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This paper analyses economic power, state power and ideological power in the age of Donald Trump with the help of critical theory. It applies the critical theory approaches of thinkers such as Franz Neumann, Theodor W. Adorno and Erich Fromm. It analyses changes of US capitalism that have together with political anxiety and demagoguery brought about the rise of Donald Trump. This article draws attention to the importance of state theory for understanding Trump and the changes of politics that his rule may bring about. It is in this context important to see the complexity of the state, including the dynamic relationship between the state and the economy, the state and citizens, intra-state relations, inter-state relations, semiotic representations of and by the state, and ideology. Trumpism and its potential impacts are theorised along these dimensions. The ideology of Trump (Trumpology) has played an important role not just in his business and brand strategies, but also in his political rise. The (pseudo-)critical mainstream media have helped making Trump and Trumpology by providing platforms for populist spectacles that sell as news and attract audiences. By Trump making news in the media, the media make Trump. An empirical analysis of Trump’s rhetoric and the elimination discourses in his NBC show The Apprentice underpins the analysis of Trumpology. The combination of Trump’s actual power and Trump as spectacle, showman and brand makes his government’s concrete policies fairly unpredictable. An important question that arises is what social scientists’ role should be in the conjuncture that the world is experiencing.
Bekanntlich hat der Handel von Anteilen deutscher Gesellschaften an US-amerikanischen Börsen in der Vergangenheit bisher ein Schattendasein geführt. An den beiden US-Börsen mit den meisten Notierungen ausländischer Gesellschaften, der New York Stock Exchange ("NYSE") und der American Stock Exchange ("AMEX") waren deutsche Aktiengesellschaften nicht vertreten. Im computergestützten Handelssystem National Association of Securities Dealers Automated Quotations System ("NASDAQ") waren gerade einmal die "ADRs" einer einzigen Gesellschaft zum Handel zugelassen. Daneben wurden Ende 1992 noch im Freiverkehr ("OTC") die "ADRs" von 12 weiteren Gesellschaften gehandelt. Die Notierung der Daimler Benz AG an der NYSE seit dem 5. Oktober 1993 sowie die bislang eher verhaltene Reaktion hierauf geben Anlaß, sich mit den Voraussetzungen und daraus erwachsenden Konsequenzen des Ganges an eine US-Börse zu befassen (11. - VI.). Insbesondere sollen aus dem Bezugsrecht der Aktionäre bei zukünftigen Kapitalerhöhungen entstehende Probleme erörtert werden (VII.).
The known range of Oxybleptes meridionalis Smetana (Coleoptera: Staphylinidae) is expanded in Florida, USA, from Indian River and Manatee counties to now include Brevard, Highlands, Orange, Seminole and Volusia. Oxybleptes davisi (Notman) is confi rmed to exist in Florida, with records from Leon, Liberty and Wakulla counties in the Panhandle, and Orange County in central Florida. Lissohypnus texanus Casey is newly reported from Florida. A new species, Lissohypnus fullertoni, is described from Florida. Diochus schaumii Kraatz reverts to this original spelling; its widespread form in Florida is identical to that in the northeastern USA.
Das Zittern in der Ukraine geht weiter. Während Moskau heute die Krim-Annexion verkündet hat, wachsen in Kiew die Befürchtungen, bald weitere Territorialverluste hinnehmen zu müssen. Denn Russland hat kaum verhohlen auch schon Ansprüche an die Ost- und Südukraine angedeutet. Einer eventuellen militärischen Konfrontation um diese Regionen könnte die Ukraine aber heute nicht lange standhalten, zu drückend ist die russische Überlegenheit.
Am vergangenen Freitag wurde zum mittlerweile fünften Mal der Internationale Tag gegen Nuklearversuche begangen. Außenminister Steinmeier merkte dazu an: „Auch wenn die Krisendiplomatie derzeit oftmals das Tagesgeschäft bestimmt, dürfen wir unsere langfristigen Bemühungen um Abrüstung nicht aus den Augen verlieren. Deutschland setzt sich weiterhin mit großem Nachdruck für das Inkrafttreten des Atomteststoppvertrags ein, der die Neu- und Weiterentwicklung von Nuklearwaffen stark erschweren würde – ein enormer Sicherheitsgewinn für die Weltgemeinschaft.“ Das Schicksal des bereits 1996 zur Unterschrift aufgelegten Umfassenden Kernwaffenteststopp-Vertrags, oder CTBT, wie er international abgekürzt wird, hängt in den Augen der meisten Beobachter von der Ratifikation der Vereinigten Staaten ab. Diese ist 1999 gescheitert. Und obwohl die Obama-Administration schon früh während der ersten Amtszeit plante, den Vertrag erneut dem Senat vorzulegen, ist es dazu bis heute nicht gekommen. Ein Blick auf die Verhältnisse im Senat und den damit zusammenhängenden „Ratifikationsstau“ zahlreicher internationaler Abkommen lässt weder für die verbleibende Amtszeit von Obama Hoffnung aufkommen – noch für die Zeit danach...
