Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
This presentation explains the events and causes that led to Global Financial Crisis in 2007-08, mainly focused on Collateralized Debt Obligations, Sub-Prime Mortgages, Credit Default Swaps and Housing Bubble.
This presentation explains the events and causes that led to Global Financial Crisis in 2007-08, mainly focused on Collateralized Debt Obligations, Sub-Prime Mortgages, Credit Default Swaps and Housing Bubble.
The global financial crisis, brewing for a while, really started to show its effects in the middle of 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems.
On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world. The problem could have been avoided, if ideologues supporting the current economics models weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns.
This presentation provides an overview of the crisis with links for further, more detailed, coverage at the end.
A crisis so severe, the world financial system is shaken…
Attached is a wonderful presentation by the wizard financial analyst and writer Arif Anees. Hope you'd all relish this rare stuff..
Overview about The financial Crisis in 2008. The presentation with 4 main points: reasons, development (also including responses), and consequences.
We hope that this is an easy source of information for you to understand this crisis.
Major Market Crises of History: Reason and Effect YRS1204
There are many market crises that happened over the last 150 years, three of the major ones are discussed in the presentation which are:
1929 Wall Street Crash
2000 Dot-Com Bubble
2008 Global Financial Crisis
A disturbing fact becomes more and more obvious: The governments of the both the U.S. and most of the Eurozone member countries are about to overstrain their debt servicing capacity.
For individuals, organizations, and countries that have so far regarded the currencies of these countries as reliable storages of value, news could hardly be more alarming: Evidence is rapidly piling up that the debtor governments involved intend to rid themselves of their unsustainable debt largely at the expense of their creditors. This could be effectuated either through a sudden expropriation of lenders (nowadays euphemistically referred to as a “haircut”), or by means of a gradual dispossession through a deliberately induced devaluation.
However, investors currently holding large amounts of Dollar-, or Euro-denominated reserves, do not yet have to resign to the fate of seeing their wealth evaporate through arbitrary acts of governments they had trusted for long. In the document to this message, I have sought to specify some of the basic principles prudent investors should heed in order to protect their wealth from the impending world economic crisis. You may copy and circulate it freely, but would do me a huge favour if you could do so with a reference to my authorship. And, of course, any opportunity you could grant to me to carry its message further afield in person would be most welcome.
Presented by Dr. Robert Dauffenbach for the 2010 Oklahoma Trucking Association's Midwinter Conference
Robert C. Dauffenbach is Associate Dean, Research and Graduate Programs, Professor of Business Administration, and Director, Center for Economic and Management Research, Michael F. Price College of Business, University of Oklahoma.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The global financial crisis, brewing for a while, really started to show its effects in the middle of 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems.
On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world. The problem could have been avoided, if ideologues supporting the current economics models weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns.
This presentation provides an overview of the crisis with links for further, more detailed, coverage at the end.
A crisis so severe, the world financial system is shaken…
Attached is a wonderful presentation by the wizard financial analyst and writer Arif Anees. Hope you'd all relish this rare stuff..
Overview about The financial Crisis in 2008. The presentation with 4 main points: reasons, development (also including responses), and consequences.
We hope that this is an easy source of information for you to understand this crisis.
Major Market Crises of History: Reason and Effect YRS1204
There are many market crises that happened over the last 150 years, three of the major ones are discussed in the presentation which are:
1929 Wall Street Crash
2000 Dot-Com Bubble
2008 Global Financial Crisis
A disturbing fact becomes more and more obvious: The governments of the both the U.S. and most of the Eurozone member countries are about to overstrain their debt servicing capacity.
For individuals, organizations, and countries that have so far regarded the currencies of these countries as reliable storages of value, news could hardly be more alarming: Evidence is rapidly piling up that the debtor governments involved intend to rid themselves of their unsustainable debt largely at the expense of their creditors. This could be effectuated either through a sudden expropriation of lenders (nowadays euphemistically referred to as a “haircut”), or by means of a gradual dispossession through a deliberately induced devaluation.
