Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/registry/registry.php on line 342
PRECATÓRIOS ABERRATÓRIOS
-
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Undefined property: stdClass::$Array in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Undefined property: stdClass::$Array in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Undefined property: stdClass::$Array in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Undefined property: stdClass::$Array in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Undefined property: stdClass::$Array in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Trying to access array offset on value of type null in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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Notice: Array to string conversion in /home/olivereduc/www/site/libraries/joomla/application/menu.php on line 286
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- Details
- Category: Economia
- Created on Saturday, 02 May 2009 00:00
- Published on Tuesday, 24 July 2012 23:58
- Hits: 209
Autor: Ubiratan Jorge Iorio de Souza O governador e o prefeito de São Paulo, assim como quase todos os seus pares em todo o Brasil, defendem com unhas e dentes (e, ao que parece, com garras) a aprovação da Proposta de Emenda Constitucional (PEC) 351/2009, que institui "regime especial" de pagamento de precatórios pelos estados, municípios e Distrito Federal. A OAB qualifica a referida PEC como a "institucionalização do calote".
É muito mais do que isto, porque ela enfeixa um conjunto de aberrações, todas atentatórias aos mais rudimentares ensinamentos morais. Primeiro, porque agride o princípio básico de que leis não devem ser retroativas, mas prospectivas; segundo, porque propõe que os débitos passem a ser corrigidos pela remuneração da poupança (TR mais 0,5% ao mês) e veda a incidência de juros compensatórios, o que diminui sua taxa de crescimento (que tal aplicar-se a mudança de regra proposta também aos contribuintes, quando atrasam os pagamentos de tributos?); terceiro, porque estende para até 70 anos o pagamento de dívidas dos entes federativos que a Justiça já determinou fossem pagos, ou seja, transfere para netos e bisnetos créditos de avôs e bisavôs - a não ser que estes vivam até os 140 ou 150 anos (ou mais); quarto, porque enfraquece o Poder Judiciário perante o Executivo, ou seja, agride a boa praxe democrática; quinto, porque beira as raias da indecência e da ofensa à nossa inteligência a alegação da Confederação Nacional de Municípios de que "os municípios querem pagar os débitos existentes, porém sem aviltar a utilização dos recursos públicos, impedindo o contribuinte de usufruir do mínimo que o Estado hoje lhe oferece, para pagar com lucros exorbitantes àqueles que fizeram dos precatórios do trabalhador, a melhor forma de investimento existente (ver a "argumentação" da CNM em www.fnp.org.br/files/documentos/CNM.ppt); enfim - em bom português e resumindo tudo -, porque é uma safadeza inominável, com todas as letras!
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OS JUROS DA POUPANÇA
- Details
- Category: Economia
- Created on Wednesday, 13 May 2009 00:00
- Published on Tuesday, 24 July 2012 23:56
- Hits: 207
Autor: Nivaldo Cordeiro
Um grande debate se abriu sobre a necessidade de modificação da remuneração das cadernetas de poupança, instituição que tem servido de captação dos superávits financeiros dos brasileiros, especialmente daqueles de mais baixa renda. Tal debate só está acontecendo porque o Governo Federal não tem como deixar de tomar alguma medida que viabilizem as demais formas de intermediação financeira. Uma elevação permanente dos juros da poupança além da remuneração recebida pelos demais instrumentos financeiros seria a decretação do seu fim.
Esse debate é útil também para mostrar as distorções e mazelas de nosso sistema financeiro, estruturalmente formatado para ser financiador da dívida pública e para maximizar o rendimento do sistema bancário. Com a redução da Taxa Selic e a grave crise financeira internacional essas distorções ficaram visíveis.
Em primeiro lugar, deve-se ressaltar a irônica situação de que a remuneração financeira na aplicação dos títulos do Tesouro sofre taxação. Ora, os juros da dívida pública são pagos precisamente por impostos e parece acaciano que seria mais razoável a prática de uma taxa de juros nominal menor, isentando-se o aplicador dessa taxação ilusória. É como se parte do custo da dívida fosse paga pelo próprio investidor.
Mas isso tem uma razão de ser, e daí brota a segunda grave distorção: a elevada taxa de administração cobrada pelos bancos para intermediar a venda dos títulos públicos e administrar as carteiras dos fundos de investimento, alguns bancos cobrando até quatro pontos percentuais ao ano. Com a elevada taxa nominal esconde-se a exorbitância dessa prática, que fora do Brasil não passa de meio por cento. Por longos anos os banqueiros pátrios tiraram daí boa parte de sua rentabilidade exuberante. A queda da taxa nominal simplesmente está obrigando à revisão desse abuso.
