se muere por inanición, esto desgraciadamente no se arreglara tampoco con estas elecciones el 20D  

WE WILL COUNT TRUTHS FIFTY-FIFTY FOR NOT FINDING THE REAL TRUTH

The economic activity of the companies of the Eurozone grows they maintain the solid rhythm of advances until maxima of four and a half years. The Final Compound Index of Total Activity of the (PMI) of the area euro it ascended lightly until the 54,2 points from October 53,9 and in front of the 54,4 foreseen by the analysts, but he stays in the area of growth, above the 50 points, for tenth ninth serial month. Well if the specialists want to call to this there since growth them I would call it stagnation tins in a total plane line and this plane line is not for an activity recovery but for the actions about the European economy of the BCE 

The PMI of services kept the same punctuation (54,2), with an ascent hardly imperceptible regarding October (54,1), and also below precisions (54,6), as it is extracted of the report that publishes today “Markit”. In spite of the slight advance, the rhythms of expansion of the production, the new orders and the employment accelerated until, or near their maxim of four and a half years and November was a positive month for the economic recovery of the area euro. The turnaround of the PMI of November pushes the growth of the area euro in its group until its maxim of four and a half years, in spite of the weakness of France. A new modest increase of the pending orders of realization also suggests that the solid growth can continue at the end of the year, it points out the agency that elaborates the report. 

The expansion of the economic activity in November was distributed evenly between the sector manufacturer and the sector services, since the rhythm of growth of the activity of the sector services was hardly located above the one reached by the production manufacturer. All the countries registered an expansion of the economic activity, except for France. Ireland stayed in head (60,2), followed by Spain (56,2) in maxima of four three months, respectively. The German economy (55,2) he expanded to the quickest rhythm from passed March, while the Italian production (55,3) it increased to the strongest rhythm in three months. France goes back to 51 points, minima of three months. 

Exposed it seems this way interesting but the certain thing is that the growths take place not so much for the production increase but for the stability of low prices the production doesn't start up he stays with the help of lowering mainly salary costs with what doesn't pull up the consumption neither, Chris Williamson, economist boss of the “Markit” and author of the report, he believes that the reading of the PMI of November is positive. We have a reliable indication of the economic growth of the fourth trimester, and the turnaround of the PMI indicates that the GDP of the area euro has been increased 0,4% quarterly. 

But behind all these figures that they are simply saying that the European production is stabilized the restlessness of the BCE it stands out about the stability of the prices that demonstrates what I tell them the projection of the study that the prices means gotten paid by goods and services have diminished for second serial month, what indicates for the BCE that the growth is not showing indications of generating inflation. This phenomenon for the productive economy what indicates is that he holds back thanks to not going down prices to increase sales.  

A clear example of what I say is what passes with the Spanish economy that is boasting of being ascending more than that waited when the reality indicates that it doesn't go up the unemployment, this continuous one in the same real levels (we don't justify the official data because every time there are more people outside of the unemployment lists) possible closings of companies an and another time they are announced, you finish them Abengoa and BASF that he closes in 2017 the only plant chemistry that there is in Spain  

The German economic institute IFO notices that the growth in Spain is spurred in certain measure by the public deficit that continues being above the limits fixed by the European Commission (CE). I am "very sceptical on the politics of indebtedness", he has said today the president of the IFO, Hans-Werner Sinn, hawk of the budgetary austerity, after referring to Spain and other economies from the Eurozone when presenting its economic forecasts for this year and the one that comes and he adds that this concern extends to Germany and the world. 

The economist assures that the macroeconomic situation in Spain has improved "sensibly" in the last years, but in certain measure he is due to the public indebtedness that indicated that it is located "above 5% ". The deficit is as the "doping" in the sportsmen that it improves the short term results to coast of worsening long term the macroeconomic square. The public indebtedness is able the demand added presently still to coast to increase that he contracts in the future", he argues. The problem is that the objective of the countries should not be to achieve a good one been now, but assuring its survival and sustainable, the expansible monetary politics that he is practicing the European Central Bank, disincentive the setting in march of structural reformations when reducing the money and, in consequence, it foments the indebtedness. 

Luis De Guindos, Spanish minister of Economy, has assured that it would be an error to request an extension to fulfill the fiscal objectives to those that the Government has committed with the European Union and that they force to locate the public deficit below 3% next year. The minister has assured that he doesn't find reasonable to request a postponement to fulfill the European fiscal goals, (like they proposed yesterday PESOE and WE CAN in an electoral debate for the elections of the 20D). I don't find reasonable, because Spain is in the path of completing.  