However, investors currently holding large amounts of Dollar-, or Euro-denominated reserves, do not yet have to resign to the fate of seeing their wealth evaporate through arbitrary acts of governments they had trusted for long. In the document to this message, I have sought to specify some of the basic principles prudent investors should heed in order to protect their wealth from the impending world economic crisis. You may copy and circulate it freely, but would do me a huge favour if you could do so with a reference to my authorship. And, of course, any opportunity you could grant to me to carry its message further afield in person would be most welcome.
Presented by Dr. Robert Dauffenbach for the 2010 Oklahoma Trucking Association's Midwinter Conference
Robert C. Dauffenbach is Associate Dean, Research and Graduate Programs, Professor of Business Administration, and Director, Center for Economic and Management Research, Michael F. Price College of Business, University of Oklahoma.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank Corporate Presentation, June 2010Swedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Roadshow, London, Jan Liden, CEO and Mikael Inglander, CFOSwedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Ivo Pezzuto - Journal of Governance and Regulation volume 1, issue 3, 2012, c...Dr. Ivo Pezzuto
Journal of Governance and Regulation / Volume 1, Issue 3, 2012, Continued - 1
Pezzuto, I. (2012). Miraculous Financial Engineering or Toxic Finance? The Genesis of The U.S. Subprime Mortgage Crisis and Its Consequences on The Global Financial Markets and Real Economy
The world has not learned the lessons of the financial crisisBan.docxpelise1
The world has not learned the lessons of the financial crisis
Banks are safer, but too much of what has gone wrong since 2008 could happen again
WHEN historians gaze back at the early 21st century, they will identify two seismic shocks. The first was the terrorist attacks of September 11th 2001, the second the global financial crisis, which boiled over ten years ago this month with the collapse of Lehman Brothers. September 11th led to wars, Lehman’s bankruptcy to an economic and political reckoning. Just as the fighting continues, so the reckoning is far from over.
Lehman failed after losing money on toxic loans and securities linked to America’s property market. Its bankruptcy unleashed chaos. Trade fell in every country on which the World Trade Organization reports. Credit supplied to the real economy fell, by perhaps $2trn in America alone. To limit their indebtedness, governments resorted to austerity. Having exhausted the scope to cut interest rates, central bankers turned to quantitative easing (creating money to buy bonds).
Just as the causes of the financial crisis were many and varied, so were its consequences. It turbocharged today’s populist surge, raising questions about income inequality, job insecurity and globalization. But it also changed the financial system. The question is: did it change it enough?
To splurge is human
One way—the wrong way—to judge progress would be to expect an end to financial crises. Systemic banking meltdowns are a feature of human history. The IMF has counted 124 of them between 1970 and 2007. There is no question that they will occur again, if only because good times breed complacency. Consider that the Trump administration is deregulating finance during an economic boom and that the Federal Reserve has not yet raised counter-cyclical capital requirements. Even when prudence prevails, no regulator is a perfect judge of risk.
A better test is whether the likelihood and size of crises can be reduced. On that, the news is both good and bad.
First, the good. Banks must now fund themselves with more equity and less debt. They depend less on trading to make money and on short-term wholesale borrowing to finance their activities. Even in Europe, where few banks make large profits, the system as a whole is stronger than it was. Regulators have beefed up their oversight, especially of the largest institutions that are too big to fail. On both sides of the Atlantic banks are subject to regular stress tests and must submit plans for their own orderly demise. Derivatives markets of the type that felled AIG, an insurer, are smaller and safer. Revamped pay policies should prevent a repeat of the injustice of bankers taking public money while pocketing huge pay-packets—in 2009 staff at the five biggest banks trousered $114bn.
Yet many lessons have gone unlearned. Take, for example, policymakers’ mistakes in the aftermath of the crisis. The state had no choice but to stand behind failing banks, but it took the ill.
To
help senior executives weather this economic storm, the Economist Intelligence Unit has updated its
answers to some of the questions most frequently asked by clients, following the publication of the
four previous editions of Global crisis monitor. In answering each question, we outline our current
forecast, explain our thinking, and highlight any key risks or alternative scenarios.
Systemic Risk in Banking : Systemic risk is the possibility that an event at the company level could trigger severe instability or collapse an entire industry or economy.
