{"id":12248,"date":"2015-08-24T02:37:11","date_gmt":"2015-08-24T06:37:11","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=12248"},"modified":"2015-08-24T02:37:11","modified_gmt":"2015-08-24T06:37:11","slug":"why-we-should-not-blame-the-ecb-for-low-returns-on-german-savings-bruegel","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2015\/08\/24\/why-we-should-not-blame-the-ecb-for-low-returns-on-german-savings-bruegel\/","title":{"rendered":"Why we should not blame the ECB for low returns on German savings | Bruegel"},"content":{"rendered":"<p>From Guntram Wolff, originally published in <em>Die Welt<\/em>: <\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"525\" height=\"322\" title=\"Real Interest Rates\" alt=\"Real Interest Rates\" src=\"https:\/\/i0.wp.com\/bruegel.org\/wp-content\/uploads\/imported\/articles\/RTEmagicC_GWolff_07_05_15_1.png?resize=525%2C322\" \/><\/p>\n<blockquote><p>&#8230;.what drives this decline in real interest rates?  Real rates are determined by a whole set of economic factors, including growth prospects. Ultimately, it is economic performance that drives the return in investments. In a fast growing economy that is still building up its capital stock, real rates should be high as economic growth prospects are high. The opposite is true for an economy in a recessionary environment or an economy with already high capital stocks.<\/p><\/blockquote>\n<p>Read more at <a href='http:\/\/bruegel.org\/2015\/05\/why-we-should-not-blame-the-ecb-for-low-returns-on-german-savings\/'>Why we should not blame the ECB for low returns on German savings | Bruegel<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From Guntram Wolff, originally published in Die Welt: &#8230;.what drives this decline in real interest rates? Real rates are determined by a whole set of economic factors, including growth prospects. Ultimately, it is economic performance that drives the return in investments. In a fast growing economy that is still building up its capital stock, real &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2015\/08\/24\/why-we-should-not-blame-the-ecb-for-low-returns-on-german-savings-bruegel\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Why we should not blame the ECB for low returns on German savings | Bruegel&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[2872],"class_list":["post-12248","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","tag-real-interest-rates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why we should not blame the ECB for low returns on German savings | Bruegel - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why we should not blame the ECB for low returns on German savings | Bruegel - the patient investor\" \/>\n<meta property=\"og:description\" content=\"From Guntram Wolff, originally published in Die Welt: &#8230;.what drives this decline in real interest rates? Real rates are determined by a whole set of economic factors, including growth prospects. Ultimately, it is economic performance that drives the return in investments. 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Here is my take on how this is likely to pan out. First, let's start with a template of what a healthy, growing economy looks like. A Virtuous Cycle Growth is dependent on two\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"Private Investment\/GDP & Real GDP\/Total Non-farm Payroll","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-14-gpdi-gdp.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-14-gpdi-gdp.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-14-gpdi-gdp.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":18830,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/australia-the-elephant-in-the-room\/","url_meta":{"origin":12248,"position":1},"title":"Australia: The elephant in the room","author":"Colin Twiggs","date":"September 6, 2019","format":false,"excerpt":"June quarter real GDP growth slowed to an annual 1.4%, the lowest since the 2008 global financial crisis (GFC). Major contributors to growth are household consumption, public demand and exports; while the biggest handbrake is investment. A quick look at the RBA chart shows that consumption is slowing but at\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30600,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/01\/25\/dr-lacey-hunt-hoisington-asset-management-the-debt-trap\/","url_meta":{"origin":12248,"position":2},"title":"Dr Lacy Hunt, Hoisington Investment Management | The debt trap","author":"Colin Twiggs","date":"January 25, 2022","format":false,"excerpt":"From Dr Lacy Hunt at Hoisington Investment Management on the declining velocity of money: The Fed is able to increase money supply growth but the ongoing decline in velocity (V) means that the new liquidity is trapped in the financial markets rather than advancing the standard of living by moving\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"M2 Velocity","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-28-m2-velocity.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-28-m2-velocity.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-28-m2-velocity.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-28-m2-velocity.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":22051,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/10\/17\/november-never-waste-a-good-crisis\/","url_meta":{"origin":12248,"position":3},"title":"November: Never waste a good crisis","author":"Colin Twiggs","date":"October 17, 2020","format":false,"excerpt":"In this short video clip, Michael Pettis \u2014 Finance Professor, Peking University, and Senior Fellow, Carnegie-Tsinghua Center \u2014 discusses China's over-reliance on debt and the likely outcome: There are two ways of addressing a debt bubble: An abrupt crisis which allows the economy to quickly adjust for past excesses, writing\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1481,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/24\/the-paradox-of-thrift-debunked\/","url_meta":{"origin":12248,"position":4},"title":"The Paradox of Thrift &#8212; debunked","author":"ColinTwiggs","date":"October 24, 2011","format":false,"excerpt":"Ever since John Maynard Keynes popularized the Paradox of Thrift, economists, central bankers and politicians have labored under the misapprehension that high levels of savings are bad for the economy and inhibit growth. The Paradox of Thrift: Increased savings means there are less buyers for goods produced, so the nation\u2026","rel":"","context":"In &quot;Economic Theory&quot;","block_context":{"text":"Economic Theory","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/economic-theory\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5631,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/bernanke-attempts-to-justify-screwing-savers\/","url_meta":{"origin":12248,"position":5},"title":"Bernanke attempts to justify screwing savers","author":"Colin Twiggs","date":"October 1, 2012","format":false,"excerpt":"This extract from Joe Weisenthal lauds Ben Bernanke's defense of monetary policy and its effect on savers. I would encourage you to remember that the current low levels of interest rates, while in the first instance a reflection of the Federal Reserve's monetary policy, are in a larger sense the\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/12248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=12248"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/12248\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=12248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=12248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=12248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}