Spain will turn this year and it will complete the one that comes. And next year we will already leave the arm corrective of the procedure of excessive deficit. Therefore, I believe that it would be behind a march important", he has affirmed De Guindos in Brussels, minutes before the beginning of the meeting with their homologous of Economy and Finances of the European Union. The problem is that Mr. De Guindos it won't be in the next government from Spain it wins or not their party the PP, that is to say we are saying what the markets and the CE want to hear  

VAMOS A CONTAR VERDADES A MEDIAS PARA NO ENCONTRAR LA VERDAD REAL

La actividad económica de las empresas de la eurozona crece mantienen el ritmo sólido de avances hasta máximos de cuatro años y medio. El Índice Compuesto Final de Actividad Total de la (PMI) de la zona euro subió ligeramente hasta los 54,2 puntos desde los 53,9 de octubre y frente a los 54,4 previstos por los analistas, pero se mantiene en la zona de crecimiento, por encima de los 50 puntos, por décimo noveno mes consecutivo. Bien si los especialistas quieren llamar a esto crecimiento pues allá ellos yo lo llamaría estancamiento estanos en una línea plana total y esta línea plana no es por una recuperación de actividad sino por las acciones sobre la economía europea del BCE

El PMI de servicios se quedó con la misma puntuación (54,2), con una subida apenas imperceptible respecto a octubre (54,1), y también por debajo de precisiones (54,6), según se extrae del informe que publica hoy Markit. Pese al ligero avance, los ritmos de expansión de la producción, los nuevos pedidos y el empleo se aceleraron hasta, o cerca de su máxima de cuatro años y medio y noviembre fue un mes positivo para la recuperación económica de la zona euro. El repunte del PMI de noviembre empuja el crecimiento de la zona euro en su conjunto hasta su máxima de cuatro años y medio, a pesar de la debilidad de Francia. Un nuevo modesto aumento de los pedidos pendientes de realización también sugiere que el crecimiento sólido puede continuar al final del año", señala la agencia que elabora el informe.

La expansión de la actividad económica en noviembre se distribuyó uniformemente entre el sector manufacturero y el sector servicios, ya que el ritmo de crecimiento de la actividad del sector servicios se situó apenas por encima del alcanzado por la producción manufacturera. Todos los países registraron una expansión de la actividad económica, salvo Francia. Irlanda se mantuvo en cabeza (60,2), seguido de España (56,2) en máximos de cuatro y tres meses, respectivamente. La economía alemana (55,2) se expandió al ritmo más rápido desde marzo pasado, mientras que la producción italiana (55,3) aumentó al ritmo más fuerte en tres meses. Francia retrocede a 51 puntos, mínimos de tres meses.

Expuesto así parece interesante pero lo cierto es que los crecimientos se producen no tanto por el aumento de producción sino por la estabilidad de precios bajos la producción no arranca se mantiene a base de bajar costes principalmente salariales con lo que no arranca tampoco el consumo, Chris Williamson, economista jefe del Markit y autor del informe, cree que la lectura del PMI de noviembre es positiva. "Tenemos una indicación fiable del crecimiento económico del cuarto trimestre, y el repunte del PMI indica que el PIB de la zona euro se ha incrementado un 0,4% trimestral.

Pero detrás de todas estas cifras que simplemente están diciendo que la producción europea está estabilizada sobresale la inquietud del BCE sobre la estabilidad de los precios, que demuestra lo que les digo la proyección del estudio que los precios medios cobrados por bienes y servicios han disminuido por segundo mes consecutivo", lo que indica para el BCE que el crecimiento no está mostrando indicios de generar inflación. Este fenómeno para la economía productiva lo que indica es que se aguanta gracias a bajar precios no a aumentar ventas.

Un claro ejemplo de lo que digo es lo que pasa con la economía española que está vanagloriándose de estar subiendo más de lo esperado cuando la realidad indica que no sube el desempleo, este continua en los mismos niveles reales (no justifiquemos los datos oficiales porque cada vez hay más personas fuera de las listas de paro) se anuncian posibles cierres de empresas una y otra vez, las ultimas Abengoa y BASF que cierra en 2017 la única planta química que hay en España

El instituto económico alemán IFO advierte que el crecimiento en España está espoleado en cierta medida por el déficit público, que sigue estando por encima de los límites fijados por la Comisión Europea (CE). "Soy muy escéptico sobre la política de endeudamiento", ha dicho hoy el presidente del IFO, Hans-Werner Sinn, halcón de la austeridad presupuestaria, tras referirse a España y a otras economías de la eurozona al presentar sus previsiones económicas para este año y el que viene y añade que esta preocupación se extiende a Alemania y el mundo.