What recent and past actions have Canada and the US taken to counter.pdfmeejuhaszjasmynspe52
What recent and past actions have Canada and the US taken to counteract their exchange rates
with the economy in such distress over the past 10 years?
Solution
Since 2007, the world has experienced a period of severe financial stress, not seen since the time
of the Great Depression. This crisis started with the collapse of the subprime residential
mortgage market in the United States and spread to the rest of the world through exposure to
U.S. real estate assets, often in the form of complex financial derivatives, and a collapse in global
trade. Many countries were significantly affected by these adverse shocks, causing systemic
banking crises in a number of countries, despite extraordinary policy interventions. Systemic
banking crises are disruptive events not only to financial systems but to the economy as a whole.
Such crises are not specific to the recent past or specific countries – almost no country has
avoided the experience and some have had multiple banking crises. While the banking crises of
the past have differed in terms of underlying causes, triggers, and economic impact, they share
many commonalities. Banking crises are often preceded by prolonged periods of high credit
growth and are often associated with large imbalances in the balance sheets of the private sector,
such as maturity mismatches or exchange rate risk, that ultimately translate into credit risk for
the banking sector.
Crisis management starts with the containment of liquidity pressures through liquidity support,
guarantees on bank liabilities, deposit freezes, or bank holidays. This containment phase is
followed by a resolution phase during which typically a broad range of measures (such as capital
injections, asset purchases, and guarantees) are taken to restructure banks and reignite economic
growth. It is intrinsically difficult to compare the success of crisis resolution policies given
differences across countries and time in the size of the initial shock to the financial system, the
size of the financial system, the quality of institutions, and the intensity and scope of policy
interventions. With this caveat we now compare policy responses during the recent crisis episode
with those of the past. The policy responses during the 2007-2009 crises episodes were broadly
similar to those used in the past. First, liquidity pressures were contained through liquidity
support and guarantees on bank liabilities. Like the crises of the past, during which bank
holidays and deposit freezes have rarely been used as containment policies, we have no records
of the use of bank holidays during the recent wave of crises, while a deposit freeze was used only
in the case of Latvia for deposits in Parex Bank. On the resolution side, a wide array of
instruments was used this time, including asset purchases, asset guarantees, and equity injections.
All these measures have been used in the past, but this time around they seem to have been put in
place quicker (for detailed informatio.
Covid19 Pandemic: Looming Global Recession and Impact on BangladeshMd. Tanzirul Amin
The following article was written by me, and was published in the Economic Trends section of the Keystone Quarterly Review (Volume-30) on July 30, 2020: https://lnkd.in/g9nGxzn
The article covers the effects of the Covid-19 Pandemic in the world economics, and the resulting impacts on the Bangladeshi economy. Various other economic aspects are covered, along with the alarming signs/symptoms of another "Great Global Recession".
Ivo Pezzuto - Miraculous Financial Engineering or Toxic Finance? The Genesis ...Dr. Ivo Pezzuto
SMC University Working Paper Issue 12: 2008
Pezzuto, Ivo, Miraculous Financial Engineering or Toxic Finance? The Genesis of the U.S. Subprime Mortgage Loans Crisis and its Consequences on the Global Financial Markets and Real Economy (October 7, 2008). Available at SSRN: http://ssrn.com/abstract=1332784 or http://dx.doi.org/10.2139/ssrn.1332784
The Global Finance Crisis Case StudyIntroductionThe inside job was a.docxcherry686017
The Global Finance Crisis Case StudyIntroductionThe inside job was a 2010 documentary film by Charles Ferguson that clearly demonstrated the 2008 crisis. On the other hand, it comprehensively narrated and revealed its causes, key players as well as its consequences. It goes ahead to explain the systemic corruption by key financial players in the finance industry and effects of such corruption in United States of America. Furthermore it reveals that changes in financial as well as other policies and banking practices contributed to the growth of the crisis casing most Americans to lose their savings, their jobs and hard earned homes.Answer One: The Unintended Consequences of Financial InnovationIt has been ascertained that changes in the policy framework governing the financial industry and the banking practices heavily contributed to the financial crisis. The development of complex trade policies such as the derivatives market allowed for large increases in risk taking that circumvented older regulations that were intended to control systemic risk. These derivatives increased instability since their adoption is resulted in large losses because of the use of borrowing. Investors suffered the risk of losing large amounts of investments