New York Is Rebounding for the Rich. Nearly Everyone Else Is Struggling.

THE NEW YORK TIMES: The huge income gap between rich and poor in Manhattan is the latest sign that the economic recovery from the pandemic has been lopsided in New York City.

As New York City inches closer to recovering all the jobs it lost during the pandemic, Manhattan — the city’s economic engine — marked a far less encouraging milestone. It now has the biggest income gap of any large county in the country.

Even in a city notorious for tableaus of luxury living beside crushing poverty, the widening gap is striking. The wealthiest fifth of Manhattanites earned an average household income of $545,549, or more than 53 times as much as the bottom 20 percent, who earned an average of $10,259, according to 2022 census data, released earlier this month. Social Explorer, a demographic data firm, analyzed the data for The Times.

“It’s amazingly unequal,” said Andrew Beveridge, the president of Social Explorer. “It’s a larger gap than in many developing countries,” and the widest gulf in the United States since 2006, when the data was first reported. The Bronx and Brooklyn were also among the top 10 counties in the country in terms of income inequality.

It is the latest data to underscore the city’s lopsided rebound from the pandemic. Across the city, wages are up, but mostly for the affluent. Jobs are returning, but many are in low-paying positions. Unemployment is down, but remains sharply higher for Black and Hispanic New Yorkers. The mixed signals highlight a widening chasm: The city is recovering, but many of its residents are not. » | Stefanos Chen | Thursday, September 28, 2023

'Cold and Brutal': Author Walter Isaacson on What Surprised Him about Elon Musk

Sep 27, 2023 | The 11th Hour sits down with biographer Walter Isaacson to talk about his new book profiling one of the richest people on the planet, Elon Musk.

The Billionaires Who Made Our World: Jeff Bezos | BBC Select

Sep 26, 2023 | The transformation of Jeff Bezos has been extraordinary. He leads a life of luxury and glamor while vying with Elon Musk as one of the planet’s richest men. But Bezos wasn't always so glamorous. This revealing documentary charts his rise from computer geek to ruthless businessman, building Amazon into one of the world's biggest corporations. But who is the real Bezos and what drives his ambition?

Stream the full story with The Billionaires Who Made Our World on BBC Select here.

Ronald Reagan, 40. Präsident der USA | Geschehen, neu gesehen | Doku | ARTE

Jan 7, 2022 | ARTE nimmt geschichtsträchtige Personen und Ereignisse in den Fokus. In dieser Folge: Nachdem Ronald Reagan 1981 das Herz der Amerikaner erobert hatte, leitete der US-Präsident eine weitreichende Wirtschaftsreform ein, um dem Land wieder zum Aufschwung zu verhelfen.

Als Ronald Reagan am 20. Januar 1981 als 40. Präsident der USA vereidigt wurde, steckte das Land in einer tiefen Rezession. Gleich nach seiner Ankunft im Weißen Haus war klar, dass es diesem Präsidenten an Wissen und Erfahrung mangelte. Doch die Amerikaner waren felsenfest überzeugt: Reagan würde dem Land wieder zu Stolz und Ehre verhelfen! Nachdem er das Herz der Amerikaner erobert hatte, leitete Reagan eine weitreichende Wirtschaftsreform ein, um dem Land wieder zum Aufschwung zu verhelfen. Es war eine radikale Abkehr von der Vergangenheit. Der Staat zog sich aus seiner sozialen Verantwortung zurück, die Ungleichheiten nahmen zu, die Staatsverschuldung war horrend. Reagan sah sich gezwungen, die größte Steuererhöhung in der Geschichte der USA vorzunehmen. Doch das schadete ihm nicht, ganz im Gegenteil: Reagan war ein Pragmatiker und schreckte vor offenen Widersprüchen nicht zurück. Geschickt surfte er auf der Welle des nun einsetzenden Wirtschaftswachstums, obwohl dies nicht sein Verdienst war, und holte sich mit klarer Mehrheit eine zweite Amtszeit. Getreu seinem Cowboy-Image hatte er nun freie Bahn, um sich seinen Erzfeind vorzuknöpfen: den Kommunismus! Verdutzt erfuhren die Amerikaner, dass Reagan einen "Krieg der Sterne" plante. Die Militarisierung des Weltalls versetzte die UdSSR in Panik und trieb sie in ein ruinöses technologisches Wettrüsten. Er beendete 40 Jahre Kalten Krieg und polierte damit sein Image auf. Gorbatschow, an der Spitze einer ausgebluteten und zerfallenden Sowjetunion, war zu allen Zugeständnissen bereit. 1989 schied Reagan aus dem Amt – und war beliebter denn je, obwohl die Bilanz seiner Regierung eher durchwachsen war.