"Wie man in den Wald hineinruft…": die Überraschung über chinesische Hyperschallwaffen ist naiv
(2014)
Letzte Woche hat China ein neues strategisches Trägersystem getestet. Dabei handelte es sich nicht um eine herkömmliche ballistische Rakete, sondern um einen Hyperschall-Flugkörper, der offenbar die zehnfache Schallgeschwindigkeit (etwa 12.350 km/h) erreichte. Die Aufregung in Washington war groß – zumindest in konservativen Kreisen...
Offiziere der amerikanischen Nuklearstreitkräfte haben bei ihren monatlichen Eignungstests in großem Umfang geschummelt und sich die Testantworten per SMS gegenseitig zugeschickt. Dies ist nur einer von vielen Skandalen, die in den letzten Monaten publik geworden sind und die Fragen über die Sicherheit des Nuklearwaffenarsenals aufwerfen...
In der diesjährigen Rede zur Lage der Nation hat Präsident Obama erneut einen relativ hohen Anteil seiner begrenzten Redezeit auf Außen- und Sicherheitspolitik verwendet – und damit den sich über seine zwei Amtszeiten abzeichnenden Trend bekräftigt. Exakt ein Viertel seiner knapp 6.500 Worte (für die er dieses Jahr 59 Minuten und 56 Sekunden benötigte) füllten Themen wie IS und Syrien/Irak, der Abzug aus Afghanistan, die Ukraine-Krise und russische Aggression, das Tauwetter in der Karibik, die Verhandlungen rund um das iranische Atomprogramm, Cybersicherheit, Ebola, Guantanamo und die „größte Gefahr für zukünftige Generationen“: Klimawandel....
In recent years, the notion of infrastructure has enjoyed growing scholarly attention; infrastructure being precisely that which allows for the kind of interfacing between local and global scales the term 'glocalization' resists on. In order to connect this discourse to the studies of language and literature, this article revisits Jacques Lacan's paper "Of Structure as an Inmixing Prerequisite to Any Subject Whatever". Rather than taking Lacan's notorious claim that "the best image to sum up the unconscious is Baltimore in the early morning" as the absurdity it may seem at first glance, the article proposes to read the claim seriously. Taking the scenic route through the extensive work on the Baltimore region undertaken in urban studies since the 1950s, the article outlines how Lacan's connection of the unconscious to a Baltimore street scene is actually closely tied to the interest in the notion of 'structure' at the core of his paper: Since Jean Gottmann's groundbreaking work on the topic, the extended Baltimore region - the 'Northeastern Megalopolis' - has continued to exert a twofold fascination over urban geography: not only does it represent a cultural and economic center of global importance, but also a type of structure characterized by change and accident rather than by unity and planning. 'Structured', in this context, must adopt a new meaning, which, in turn, sheds a new light on Lacan's famous claim in the same paper that the unconscious is "structured like a language". Lacan's seemingly offhand remark, thus, serves as an entrance into a possible configuration of language, literature, and infrastructure.
How do fiscal and technology shocks affect real exchange rates? : New evidence for the United States
(2008)
Using vector autoregressions on U.S. time series relative to an aggregate of industrialized countries, this paper provides new evidence on the dynamic effects of government spending and technology shocks on the real exchange rate and the terms of trade. To achieve identification, we derive robust restrictions on the sign of several impulse responses from a two-country general equilibrium model. We find that both the real exchange rate and the terms of trade – whose responses are left unrestricted – depreciate in response to expansionary government spending shocks and appreciate in response to positive technology shocks.
Credit Unions are cooperative financial institutions specializing in the basic financial needs of certain groups of consumers. A distinguishing feature of credit unions is the legal requirement that members share a common bond. This organizing principle recently became the focus of national attention as the Supreme Court and the U.S. Congress took opposite sides in a controversy regarding the number of common bonds that could co-exist within the membership of a single credit union. Despite its importance, little research has been done into how common bonds affect how credit unions actually operate. We frame the issues with a simple theoretical model of credit-union formation and consolidation. To provide intuition into the flexibility of multiple-group credit unions in serving members, we simulate the model and present some comparative-static results. We then apply a semi-parametric empirical model to a large dataset drawn from federally chartered occupational credit unions in 1996 to investigate the effects of common bonds. Our results suggest that credit unions with multiple common bonds have higher participation rates than credit unions that are otherwise similar but whose membership shares a single common bond.
Equal size, equal role? : interest rate interdependence between the Euro area and the United States
(2003)
This paper investigates whether the degree and the nature of economic and monetary policy interdependence between the United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the perspective of financial markets by analysing the effects of monetary policy announcements and macroeconomic news on daily interest rates in the United States and the euro area. First, the paper finds that the interdependence of money markets has increased strongly around EMU. Although spillover effects from the United States to the euro area remain stronger than in the opposite direction, we present evidence that US markets have started reacting also to euro area developments since the onset of EMU. Second, beyond these general linkages, the paper finds that certain macroeconomic news about the US economy have a large and significant effect on euro area money markets, and that these effects have become stronger in recent years. Finally, we show that US macroeconomic news have become good leading indicators for economic developments in the euro area. This indicates that the higher money market interdependence between the United States and the euro area is at least partly explained by the increased real integration of the two economies in recent years.