El economista asegura que la situación macroeconómica en España ha mejorado "sensiblemente" en los últimos años, pero en cierta medida se debe al endeudamiento público, que indicó que se sitúa "por encima del 5%". El déficit es como el "dopaje" en los deportistas, que mejora los resultados a corto plazo a costa de empeorar a largo plazo el cuadro macroeconómico. El endeudamiento público consigue aumentar la demanda agregada en el presente aún a costa de que se contraiga en el futuro", argumenta. El problema es que el objetivo de los países no debe ser lograr un buen resultado ahora, sino asegurar su supervivencia y sostenibilidad, la política monetaria expansiva que está practicando el Banco Central Europeo, desincentiva la puesta en marcha de reformas estructurales al abaratar el dinero y, en consecuencia, fomenta el endeudamiento.

Luis de Guindos, ministro de Economía español, ha asegurado que sería un error pedir una prórroga para cumplir con los objetivos fiscales a los que el Gobierno se ha comprometido con la Unión Europea y que obligan a situar el déficit público por debajo del 3% el año que viene. El ministro ha asegurado que no le parece razonable pedir un aplazamiento para cumplir con las metas fiscales europeas, (como proponían ayer PESOE y PODEMOS en un debate electoral para las elecciones del 20D). No me parece razonable, porque España está en la senda de cumplir.

España va a cumplir este año y va a cumplir el que viene. Y el año que viene ya saldremos del brazo correctivo del procedimiento de déficit excesivo. Por tanto, creo que sería una marcha atrás importante", ha afirmado De Guindos en Bruselas, minutos antes del comienzo de la reunión con sus homólogos de Economía y Finanzas de la Unión Europea. El problema es que Mr. De Guindos no estará en el próximo gobierno de España gane o no su partido el PP, es decir estamos diciendo lo que los mercados y la CE quieren oír

THE DEATH OF THE EUROPEAN PRODUCTIVITY WITH THE COST OF THE EURO IS UNBEARABLE

The BCE is left without exits and he will have to reinforce the monetary stimulus, if the European Central Bank seeks at least to come closer to its inflation objective for the area euro, (that is the same thing that to want to activate the consumption and the productivity) he can only make a thing: to increase even more the monetary stimuli. That is the conclusion of more than half of a panel of 53 analysts consulted by Bloomberg that believe that the issuing institute will have to expand its program of well-known stimulus for its initials in English, QE. Ewald Nowotny, of the BCE, it has already assured that the Eurozone needs more expansible measures.  

This theory is to me to understand mistaken what needs the euro area is to lower the costs of its economic maintenance it is necessary to reduce the costs but without clipping expenses neither investments neither productivity that it is what the QE gets QE's the more it puts in circulation the BCE more financial costs he takes place and less productive benefits generate it is that simple the test is already more than demonstrated Europe has to begin to produce GDP in each one of their partners not to maintain the financial numbers in order but without any real support behind that it is it he makes the QE. 

It is "only question of time that (the BCE) he takes new actions", Alan affirms McQuaid, economist boss of Capital Merrion Group in Dublin that also adds that "the inflationary pressures continue being attenuated, and unless a dramatic ascent of the price of the raw one takes place, something that seems not very probable short term, the BCE won't be able to arrive to its inflation" objective that is located lightly below 2% in rate inter yearly. This theory is a madness how an economist can to request that they go up the costs so that goes up the inflation, what needs the economy of the UE, is that goes up the consumption and the export and this causes the ascent of the inflation  

The Council of Government of the BCE will meet this week in Malt, in one of the two annual meetings that the organism habitually maintains outside of its headquarters in Frankfort. Their 25 members (the 19 governors of the central banks of countries that have the euro like currency and the 6 members of the Executive Committee that Mario presides over Draghi) they will announce on Thursday at 1.45 o'clock (Spanish peninsular hour) his decision about the types of interest that one doesn't wait however that it contains novelty some, it is evident alone it would lack them to go up the interests of the poverty and of the unemployment so much economic as industrial that the UE suffers, 