Dokureihe, Regie: Cédric Condon (F 2019, 52 Min)

We Can’t Alter Brexit Deal to Appease Car Industry, Says European Commissioner

THE GUARDIAN – EUROPE: Thierry Breton stands firm amid opposition to incoming tariffs on electric vehicle exports between EU and UK

Thierry Breton, the European commissioner for the internal market, said he could not favour one ‘category’ over another. Photograph: Spanish Eu Presidency/EPA
The Brexit trade deal should not be reopened just to satisfy demands from some sectors of the UK and EU motor industry concerned about looming tariffs on electric cars, Thierry Breton, the influential European commissioner, has said. EU leaders have come under pressure to suspend 10% tariffs on electric car exports that are expected to begin in January under the Brexit treaty.

But Breton, who is responsible for the EU internal market and was speaking exclusively to the Guardian, said the commission and EU leaders are bound under competition laws to look at the entire automotive “ecosystem” and not favour one “category” in the industry over the other.

He believes the trade deal should not be unpicked.

“If something has been negotiated, it shouldn’t be changed,” Breton said. » | Lisa O’Carroll in Brussels | Friday, September 22, 2023

Saudi Crown Prince Says Deal with Israel Is Closer ‘Every Day’

Sep 21, 2023 | Saudi Arabia is getting closer “every day” to a landmark deal normalizing diplomatic relations with Israel, Crown Prince Mohammed bin Salman said. Yousef Gamal El-Din reports on Bloomberg Television.

Sunak's Green U-Turn: Bloomberg UK Show

Sep 21, 2023 | UK Prime Minister Rishi Sunak is facing a backlash among some Conservative MPs after rolling back parts of his government's green agenda, including delaying a ban on new petrol and diesel cars by five years to 2035. We speak to partner at Passion Capital and former special envoy for fintech for the UK Treasury, Eileen Burbidge, about the opportunities it presents for tech investment. "Bloomberg UK" focuses on the biggest economic, financial and political issues facing Britain. The program goes beyond the market moves with expert analysis and top interviews from the heart of London.

Die britische Regierung verwässert ihre Klimaziele: Im Herbst vor dem nächsten Wahljahr hat der britische Premierminister Sunak die Klimapolitik als Wahlkampfthema entdeckt. Unter anderem will er das Verbrennerverbot verschieben. »

Rupert Murdoch Steps Down as Fox and News Corp. Chairman, Son Lachlan Now Chairman of Both

FilmMagic
VARIETY: Rupert Murdoch is stepping down as Fox and New Corp chairman, the companies announced today. His son, Lachlan, will take over the role at each company as Rupert moves into a chairman emeritus role. Rupert’s career at Fox began nearly 70 years ago in 1954. The new board moves will be effective as of the Annual General Meeting of Shareholders of each company in mid-November.

“On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” said Lachlan Murdoch in a statement. “We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.” » | Zack Sharf | Thursday, September 21, 2023

What Donald Trump & Joe Biden Get Wrong about the UAW* Strike & USA's Economic Future | The Warning

Sep 19, 2023 | Steve Schmidt breaks down the impact the UAW strike could have on the 2024 presidential election race and how Joe Biden needs to improve his stance with middle class Americans in order to prevent Donald Trump from winning a second term.

* United Automobile Workers

The Pensions Triple Lock Is Still Needed – Don’t Let the Tories Unpick It

THE GUARDIAN – LETTERS: Readers respond to suggestions that the Conservatives are considering plans to water down the scheme designed to enhance the state pension

Your report (Treasury officials mull one-off break from pensions triple lock, 12 September) says: “Any change to the way the state pension is calculated would be controversial because the Conservatives pledged in their last election manifesto to abide by the [triple-lock] formula.”

“Controversial” is an understatement. As recently as last month, Rishi Sunak confirmed, without any caveats and in full knowledge of the likely increase, that the triple lock would apply from next year (Sunak pledges to keep to pension triple lock despite signs of extra £10bn cost, 16 August). He even insisted he was comfortable with pensioners receiving the full annual uplift and brushed aside concerns about affordability.