Um terceiro ponto é ainda interessante notar. Como o governo é o grande monopsonista na captação de recursos, ele deveria captar a taxas inferiores à da poupança, e não o contrário. Aqui se coloca uma questão de fundo grave. Os formuladores das políticas de financiamento do déficit público estão fornecendo aos financiadores da dívida remuneração descabida e indevida, além do que o mercado cobraria se o governo fizesse valer o seu poder de monopsônio. Resta a pergunta do porque isso foi feito, em prejuízo do Erário e dos pagadores de impostos, em benefício de uma restrita minoria.
Agrava a situação as políticas monetárias expansionistas de praticamente todos os países do mundo, que reduziram os juros da dívida pública daqueles países a algo próximo de zero. Só o Brasil está na contramão. Por quê? Temo que investigar o motivo leve à inapelável conclusão de que sempre houve um viés na administração da dívida pública ao longo dos anos, contra os legítimos interesses dos pagadores de impostos.
Lula está diante de uma escolha de Sofia. Terá que sacrificar o interesse dos intermediadores financeiros, grandes financiadores de campanhas políticas, para acomodar a questão da caderneta poupança. A remuneração deste ativo, a caderneta de poupança, terá que sofrer também e bem sabemos o quanto custará politicamente, vez que os brasileiros têm muita sensibilidade quanto a essa instituição. Toda a poupança popular está lá amparada. Uma solução que beneficie os agentes bancários imporá novas distorções. Não é mais possível manter as aparências: os banqueiros precisam aprender a ganhar dinheiro financiando a produção, não o governo.
As hesitações públicas de Lula dão bem o grau dessa sensibilidade e da dificuldade na tomada de decisão. Nunca na história recente os interesses gerais se chocaram de maneira tão frontal com os interesses particulares dos banqueiros como agora. Vamos ver como Lula sairá dessa sinuca de bico.
Extraído de: http://www.nivaldocordeiro.net/ artigo de 13/05/09 Nivaldo Cordeiro é economista. Afirma-se cristão, liberal e democrata.
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TRÊS ECONOMISTAS E UM EQUÍVOCO
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- Category: Economia
- Created on Tuesday, 03 March 2009 00:00
- Published on Tuesday, 24 July 2012 23:54
- Hits: 199
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Autor: Ubiratan Jorge Iório de Souza
Um seminário organizado no início desta semana em São Paulo pela revista Exame reuniu três ganhadores do Nobel de Economia: Joseph Stiglitz (2001), da Universidade de Columbia, o mais keynesiano deles, Robert Mundell (1999), também de Columbia, mas que iniciou sua vida acadêmica na Universidade de Chicago, o mais criativo, e Edward Prescott (2004), da Universidade do Arizona e, com certeza, o mais técnico da competente trinca.
Ganhar o Nobel, como todos sabem, não é fácil, embora a Academia Sueca frequentemente baseie as suas escolhas – especialmente na área de Ciências Humanas – por critérios políticos e não por avaliações estritamente científicas. E convidar um Nobel para qualquer evento sai bem caro, algo entre US$ 20 mil a US$ 30 mil por palestra, sem contar as despesas com bilhetes aéreos (em geral na primeira classe ou na classe executiva) e gastos com hospedagem em hotéis caros, alimentação e táxis. Mas, apesar de cobrarem bem (o que é justo, diga-se de passagem), segundo um especialista em organizar esse tipo de seminários , os palestrantes não costumam preparar apresentações específicas para cada evento (o que, a rigor, não é eticamente correto ), preferindo uma “apresentação padrão” de acordo com a conjuntura do momento, que adaptam para cada local e público.
No evento realizado na capital paulista, os três economistas – brilhantes, obviamente – disseram o que qualquer profissional com bom treinamento sabe, ou seja, que a crise mundial ainda não acabou e que ainda não se pode dizer quando terá fim. Ou seja, disseram o óbvio – aquele que ululava, segundo Nelson Rodrigues...
Mas, no que se refere ao Brasil, a trinca de ases escorregou feio, quando não economizou elogios à política macroeconômica brasileira, especialmente a “disciplina fiscal”.