or savings if the price of the underlying moved against them significantly. Secondly the collapse of the house boom in 2004 caused by the application of collateralized debt obligations and the global economic meltdown resulted in unimaginable imbalance of the ratio of money borrowed by investment banks and its own assets. This caused the value of securities related to real estate to crash down and damage financial institutions internationally as the market for collateralized debt obligations collapsed.. It is these financial innovations such as securitization that prioritize short-term over long-term value creation that triggered the 2008 financial crisis.Answer two: The unintended consequences of regulationThe deliberate shift from a system of regulation to deregulation of the financial industry encouraged unusual business practices which had adverse effects. Great pressure was exerted by the financial industry on the government to thwart efforts of regulating the industry. The government and central bank which have the responsibility of upholding financial stability through proper regulation of the financial markets and its institutions were split which led to insufficient responsibility. This exposed the industry to greater and more complicated risks since the supervisory and regulatory structure failed to keep up with the evolution of the financial markets. Answer three: Explain how the financial crisis of 2008 occurred—who is to blame?The global financial crisis began in the early 2000s and finally climaxed in 2008 and since then its devastating impact still lingers, worldwide. It began when; the financial sector which had consolidated into a few giant firms introduced the use of high risk derivatives. It i ...
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
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Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
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#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.
To the Point, February 26, 2010
1. To the Point
Discussion on the economy, by the Chief Economist February 26, 2010
Cecilia Hermansson
Chief Economist
Economic Research Department
+46-8-5859 1588
cecilia.hermansson@swedbank.se
No. 2
2010 02 26
Don’t underestimate the importance of
moral hazard
The global financial crisis and Greek tragedy have something in
common: the faulty estimation of risk. The reasons why investors and
creditors calculate risks badly are many, but one of them deserves
more focus, viz., the moral hazard phenomenon.
This version of the To the Point analyses the importance of moral
hazard for actions taken on financial markets, focusing on the crises
on the private financial markets and with regard to sovereign debt.
There are some common aspects, but also some major differences.
The discussion on moral hazard revolves around timing. As the crisis
unfolded, policy action was needed in order to avoid a much worse
situation in the financial sector and the real economy. The boat was
sinking, and there was a need to get to the shore. On the other hand, as
the financial crisis has abated there is a need to discuss more in depth
the impact of moral hazard, and possibly there is something to be
learnt also for the European situation, although there, crisis
management must still get first in line.
What is moral hazard?
Moral hazard appears when an actor who is insulated from risk
behaves differently than if this person or institution were fully
exposed to risk. In insurance markets, moral hazard occurs when the
behavior of the insured party changes in a way that raises costs for the
insurer. For example, a family with insurance against flood damage
may have an incentive to locate their house closer to a river than a
family that would bear the entire cost of a flood.
Financial bailouts by governments and central banks can encourage
risky behavior in the future if those who take the risks believe they
will not have to carry the whole burden if losses occur. Often, one
party has more information than the other, and, with the information
asymmetry, the party with less information ends up taking
responsibility for the consequences of these actions. Taxpayers have
thus often had to finance the losses occurring from financial crises.
Moral hazard can occur with banks and other financial agents acting
on behalf of another party, i.e. the principal with less information, but
also with borrowers who do not act prudently. There are
countervailing pressures on banks that limit incentives for risk taking.
Regulation and supervision are important pressures, but, if these fail,
the risks of moral hazard increase.
2. To the Point (continued)
February 26, 2010
2
More important, the fact that an institution can fail imposes a large
cost on bank owners and managers, who then lose their jobs. In 2007,
the investment bank Bear Stearns had traded for as much as 172
dollars per share, but when it was bought by J.P. Morgan Chase, the
price fell to 2 dollars per share. If financial institutions are protected
by governments, shareholders are not protected, but creditors are. So
the focus should be on creditors and banks that take on excessive risk,
thereby reducing discipline because they believe in government
protection. In a vicious circle, high-risk behavior increases the chance
of bank failure and bailouts by governments.