If the government now backtracks on this unequivocal commitment, what does that say about Sunak’s credibility and promise to govern with “integrity, professionalism and accountability at every level”? Read more letters on the triple lock here » | Mike Pender, Cardiff | Monday, September 18, 2023

Woke Wall Street? Wokeism Is Destroying Finance

Sep 17, 2023

Global Slowdown. What Is Happening?

Sep 16, 2023

Danielle Lacalle’s website in English is here and in Spanish here.

Theresa May on Brexit, Trump and China: Bloomberg UK Show

Sep 14, 2023 | Former UK Prime Minister Theresa May has defended her handling of Britain's EU exit. In a wide-ranging interview, May said her Brexit deal was better than Boris Johnson's. She also said the Capitol Hill riot was a wake-up call to the West that political stability should not be taken for granted. "Bloomberg UK" focuses on the biggest economic, financial and political issues facing Britain. Hosted by Francine Lacqua, the program goes beyond the market moves with expert analysis and top interviews from the heart of London.

Mrs May: Brexit was a disaster. No sweet words will change that fact. – © Mark Alexander

Mysterium Satoshi - Bitcoin wie alles begann | Doku HD Komplettfassung | ARTE

Feb 22, 2022 | Anfang 2009, inmitten der Finanzkrise, brachte "Satoshi Nakamoto" den Bitcoin in Umlauf. Er schuf damit die erste dezentrale und zuverlässige Kryptowährung - und ist seit 2011 komplett von der Bildfläche verschwunden. "Mysterium Satoshi" erzählt die spannende Entstehungsgeschichte von Bitcoin und der Blockchain-Technologie aus Sicht seines geheimnisvollen Schöpfers.

Wie im Abspann angegeben ist Satoshis Monolog weitgehend erfunden. Er ist « frei inspiriert von der gleichnamigen Figur ». ...

Schweizer Monat : Niall Ferguson: «I Wouldn’t Send My Child to Princeton»

Aug 25, 2023 | Studio Schweizer Monat #20: Der britische Historiker Niall Ferguson spricht über den neuen kalten Krieg zwischen den USA und China, das Impfen in liberalen Staaten und die gesunkene Bedeutung von Grossbritannien nach dem Brexit. In englischer Sprache.

Aufgezeichnet am 6. September 2021

The Federal Trust: Join the Euro, Rejoin the EU

Sep 7, 2023 | In this new video, Brendan Donnelly and John Stevens argue that membership of the euro will be necessary to sustain the UK’s re-entry into the European Union after Brexit. They recognise that political leadership will be necessary for such a radical step to come about. But they also argue that British public opinion would be more receptive to leadership on the issue of the single currency than is often assumed.

SPEAKERS

Brendan Donnelly is the Director of the Federal Trust and a former Conservative MEP.
John Stevens is the Chairman of the Federal Trust and a former Conservative MEP.

ABOUT THE FEDERAL TRUST

The Federal Trust is a research institute studying regional, national, European and global levels of government. It has always had a particular interest in the European Union and Britain’s place in it. The Federal Trust has no allegiance to any political party. It is registered as a charity for the purposes of education and research.

Why Is Argentina’s Economy Such a Mess?

Sep 7, 2023 | Rampant inflation, a booming black market for US dollars and crippling debt - welcome to Argentina, one of the world's most dysfunctional economies. How did it end up like this?

Apple Loses More Than $200bn of Its Value in Market Rout - Latest Updates

THE TELEGRAPH: More than $200bn (£160bn) has been wiped off the value of Apple following reports that China has banned government officials from using iPhones at work.

Apple’s share price dropped more than 3pc on Thursday, marking a second day of sharp falls after the Wall Street Journal reported that Chinese authorities had banned officials from using the company’s smartphones.

The California-headquartered company’s share price has now fallen 7.3pc since Tuesday, wiping more than $200bn from its market value. » | Chris Price | Thursday, September 7, 2023

British American Tobacco to End Sales in Russia within a Month

THE GUARDIAN: London-based company says it has agreed to sell Russian and Belarusian businesses, 18 months after initial decision to withdraw

British American Tobacco says it will sell its last cigarette in Russia within a month, ending its presence in the world’s fourth-largest tobacco market a year and a half after it first pledged to do so in response to the invasion of Ukraine.

The London-based maker of Lucky Strike and Camel cigarettes came under fire in March last year after initially continuing to operate in Russia, breaking ranks with global brands such as Nestlé, Unilever, Coca-Cola and McDonald’s.