Danke für die Klarstellung! Es hätte des Kraftausdrucks von Victoria Nuland nicht bedurft, um Klarheit über die transatlantischen Beziehungen zu erhalten. Schon auf der Münchner Sicherheitskonferenz war deutlich geworden, dass die US-Administration die NSA-Affäre so schnell wie möglich vom Tisch haben will und zur Tagesordnung übergehen möchte – ohne ihre Politik zu ändern. Außenminister John Kerry ging mit keinem Wort auf die Bespitzelung deutscher Politiker ein, als er – dem Programm seiner Abteilungsleiterin für Europa und Eurasien Nuland folgend – eine „transatlantische Renaissance“ beschwor. Und der US-Abgeordnete Mike Rogers riet, lieber „nach vorne zu schauen“ und die Gefahren im Cyberspace gemeinsam zu bekämpfen, anstatt in den angeblichen Verfehlungen der amerikanischen Geheimdienste herumzustochern...
Nach dem umstrittenen Referendum in derOstukraine wird wieder über schärfereWirtschaftssanktionen gegen Russland gestritten. ImZentrum der Auseinandersetzung zwischenBefürwortern und Kritikern von Wirtschaftssanktionen steht die Frage: Wieerfolgversprechend sind Sanktionen, das Verhalten Russlands zu ändern?Aber das ist die falsche Frage! Ihr liegt das Missverständnis zugrunde, dassSanktionen in erster Linie den Zweck haben, einen Übeltäter zu bestrafenund ihn dazu zu zwingen, von seinem Tun abzulassen. Zwei Dinge werdenhier verwechselt: Sanktionen und Zwangsdiplomatie...
This paper explores the role of trade integration—or openness—for monetary policy transmission in a medium-scale New Keynesian model. Allowing for strategic complementarities in price-setting, we highlight a new dimension of the exchange rate channel by which monetary policy directly impacts domestic inflation. Although the strength of this effect increases with economic openness, it also requires that import prices respond to exchange rate changes. In this case domestic producers find it optimal to adjust their prices to exchange rate changes which alter the domestic currency price of their foreign competitors. We pin down key parameters of the model by matching impulse responses obtained from a vector autoregression on U.S. time series relative to an aggregate of industrialized countries. While we find evidence for strong complementarities, exchange rate pass-through is limited. Openness has therefore little bearing on monetary transmission in the estimated model.
This paper proposes a possible way of assessing the effect of interest rate dynamics on changes in the decision-making approach, communication strategy and operational framework of a Central bank. Through a GARCH specification we show that the USA and Euro area displayed a limited but significant spillover of volatility from money market to longer-term rates. We then checked the stability of this phenomenon in the most recent period of improved policymaking and found empirical evidence that the transmission of overnight volatility along the yield curve vanished soon after specific policy changes of the FED and ECB.
This paper provides a joint analysis of household stockholding participation, stock location among stockholding modes, and participation spillovers, using data from the US Survey of Consumer Finances. Our multivariate choice model matches observed participation rates, conditional and unconditional, and asset location patterns. Financial education and sophistication strongly affect direct stockholding and mutual fund participation, while social interactions affect stockholding through retirement accounts only. Household characteristics influence stockholding through retirement accounts conditional on owning retirement accounts, unlike what happens with stockholding through mutual funds. Although stockholding is more common among retirement account owners, this fact is mainly due to their characteristics that led them to buy retirement accounts in the first place rather than to any informational advantages gained through retirement account ownership itself. Finally, our results suggest that, taking stockholding as given, stock location is not arbitrary but crucially depends on investor characteristics. JEL Classification: G11, E21, D14, C35
We investigate US households’ direct investment in stocks, bonds and liquid accounts and their foreign counterparts, in order to identify the different participation hurdles affecting asset investment domestically and overseas. To this end, we estimate a trivariate probit model with three further selection equations that allows correlations among unobservables of all possible asset choices. Our results point to the existence of a second hurdle that stock owners need to overcome in order to invest in foreign stocks. Among stockholders, we show that economic resources, willingness to assume greater financial risks, shopping around for the best investment opportunities all increase the probability to invest in foreign stocks. Furthermore, we find that households who seek financial advice from relatives, friends and work contacts are less likely to invest in foreign stocks. This result corroborates the conjecture by Hong et al. (2004) that social interactions should discourage investment in foreign stocks, given their limited popularity. On the other hand, we find little evidence for additional pecuniary or informational costs associated with investment in foreign bonds and liquid accounts. Finally, we show that ignoring correlations of unobservables across different asset choices can lead to very misleading results.