Mas que disciplina fiscal é essa? Vê-se que nenhum dos três atentou para a orgia que o governo Lula vem promovendo nos gastos de custeio e no aparelhamento da máquina estatal, nem tampouco para a miríade de gastos supérfluos do Judiciário e do Legislativo, fatos que acarretarão sérios problemas de financiamento em futuro não distante. Mas como isto escapou às análises dos três craques da Economia? Bem, tenho duas explicações: a primeira é por educação, sim, por simples educação. Afinal, se convidarem você, leitor, para dar uma palestra no país X, é natural que você julgue deselegante criticar o governo do país anfitrião e que lhe dispensa tratamento de rei. É uma atitude errada, mas até compreensível. É da própria condição humana. Mas a segunda é por uma deformação estrutural na formação dos economistas no mundo inteiro, da qual nem os laureados com o Nobel escapam: com efeito, poucos são os que se preocupam com a qualidade dos números, porque seu treinamento os leva a olhar exclusivamente para o aspecto da quantidade. Quantitativamente, o governo Lula, especialmente na era de Palocci, fez um esforço louvável na área fiscal. Mas, no que se refere à qualidade do ajuste, foi lamentável e está piorando, porque o que se observa é o oposto do que deveria ser a meta do governo, ou seja, aumentos de arrecadação pela elevação da carga tributária e, em termos de cortes de gastos, neca de pitibiriba, como dizia um velho amigo. Quando cortam, fazem-no em gastos essenciais, como os com a infraestrutura, por exemplo.
Definitivamente, os elogios rasgados dos três tenores da Economia à nossa desastrada política fiscal são prova incontestável de que o ensino da Ciência Econômica precisa mudar, tornando-se mais humano, sem prejuízo da técnica. Os economistas precisam voltar a estudar a Escola Austríaca, como acontecia até os anos 30! A Economia é uma ciência humana, da ação humana, mexe com a vida de todos e, portanto, não pode ser tratada de forma exclusivamente quantitativa.
Fonte: www.ubirataniorio.org
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POLÍTICA ECONÔMICA OU CABO DE GUERRA?
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- Category: Economia
- Created on Monday, 02 February 2009 00:00
- Published on Tuesday, 24 July 2012 23:51
- Hits: 217
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Autor: Ubiratan Iorio Jorge de Souza Governos, para efeitos de análise de suas políticas econômicas, podem ser divididos em duas "equipes": a "econômica", que normalmente inclui Fazenda e Banco Central e a "política", formada por demais ministros e por parlamentares da chamada base aliada. A primeira determina a política e o regime monetário e a política e o regime cambial e a segunda os gastos públicos e tributos e, portanto, a política fiscal e o regime fiscal. Deve existir coordenação entre as duas equipes, ou seja, uma precisa dar sustentação à outra, para que o jogo da política econômica seja cooperativo. Mas isso não acontece no Brasil, pelo menos, desde o início dos anos 80: as equipes políticas, sucessivamente, aumentam as despesas do Estado e o Banco Central termina sempre sendo chamado para apagar os incêndios. No governo Lula, essa falta de cooperação entre as pressões para aparelhar a máquina estatal e elevar os gastos de custeio do setor público, motivadas por razões políticas e ideológicas, de um lado, e o que o Banco Central, de outro, executa em termos de estabelecer taxas de juros compatíveis com as metas de inflação, vem se tornando um problema sério, que trará efeitos perversos sobre nossa economia e - o que é moralmente lamentável - comprometerá as gerações futuras com pagamentos de dívidas que estão sendo assumidas no presente. A conta, certamente, virá mais cedo ou mais tarde, na forma de inflação fora de controle, de desemprego, ou de uma combinação desses dois males.
(...) Além dessa falta de compromisso com a prudência e com a responsabilidade fiscal, o que mais pretende fazer a equipe política do governo? Simplesmente, vai retirar a Petrobras do cálculo da meta de superávit primário em 2010, esperando com isso reduzir em 0,5% do PIB os pagamentos de juros sobre a dívida pública e liberar cerca de R$ 20 bilhões para investimentos - leia-se, evidentemente, para o PAC e para as eleições. Ora, tirar a Petrobrás do cálculo equivale, para efeitos das necessidades de financiamento do setor público, a um "suponhamos que ela não exista". Só que ela existe, Dio mio! Definitivamente, a política econômica passa a subordinar-se às eleições do ano que vem!
Resta sabermos até quando os ditames políticos o vão permitir. Parece inacreditável que a lição não foi compreendida: gastos públicos precisam ser financiados e só há quatro formas de fazê-lo: mais impostos, mais dívida interna, mais dívida externa e lassidão monetária. Isso não é ortodoxia. É simples contabilidade. E bom senso.
(*) Ubiratan Iorio é Colunista fixo de Plurale. Economista, professor da Universidade do Estado do Rio de Janeiro (UERJ) e da FGV Business, presidente do CIEEP - Centro Interdisciplinar de Ética e Economia Personalista e membro do Conselho de Ética da Associação Comercial do Rio de Janeiro
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