The decision was reversed just two days later, with the company citing its “ethos and values”.

More than 18 months after that decision, BAT, which holds 25% of the Russian market, said it had finally reached an agreement to sell its Russian and Belarusian businesses to a group led by its Moscow management team. » | Rob Davies | Thursday, September 7, 2023

Les Français sont de plus en plus à renoncer à certains besoins de base

Sep 6, 2023 | C’est ce qu’a révélé ce mercredi une étude du Secours populaire et de l’institut Ipsos. Frappés de plein fouet par l’inflation, près de trois Européens sur dix déclarent devoir renoncer à certains besoins de base, comme manger à leur faim ou chauffer leur logement.

Bangladesh: Children Hit by Global Cost of Living Crisis - BBC News

September 6, 2023 | The global cost of living crisis and the impact of the war in Ukraine on food prices has hit families around the world. None more so than in Bangladesh, which last year hiked fuel prices by 50% overnight. It led to a steep rise in the cost of basic food items like rice and vegetables.

Australia: Economy Slows Again as Consumers Spend Less | The Business | ABC News

Sep 6, 2023 | Australia's economy has contracted again. Minus immigration, the country's GDP is showing a per person recession for the average Australian. Consumers are saving and spending less as higher interest rates and prices see consumers pull back. Spending on discretionary items continues to fall. The release of the economic data comes a day after the Reserve Bank left the cash rate unchanged at 4.1 per cent for a third consecutive month. But 12 interest rate rises between May last year and June this year is squeezing many households. Economists expect the RBA will now stay on hold, and there may even be rate cuts by next year.

Disney Heiress Leads Call for Tax on ‘Super-rich’

THE TELEGRAPH: Campaign for minimum global tax aims to address a ‘rise in extreme inequality’

Abigail Disney is one of 300 people who signed a letter calling for ‘international collaboration’ to ‘raise taxes on the richest individuals’ CREDIT: JP Yim/Getty Images
An heiress to the Disney empire has led calls for a tax on the “super-rich”, accusing the world’s wealthiest of creating an “economic, ecological, and human rights disaster”.

Abigail Disney, who has previously said she feels such guilt at being born rich that she struggles to sleep, is among the signatories of a letter sent to leaders of the G20 nations ahead of the summit later this week.

The letter, which has been signed by 300 people including the film director Richard Curtis, US politician Bernie Sanders and Labour MPs, said: “Decades of falling taxes on the richest, based on the false promise that the wealth at the top would somehow benefit us all, has contributed to the rise in extreme inequality.

“Our political choices allow ultra-wealthy individuals to continue to use tax shelters and enjoy preferential treatment to the extent that, in most countries in the world, they pay lower tax rates than ordinary people.” » | Tim Wallace | Tuesday, September 5, 2023

Thomas Piketty im Gespräch über Ungleichheit und Kapitalismus | Sternstunde Philosophie | SRF Kultur

Mar 30, 2023 | Was ist so schlimm an Ungleichheit? Ist sie der wahre Grund für die Krise der Demokratien? Ökonom Thomas Piketty im Gespräch mit Yves Bossart über Kapitalismus und Demokratie.

Der Franzose Thomas Piketty gilt als Rockstar der Ökonomie. In seinem Weltbestseller «Das Kapital im 21. Jahrhundert» zeigte er, warum der Kapitalismus die sozialen Ungleichheiten verschärft.

Das Buch wurde in 40 Sprachen übersetzt und verkaufte sich weltweit über 2,5 Millionen Mal, erntete aber auch scharfe Kritik. Sein neues Buch «Kapital und Ideologie» ist quasi eine Weltgeschichte der Ungleichheiten. Piketty legt dar, Ungleichheit sei weder ein Naturgesetz noch eine wirtschaftliche Notwendigkeit, sondern ideologisch konstruiert und politisch gewollt.

Er stellt radikale Forderungen: Milliardäre und Spitzenverdiener sollen bis zu 90 Prozent ihres Vermögens und Einkommens abgeben und jeder Bürger soll mit 25 Jahren 120'000 Euro vom Staat bekommen, als Startkapital.



Pour la version sous-titrée en français, cliquez ici.

Kitzbühel und der Immobilienboom | ARTE Re:

Aug 30, 2023 | Der Hype um den Luxus-Wintersportort Kitzbühel in Tirol führt dazu, dass viele Einheimische keinen bezahlbaren Wohnraum mehr finden. Der 61-jährige Gemeinderat Martin will dies ändern und zieht mit Gleichgesinnten in den Kampf gegen steigende Immobilienpreise.

