HOUSE_OVERSIGHT_023567.jpg
2.11 MB
Extraction Summary
2
People
5
Organizations
4
Locations
0
Events
0
Relationships
4
Quotes
Document Information
Type:
News article / web printout
File Size:
2.11 MB
Summary
This document is a printout of a Financial Times article dated November 27, 2015, written by John Dizard. The article discusses the negative economic impacts of quantitative easing by the European Central Bank, arguing it is leading to the insolvency of life insurers and pension plans in Europe. The printout is dated July 22, 2016, and bears a House Oversight Bates stamp.
People (2)
| Name | Role | Context |
|---|---|---|
| John Dizard | Author/Journalist |
Author of the Financial Times article.
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| President of the European Commission | Political Figure |
Mentioned in the article as stating the single currency makes no sense if the Schengen agreement fails.
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Organizations (5)
| Name | Type | Context |
|---|---|---|
| Financial Times |
Source of the article.
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| Nikkei Asian Review |
Logo present in the header.
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| European Central Bank |
Subject of the article regarding asset purchase programmes and quantitative easing.
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| European Commission |
Mentioned in relation to its president's comments.
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| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT'.
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Locations (4)
| Location | Context |
|---|---|
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Region discussed regarding economic stability and the Schengen area.
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Discussed regarding immigration and customs barriers.
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Compared to Europe regarding ability to withstand policy mistakes.
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Compared to Europe regarding ability to withstand policy mistakes.
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Key Quotes (4)
"Quantitative easing is leading to the insolvency of insurers and pension plans, says John Dizard"Source
HOUSE_OVERSIGHT_023567.jpg
Quote #1
"The borderless Schengen area is now festooned with immigration and customs barriers"Source
HOUSE_OVERSIGHT_023567.jpg
Quote #2
"America and Canada can afford to make a lot of policy mistakes without social dissolution; Europe cannot."Source
HOUSE_OVERSIGHT_023567.jpg
Quote #3
"This is no longer a worst-case scenario, but the most likely outcome of the present policy course."Source
HOUSE_OVERSIGHT_023567.jpg
Quote #4
Full Extracted Text
Complete text extracted from the document (1,784 characters)
7/22/2016 In the shadow of quantitative easing, party like it is 1788 - FT.com
NIKKEI
ASIAN REVIEW
FINANCIAL TIMES
ASIA. INSIGHT OUT.
FIND OUT MORE >
ASIAN REVIEW
FINANCIAL TIMES
ASIA. INSIGHT OUT.
FIND OUT MORE >
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November 27, 2015 8:05 pm
In the shadow of quantitative easing, party like it is 1788
John Dizard
In the shadow of quantitative easing, party like it is 1788
John Dizard
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Quantitative easing is leading to the insolvency of insurers and pension plans, says John Dizard
A time traveller from 2010 to today’s Europe would be shocked by what they find.
The borderless Schengen area is now festooned with immigration and customs barriers, and financial markets are assuming ever-ballooning asset purchase programmes by the European Central Bank that stretch into an indefinite future. Oh, and a president of the European Commission who says the single currency makes no sense when the Schengen agreement fails.
So then, in this world, what would be the “risk-free rate” that institutional investors can use in their investment analyses? These problems are getting to the point where they not only threaten life in Europe as we know it, but our very careers. America and Canada can afford to make a lot of policy mistakes without social dissolution; Europe cannot.
Specifically, the ECB and its member banks’ quantitative easing is leading to the insolvency of life insurers and defined benefit pension plans. This is no longer a worst-case scenario, but the most likely outcome of the present policy course.
Perhaps a couple of years ago this could have been dismissed as so much journalistic whingeing, but now we are getting these projections from eurozone central banks.
http://www.ft.com/cms/s/0/aa7a54d6-94f2-11e5-bd82-c1fb87bef7af.html#axzz4F9fV2RQR
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