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Friday, October 19, 2007
FOI VOCÊ QUE PEDIU UM TRATADO?
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ESTRABISMO LIBERAL
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By a nearly two-to-one margin, Republican voters believe free trade is bad for the U.S. economy, a shift in opinion that mirrors Democratic views and suggests trade deals could face high hurdles under a new president.
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Six in 10 Republicans in the poll agreed with a statement that free trade has been bad for the U.S. and said they would agree with a Republican candidate who favored tougher regulations to limit foreign imports. That represents a challenge for Republican candidates who generally echo Mr. Bush's calls for continued trade expansion, and reflects a substantial shift in sentiment from eight years ago.
Thursday, October 18, 2007
OS PORTUGUESES SEGUNDO OS ALGARISMOS : ENFERMEIROS
OS TRABALHOS DO GOVERNADOR
Wednesday, October 17, 2007
QUARTA REPÚBLICA

O espaço FNAC foi pequeno para acolher tantos convidados. Ainda que se submetendo, de vez em quando, à tradição do texto em papel, a blogosfera ganha dia dia maior reconhecimento da opinião pública em geral e dos geralmente mais bem informados em particular.
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Parabéns ao Quarta República! E muitos anos de vida!
A GUERRILHA DO PETRÓLEO
OS PORTUGUESES, SEGUNDO OS ALGARISMOS
Tuesday, October 16, 2007
BCE - BODE CENTRAL EXPIATÓRIO
Politicians like scapegoats. There is no shortage of candidates. The European Central Bank is among them especially in France. It is unsurprising for several reasons: it is a bank, it is in Frankfurt, and a general lack of economic understanding mean that the electorate has limited knowledge of a central bank's role and how it should act. As a result, the ECB's positive effect on eurozone growth since 2001 is being completely overlooked.
The ECB is not obsessed with its objective of price stability. It acted pragmatically by reducing its refinancing rate to 2% and then holding it for 29 consecutive months even though inflation was above 2%, long-term bond yields were hitting historical lows, public deficits were expanding and the euro remained substantially undervalued. During this period, real short-term interest rates were zero or even negative. This policy led to a 60% increase in lending to French households, which is hard to square with claims of a restrictive attitude. Without the ECB's accommodative policy, the eurozone's growth – averaging 1.5% per year between 2002 and 2006 – would have been even weaker, by more than half a percentage point. Econometric analysis shows very clearly that the ECB places just as much importance on the economic cycle as the US Federal Reserve. Even today, the ECB is not adopting a restrictive policy, instead moving back to a neutral stance. By doing so, it is regaining some room for manoeuvre that could come in useful in the event of a negative shock.
Its monetary strategy is especially remarkable given the relative stability of eurozone prices. This shows that price stability – the objective assigned to the ECB by European governments – is not incompatible with growth. Nostalgia for the "trente glorieuses" – the 30-year period after World War II when growth and inflation coexisted in France – has led some people to hope for the return of inflation. They are forgetting the high interest rates during this period. Although inflation is now low, so are interest rates, and this is underpinning purchasing power and the ability to borrow long-term. Control over inflation increases visibility over relative price movements and improves the allocation of resources. The credibility of monetary authorities and a firm anchoring of expectations make it easier to attain the objective of overall price stability without having to raise interest rates too high. Conversely, doubts over the central bank's independence and its commitment to price stability would prompt lenders to demand higher returns to compensate for the increased risk. This would push up interest rates, inevitably dragging down growth given the open economy and extensive use of market financing.
Neither can the ECB be accused of ignoring exchange rates. It is true that the euro is allowed to float, and started the decade seriously undervalued, without the ECB intervening. However, contrary to received wisdom, the ECB does take exchange rates into account. It does so indirectly through its inflation target, since a stronger euro puts downward pressure on prices, prompting it to set lower interest rates. It also does so in a more direct way: the euro's effective exchange rate plays a significant role in its reaction function, which describes the way it sets its refinancing rate.
French politicians are keen to attack the ECB because they know how much lending growth has boosted growth and supported job creation. They know that the inevitable slowdown in lending will change the situation and require new economic policies. This will involve innovation incentives, but also greater competition in the services sector. Productivity in services must grow more quickly if per-capita wealth is to increase. However, this would require changes to the existing set-up, which is harder than simply criticising the European Central Bank. However, the resulting increase in purchasing power would be much greater.