Kitzbühel in Tirol ist seit den 1960-er Jahren einer der gefragtesten Wintersportorte und ein Mekka für Luxustouristen. Viele Menschen aus dem nahen EU-Ausland investieren hier und in den umliegenden Gemeinden wie Going und Elmau in Ferienhäuser.

Der Hype um die Gegend hat dazu geführt, dass die Immobilienpreise so sehr angestiegen sind, dass viele Einheimische keine Möglichkeit mehr sehen, hier erschwinglichen Wohnraum zu kaufen. Für den 61-jährigen Gemeinderat Martin ist das besonders schmerzhaft. Der heimatverwurzelte Familienmensch fürchtet, dass seine Kinder gezwungen werden, aus der Gegend weg zu ziehen. Er beschließt, zusammen mit anderen Einheimischen etwas zu unternehmen.

Wie vor 200 Jahren Andreas Hofer gegen die Bayern und Franzosen gekämpft hat, so will er heute auf legalem Weg gegen den – wie er es nennt – „Ausverkauf der Heimat“ in den Kampf ziehen. Die 30-jährige Anna aus Kitzbühel sieht die Situation nicht ganz so dramatisch wie Martin. Nach der Trennung von ihrem Lebensgefährten ist sie im Moment auf der Suche nach einer neuen Immobilie und wird hier von ihrem guten Bekanntem, dem Immobilienmakler Ferdinand unterstützt.

Eine Drei-Zimmer-Wohnung für 1,5 Millionen Euro – für die wohlsituierte Erbin und Designerin kein Problem.

Reportage (D 2023, 33 Min)
Video auf Youtube verfügbar bis zum 29/08/2024

Germany's Troubled Economy Fuels Far-right Rise | DW News

Sept 1, 2013 | Germany's economy is struggling, and important economic indicators are pointing in the wrong direction. Ordinary Germans are worried, causing a loss of faith in the country's traditional parties.

Die Angst vor dem Absturz

ZEIT ONLINE: Der deutschen Wirtschaft droht eine längere Schwächephase. Das spüren auch die Menschen im Land. Doch wie berechtigt sind die Sorgen?

Bundeskanzler Olaf Scholz warnt gerne davor, den Standort Deutschland schlechtzureden. Doch inzwischen lässt sich die Lage kaum noch beschönigen, zu offensichtlich ist die Schwäche der deutschen Wirtschaft. Das Wachstum stagniert. Die Inflation ist mit 6,1 Prozent immer noch vergleichsweise hoch und die Stimmung in den Unternehmen schlecht. Der Internationale Währungsfonds prognostiziert für die Bundesrepublik in diesem Jahr einen Rückgang der Wirtschaftsleistung von 0,3 Prozent. Damit ist Deutschland unter den 22 untersuchten Staaten und Regionen das einzige Land, dessen Wirtschaft in diesem Jahr nicht wächst. » | Eine Analyse von Jurik Caspar Iser | Freitag, 1. September 2023

Catastrophe for Sale | Planet Finance (5/6)

Aug 26, 2023 | On Planet Finance, there is a market for almost anything. Even for a future disaster that has not yet occurred and may never happen. As the risks of climate change pile up, it appears that money can be made in the Disaster Bond Market on the risk of future wildfires, floods and hurricanes. There is speculation on what the probability is that a catastrophe will occur. And especially on how much damage it might cause. How does this market work? And who are the winners and who are the losers?

In this six-part documentary series, Marije Meerman takes you to Planet Finance. Who live and work there? What language do they speak? What is the use of this planet, and what makes this financial world so attractive to so many people?


Links to the other four parts here

Biggest House Price Fall for 14 Years - with 'Significant' Further Drop Expected

THE TELEGRAPH: Property values are now down 5.3pc from their peak, as interest rate rises bite

House prices have fallen by close to £15,000 in the biggest annual slump for 14 years.

Property values are down 5.3pc from their peak in August last year, leaving the market in its weakest state since 2009, new figures show.

Economists warned the drop marked the start of further “significant” falls to come.

A typical home has lost £14,600 of its value in the past 12 months, following a sharp rise in mortgage rates and a cooling in the market, according to Britain’s biggest building society Nationwide. » | Tom Haynes | Friday, September 1, 2023