And it is that, although 8 of each 10 economists consulted by Bloomberg consider that immediate changes won't take place in the stimulus program, they are already more than the half (56%) who they consider now that there will be movements before it ends up the year. The percentage of those who consider that he won't be necessary to wait to December it not even arrives already to 30%. Asked specifically on the purchase program of active, 81% of those that believe that there won't be changes in the QE, they affirm that this will be continued when it arrives September of 2016 (it dates initially foreseen for their death), and 42% also considers that the rhythm will be intensified the one that the BCE eats up the debt of the Eurozone, and that at the moment it is located in a volume of 60.000 million monthly Eurus, more than a fourth part he believes that a reformation of the QE will add new assets to the list formed at the moment by debt of the public sector (from January of 2015), guaranteed funds of active. 

The effects of the QE so far, are devastating, the BCE has bought near half trillion Eurus in debt under its program of QE, while it maintained the types of interest near the zero, and it injected near 400.000 million Eurus in long term cheap loans to grease the private banking. In spite of it, the general index of inflation in the Eurozone was located in -0,1% in September, and the underlying inflation (that excludes the variation of prices of food and energy) it was located in 0,9%. This means that in fact what is making the BCE is to thoroughly give money lost so that the civil society and companies of euro area, some eat and the other ones don't close the doors, I break wind neither some work neither the other ones take place. 

And if the impact of the QE on the inflation doesn't seem clear, its effect on the rate of the euro in the international market of foreign currencies seems also to be passing the idea very slowly it was that the euro you devaluates the quickly most possible thing but there is no way, the international market he has mounted a very lucrative business with the euro for them the euro is a financial product of triple “A” that he gives some alone very good benefits with its change disproportioned the QE that come out to the market every month the only thing that they make so it is to buy debt which another time is redoes again by the same states and the market the repurchase, with the guarantee of being endorsed by the BCE to inclination and indirectly of the program QE. 

After being depreciated with stability in the first compasses of the purchase program of active, the unique currency has not stopped to be appreciated and to today half-day it was changed by 1,13 dollars, in front of 1,05 in the month of March. The European debt continues growing facilitated by the low costs that it is the only thing that has made the program QE to facilitate that the states stay without working and without prospering its productivity at all. The UE dies for indigestion of Eurus one cannot think of a productive industrial reactivation if it is much easier to create debt to the states to sustain its social expenses and its political operation. 

 The millions of Eurus of the QE should not go neither to the banks neither the debt purchase they should be used to put them in circulation in projects of productive investment I believe that although I am not lover of it of a nationalized production official type that work that reduces the unemployment takes place and that it is through this consumption channel that arrives to the economy because if one doesn't make these thousands of millions they are hooked this way in the banks and in the sovereign debt and the society neither he finds out and the private company neither with the result that neither have recovery neither rise the inflation because neither it is manufactured neither anything is bought tangible alone you speculates.  

LA MUERTE DE LA PRODUCTIVIDAD EUROPEA CON EL COSTE DEL EURO ES INSALVABLE

El BCE se queda sin salidas y tendrá que reforzar el estímulo monetario, si el Banco Central Europeo pretende siquiera acercarse a su objetivo de inflación para la zona euro, (que es lo mismo que querer activar el consumo y la productividad) sólo puede hacer una cosa: incrementar aún más los estímulos monetarios. Esa es la conclusión de más de la mitad de un panel de 53 analistas consultados por Bloomberg, que creen que el instituto emisor tendrá que expandir su programa de estímulo conocido por sus siglas en inglés, QE. Ewald Nowotny, del BCE, ya ha asegurado que la Eurozona necesita más medidas expansivas.

Esta teoría es a mi entender equivocada lo que necesita la euro zona es bajar los costes de su mantenimiento económico hay que reducir los costes pero sin recortar gastos ni inversiones ni productividad que es lo que consiguen los QE cuanto más QE’s ponga en circulación el BCE más costes financieros produce y menos beneficios  productivos genera es así de sencillo la prueba está ya más que demostrada Europa tiene que empezar a producir PIB en cada uno  de sus socios no mantener los números financieras en orden pero sin ningún sostén real detrás que es lo que hace el QE.