ORNAMENTO DO ESTADO
(...) começa a ser prática corrente na orçamentação, a desorçamentação. A mais falada são as Estradas de Portugal que, só por si, varreu da vista, por agora,(mas não do chão) uns largos milhões. Acontece que nem só da desorçamentação da despesa vive o OGE em Portugal. Também temos desorçamentação da receita, ao que parece. Ao que parece, segundo o Expresso de 5/10, o ministro Pinho combinou com o presidente da EDP Mexia, uma compensação de créditos: nem a EDP paga a renovação das concessões das barragens nem a EDP aumenta as tarifas de forma politicamente incorrecta.
Monday, October 15, 2007
COZINHADOS
SEM PERDÃO
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RECADO DA MANUELA
Sunday, October 14, 2007
AVES NEGRAS
ALTERNATIVAS
Saturday, October 13, 2007
FÁBRICAS DE MEDÍOCRES
A generalidade dos comentadores portugueses, em blogues, nos jornais, na televisão, criticam tudo o que mexe, quase nunca arriscam propostas alternativas.
Do Blasfémias retirei o "post" de
Carlos de Abreu Amorim, também publicado no Correio da Manhã, que a seguir transcrevo e comento..
"Fábricas de medíocres
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Nas directas do PSD, vinte mil militantes apenas escolheram um provável futuro primeiro-ministro. Menos de um por cento da população designa, em eleições primárias, quem pode vir a dirigir os destinos do país. Já assim tinha sido no PS, na aclamação interna de Sócrates. Os militantes partidários transformaram-se nos grandes accionistas da democracia portuguesa.Mas há ainda pior: as juventudes partidárias, hoje sem expressão nos liceus e universidades, possuem, no entanto, uma relevância enorme nos aparelhos. Aliás, é dessa triste colheita que se fazem grande parte dos dirigentes de topo dos partidos e, por afinidade, do Governo e da Administração. Gente que vagueia nas assessorias, nos gabinetes do poder, sem nunca ter trabalhado, sem se cultivar, sem qualquer preparação.Olhem bem para eles no Congresso que agora começa: são os ministros de amanhã…"
Haverá, certamente, muito pouca gente que, lendo este seu "post", não concorde e não se sinta tocado por ele. Que, no entanto, não é original porque reproduz, em síntese e de forma menos radical, o desabafo mais constante dos portugueses: somos governados por uma cambada de incompetentes e corruptos. Que é também, como bem sabe, a posição de colunistas admirados como Vasco P.Valente, por exemplo (....)
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De modo que pergunte-lhe, e pergunto a todos os que, provavelmente com toda a razão desconfiam dos políticos que temos, por que não avançam para a disputa de lugares apetecíveis que, pelos vistos, estão ao alcance de gente pouco habilitada? Ou dito, de outro modo: Se este sistema é mau que sistema propõem?
Friday, October 12, 2007
RECEITA DO FMI
- mais flexibilidade laboral;
- aumento da concorrência;
- sistema fiscal mais amigo do investimento (mas sem cortes nas taxas dos impostos no curto prazo);
- aceleração do processo de consolidação orçamental.
Caso estas reformas não sejam realizadas, defende, a evolução do investimento e das exportações pode estar comprometido. ( Público, de hoje)
CONTOS AMERICANOS : PESSIMISMO PERSISTE
de: http://www.rgemonitor.com/blog/roubini
AEI Event on the Deflating Mortgage and Housing Bubble, Part II --> Nouriel Roubini Oct 12, 2007 I presented yesterday at a AEI event on Deflating Mortgage and Housing Bubble, Part II. The first event was last March when the subprime carnage was emerging; this one was a follow-up debate on what is happening now and next to housing, mortgages, subprime and the financial system. The presentations at this event - by Desmond Lachman, Thomas Zimmerman, John Makin, Chris Whalen and myself - are also available at the event site. All the presenters were very pessimistic about the worsening housing recession, about the severity of the credit crunch in mortgage markets and about the risks of an economy wide recession.