曹仁超推薦文章﹕德國經濟部長Karl - Theodor zu Guttenberg轉載

http://8pitsinvestment.blogspot.com/2009/03/karl-theodor-zu-guttenberg-ft-new-era.html

以下是 曹仁超 2009.03.30 信報 投資者筆記 節錄

德國經濟部長Karl - Theodor zu Guttenberg上周响《金融時報》發表嘅「A new era of accountable capitalism」，值得大家細讀。我地必須接受格蛇時代已經結束，一個負責任嘅新資本主義制度正在形成！全球正面對一個漫長通縮危機而必須downsize。唔少國家採用量化寬鬆貨幣政策，令本土貨幣滙價回落。當上述成為集體行為後，結果只會令各國貨幣滙價此起彼落，並令商品價格回升（去年第四季起商品價格已上升唔少），3月9日開始我老曹亦加入推介資源股嘅行列。凱恩斯理論到1970年代已支離破碎，因美國經濟無法擺脫滯脹；佛利民主張嘅 供應學派，今天亦面對同樣命運。聯儲局向金融制度大量注資，只可產生短暫效果，高失業率問題並無法解決。擔心美國已患上「日本病」，即經濟時好時壞，但大 方向仍係下滑。

以下是曹sir今日recommended 的文章﹕

Karl - Theodor zu Guttenberg - A new era of accountable capitalism @ Financial Times
原址﹕ http://www.ft.com/cms/s/0/f7e1fc60-18a3-11de-bec8-0000779fd2ac.html

A new era of accountable capitalism

By Karl-Theodor zu Guttenberg

Published: March 24 2009 19:07 | Last updated: March 24 2009 19:07

Thecurrent financial and econ­omic crisis is apparently sweeping asidemany established ideas of how societies should run their economies. InGermany, the crisis has ballooned into the worst recession in postwarhistory. By way of diagnosis, some say we are observing the end of thefinancial world as we know it. Not so long ago some had heralded theera of Alan Greenspan, former US Federal Reserve chairman, as therealisation of a new economic paradigm. By way of therapy, some havecalled for the renaissance of state-monopoly capitalism, sometimeslabelled “new capitalism”. The crisis should have a cathartic impact onthe financial sector but there is a risk that responses to it willovershoot.................

http://8pitsinvestment.blogspot.com/2009/03/karl-theodor-zu-guttenberg-ft-new-era.html