"Es sólo cuestión de tiempo que (el BCE) tome nuevas acciones", afirma Alan McQuaid, economista jefe de Merrion Capital Group en Dublín, que añade además que "las presiones inflacionistas siguen estando atenuadas, y a menos que se produzca una subida dramática del precio del crudo, algo que parece poco probable a corto plazo, el BCE no podrá llegar a su objetivo de inflación", que está situado ligeramente por debajo del 2% en tasa interanual. Esta teoría es una locura cómo puede un economista pedir que suban los costes para que suba la inflación, lo que necesita la economía de la UE, es que suba el consumo y la exportación y esto provoque la subida de la inflación

El Consejo de Gobierno del BCE se reunirá esta semana en Malta, en una de las dos reuniones anuales que el organismo mantiene habitualmente fuera de su sede en Fráncfort. Sus 25 miembros (los 19 gobernadores de los bancos centrales de países que tienen el euro como moneda y los 6 miembros del Comité Ejecutivo que preside Mario Draghi) anunciarán el jueves a la 1.45 (hora peninsular española) su decisión acerca de los tipos de interés, que no se espera sin embargo que contenga novedad alguna, es evidente solo faltaría que subieran los intereses de la pobreza y del paro tanto económico como industrial que sufre la UE,

Y es que, aunque 8 de cada 10 economistas consultados por Bloomberg consideran que no se producirán cambios inmediatos en el programa de estímulo, son ya más de la mitad (el 56%) quienes consideran ahora que habrá movimientos antes de que acabe el año. El porcentaje de quienes consideran que no habrá ni siquiera que esperar a Diciembre llega ya al 30%. Preguntados específicamente sobre el programa de compra de activos, el 81% de los que creen que no habrá cambios en el QE, afirman que éste se prorrogará cuando llegue septiembre de 2016 (fecha inicialmente prevista para su defunción), y el 42% considera además que se intensificará el ritmo al que el BCE se come la deuda de la eurozona, y que actualmente se sitúa en un volumen de 60.000 millones de euros mensuales, más de una cuarta parte cree que una reforma del QE añadirá nuevos activos a la lista formada actualmente por deuda del sector público (desde enero de 2015), bonos garantizados y bonos de titulación de activos.

Los efectos del QE hasta la fecha, son devastadores, el BCE ha comprado cerca de medio billón de euros en deuda bajo su programa de QE, mientras mantenía los tipos de interés cerca del cero, e inyectaba cerca de 400.000 millones de euros en préstamos baratos a largo plazo para engrasar la banca privada. Pese a ello, el índice general de inflación en la eurozona se situó en el -0,1% en septiembre, y la inflación subyacente (que excluye la variación de precios de comida y energía) se situaba en el 0,9%. Esto significa que en realidad lo que está haciendo el BCE es dar dinero a fondo perdido para que la sociedad civil y empresas dela euro zona, unos coman y los otros no cierren las puertas, peo ni unos trabajan ni los otros producen.

Y si el impacto del QE sobre la inflación no parece claro, su efecto sobre la cotización del euro en el mercado internacional de divisas también parece estar pasando muy despacio la idea era que el euro se devaluase lo más rápidamente posible pero no hay manera, el mercado internacional tiene montado un negocio muy lucrativo con el euro para ellos el euro es un producto financiero de triple A que da unos muy buenos beneficios solo con su cambio desproporcionado así que los QE que salen al mercado cada mes lo único que hacen es comprar deuda la cual se rehace otra vez por los mismos estados y el mercado la recompra de nuevo, con la garantía de ser avalada por el BCE a través e indirectamente del programa QE.

Tras depreciarse con firmeza en los primeros compases del programa de compra de activos, la moneda única no ha dejado de apreciarse y a medio día de hoy se cambiaba por 1,13 dólares, frente a los 1,05 del mes de marzo. La deuda europea sigue creciendo facilitada por los bajos costes que es lo único que ha hecho el programa QE facilitar que los estados se mantengan sin trabajar y sin prosperar en absoluto su productividad. La UE se muere por indigestión de euros no se puede pensar en una reactivación industrial productiva si es mucho más fácil crear deuda a los estados para sostener sus gastos sociales y su funcionamiento político.

 Los millones de euros del QE no deben ir ni a los bancos ni a la compra de deuda deben ser utilizados para ponerlos en circulación en proyectos de inversión productiva creo que aunque no soy amante de ello de una producción oficial tipo nacionalizada que produzca trabajo que reduzca el desempleo y que sea a través de este canal de consumo que llegue a la economía porque si no se hace así estos miles de millones se quedan enganchados en los bancos y en la deuda soberana y la sociedad ni se entera y la empresa privada tampoco de ahí que ni haya recuperación ni se eleve la inflación porque ni se fabrica ni se compra nada tangible solo se especula.