Those who find the argument of moral hazard farfetched should adopt
a long-term approach. Deregulation of the financial sector in the
1980s, especially in the US, with the existing inadequate supervision,
created an environment where risks were taken excessively, and
where resources were allocated incorrectly, causing costs for society.
The financial sector grew as a result, and its profits as a share of the
total profits increased from some 20% at the beginning of the 1980s
to almost 50% in 2007, before the onset of the most recent financial
crisis.
The US financial crisis
Gary Stern and Ron Feldman (both from Federal Reserve Bank of
Minneapolis) wrote a book, “Too big to fail – the hazard of bailouts,”
in 2004. They argued that the too-big-to-fail (TBTF) problem was
getting worse, and needed immediate attention. As the financial crisis
started in the US in 2007, there was a massive across-the-board
expansion of financial institutions’ safety nets. The TBTF problem
has become worse since then as the largest and the most
interconnected firms have become even larger and more
interconnected due to the support they have received. Unless the
TBTF problem is reduced, there is a risk of a new financial crisis
sooner rather than later.
Protection of uninsured creditors of banks is the factor that underlies
the concept of TBTF. Between 1979 and 1989, some 1,100
commercial banks failed, but 99.7% of all deposit liabilities were
fully protected by the discretionary actions of US policymakers. Size
is also important, as special protection is provided for creditors to big
or interconnected banks. Over the years, creditors have believed the
banks they are funding will be bailed out, and this belief has
influenced the risks they have taken.
When Bear Stearns was protected by J.P. Morgan Chase’s stepping in
with the support of US policymakers, the financial markets were
relieved, because the environment remained unchanged. When
Lehman Brothers filed for chapter 11, however, the shock was
immense, as financial markets had started to believe in eternal
bailouts. Some time afterwards, however, policymakers had to
reassure the financial markets that the pre-Lehman Brothers
environment would be restored, so that confidence could return.
Small and unimportant regional banks tasked with lending to SMEs
and households have thus been allowed to fail, while the big ones
have become even bigger.
3. To the Point (continued)
February 26, 2010
3
Chart 1: Public deficits as a share of
GDP, for selected OECD countries (%)
-16.0 -14.0 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0
Ireland
USA
UK
Greece
Spain
Japan
France
Portugal
Italy
Germany
Denmark
Finland
Sweden
Source: European Commission
Chart 2: 10 year Government bond
interest rate spreads to Germany for
selected Euro countries
Source: Reuters EcoWin
jan
07
maj sep jan
08
maj sep jan
09
maj sep jan
10
Percent
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Greece
Italy
Belgium
France
Spain
Portugal
Sweden
Source: Reuters/Ecowin
Also, the borrower has been bailed out through special measures to
reduce mortgage interest rates and to provide direct support to
households in need. Monetary policy has also played a role over
many years, as the so-called Greenspan put created an environment in
which interest rates were lowered as asset markets fell but were not
similarly raised as asset markets rose. This asymmetric monetary
policy has come to an end, though, as the policy interest rate has
already hit bottom. Mortgage loan interest rates could go lower, but
not by much.
As the crisis has abated, the concern for moral hazard is coming back
into focus in the US. Reenactment of the old Glass-Steagall act
separating investment and commercial banking has been proposed.
There are those who find the elimination of the Glass-Steagall act in
1999 a trigger for the buildup of TBTF institutions. Balance sheets
can always be manipulated; thus the issue of bailouts may be just as
important as the split between investment and commercial banking.
Professor of Economics Carmen Reinhart points to four options for
solving the TBTF problem: (1) no one gets bailed out (theoretically
pure, but less credible as bailouts have been common historically and
contagion can be costly) (2) everyone gets bailed out and regulations
are not established, i.e., the basis for a new crisis; (3) the TBTF
doctrine is applied in radical steps and institutions are dismembered;
and (4) credit growth and leveraging are closely monitored, and
institutions are regulated according to their indebtedness. She finds
that, although risk is difficult to measure, debt levels can be
monitored. The only way to solve the problem of moral hazard is to
create an environment in which bailouts are not expected
automatically. To get there may cause more turbulence on financial
markets, and thus we have not yet solved the financial crisis.
