la ricchezza non è data dalla risorse di una nazione
ma dalla capacità di utilizzare ciò che si ha
su qwesto abbiamo una discussione aperta, in sez. Politica, con Lorenzo63
ma adesso quella sezione è ... tafanata?
la cosa migliore da fare con quella sezione, se io fossi il padrone del forum, è prendere gli hard disk del server su cui è ospitato, e segarli a metà col flessibile

o in alternativa con la fiamma ossidrica
comunque, questa è la riposta di Trichet ai banfoni dell'iperinflazione:
Turning to the monetary analysis, both the annual growth rates of M3 and loans to the private sector were negative in November, standing at -0.2% and -0.7% respectively. The concurrent declines to historically low growth rates recorded in these two series over the past months support the assessment of a decelerating underlying pace of monetary expansion and low inflationary pressures over the medium term. Looking ahead,
M3 and credit growth are likely to remain very weak or negative for some time to come.
The decline in actual monetary growth is likely to overstate the deceleration in the underlying pace of monetary expansion. This is due to the continued steep slope of the yield curve, which explains shifts of funds out of M3 into longer-term deposits and securities. At the same time, the interest rate constellation continues to foster divergent developments in the main components of M3, as the narrow spreads between the rates on different short-term bank deposits reduce the opportunity costs of shifting funds from, for instance, short-term time deposits into overnight deposits. As a result, M1 continued to grow at a robust annual rate of 12.6% in November, when annual M3 growth turned negative.
The negative annual growth of bank loans to the private sector conceals a return to positive annual rates of growth in the case of loans to households, while the annual growth of loans to non-financial corporations became more negative. Such divergence remains in line with business cycle regularities, with turning points in the growth of loans to enterprises typically lagging those in economic activity. In the case of households, the latest data provide further confirmation of a levelling-off at low rates. In the case of non-financial corporations, the decline in loans continues to reflect mainly a strong net redemption of loans with a shorter maturity, while lending and borrowing at longer maturities remained positive. The subdued levels of production and trade, as well as the ongoing uncertainty surrounding the business outlook, will probably continue to dampen firms’ demand for bank financing in the months to come. In the meantime, financing conditions for enterprises have improved over recent months in terms of the cost of both bank credit and market financing. In this respect, the continued negative flows in short-term bank loans to non-financial corporations observed in recent months may partly reflect better possibilities for substitution with different sources of longer-term financing.
ECB: Introductory statement