The European sovereign debt crisis
There are some similarities between the US financial markets crisis
and the European (Greek) sovereign debt crisis. After 2001, when
Greece adopted the euro and became a member of the common
currency, financial markets saw the risk of giving credits to Greece
fall gradually: Long-term (10-year) government bonds were just 1
percentage point above the equivalent German rate in 2007.
During 2008 and 2009, this interest rate spread widened when the
extent of the Greek fiscal situation became more clear, and when it
was announced that the ECB stimulus measures would be withdrawn,
thus reducing the possibilities of using less creditworthy Greek bonds
as collateral for borrowing cheaply at the central bank. Financial
markets have thus repriced the risk. Greece is still part of the currency
union, but lending to Greece is no longer seen as a low-risk activity.
The moral hazard problem may be hard to see here, as it is unlikely
that governments would risk the future of a country that is counting
on being helped out by other governments. The pain of having a
financial and fiscal crisis in a country is severe. On the other hand,
countries not having experienced these crises (unlike Japan, the
Nordics, and East Asian countries) may underestimate this pain, and
it is not until they have experienced it for themselves that
4. To the Point (continued)
February 26, 2010
4
Chart 3: Real effective exchange rates for
selected countries
Source: Reuters EcoWin
97 98 99 00 01 02 03 04 05 06 07 08 09
Index100=1997
90
95
100
105
110
115
120
Spain
Portugal
Greece
Italy
Germany
Source: BIS
Economic Research Department
SE-105 34 Stockholm, Sweden
Telephone +46-8-5859 1000
ek.sekr@swedbank.com
www.swedbank.com
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Cecilia Hermansson
+46-8-5859 1588
cautiousness rise and fiscal discipline increases. Other aspects that
possibly better explain the lack of discipline in the case of Greece are
the short-sighted political process of attracting votes, corruption and
tax evasion, and the general distrust of the political establishment.
The Greek government found less transparent ways of entering the
EMU, had a free lunch for a few years as creditors did not calculate
risks properly, and has not used the resources thus obtained
responsibly. The budget deficit has risen to a level that would have
been high even before the crisis, public debt has increased to more
than 100% of GDP, and competitiveness has decreased since entrance
into the EMU. The real effective exchange rate has appreciated by
some 20% since joining the euro, and the current account deficit was
already as high as 15% of GDP in 2007, before the sovereign crisis
escalated.
Just as in the case of the US financial crisis, it is better in the case of
Greece to focus on creditors rather than governments or shareholders.
The European banks lending to Greece have counted on a bailout of
the Greek government, despite the explicit prohibition of such an
action in paragraphs 123 and 125 of the Lisbon Agreement. To count
on paragraph 122 is a bit optimistic as the Greek fiscal mess is not
exogenous and therefore cannot be regarded as an act of God, like a
tsunami or an earthquake. Germany has strong objections to giving
any support to Greece, pointing to the Stability and Growth Pact, to
which not even the big economies have adhered. The euro zone still
has to come up with ways to reduce the risk of contagion to Spain and
Portugal, and perhaps also to Italy, Belgium, and Ireland. Bailing out
is not the first option, and to put conditions on possible future support
is the best message that can be given to financial markets at this stage.
I believe that, just as in the case of the US financial crisis, when the
boat is still leaking, ways have to be found to bring the boat to the
shore. There are too many risks connected with not doing anything at
all. The best solution would be for Greece to make it on its own. But
if not, there have to be ways to mitigate the crisis either with help
from the EU/euro zone alone, or in combination with the IMF.
When the crisis has been solved, at least as well as possible, the focus
must again be on moral hazard. For Europe, it is important to find the
right institutional framework that works both during relatively
tranquil times and during times of turbulence. During the tranquil
times, risks may be taken excessively, but with the right incentive
structure, there would be less risk of creating bubbles or misallocating
funds, whether on private markets or in the public sector. Moral
hazard may not be the most important factor explaining the Greek
crisis, but for the future of the euro this problem deserves attention.
Cecilia Hermansson
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