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Author: Gregory J. Millman Publisher: Simon & Schuster ISBN: Category : Business & Economics Languages : en Pages : 328
Book Description
In The Vandals' Crown, Gregory Millman paints a vivid picture of the new revolutionaries, both the famous and the little known, and he reveals the inside story of the revolution that has stripped governments of their power to control money. Today, traders have taken the law into their own hands. Like vigilantes, they enforce fundamental economic laws not for love of law but for profit, regardless of what regulators or central bankers may think. They are the reason why the Japanese government was powerless to stop the collapse of the Tokyo stock market in 1990; why the concerted actions of all the Western European countries were unable to roll back a speculative attack on the European Monetary System in 1992; why the U.S. government was unable to stop the slide of the dollar in 1994; why Mexico, Orange County, and numerous corporate losses made dire headlines in 1994 and 1995. The new financial vigilantes move more than $1 trillion every day in currency alone - more than all the cars, wheat, oil, and other products traded in the so-called "real" economy. The Vandals' Crown may be the most important story in modern financial history.
Author: Gregory J. Millman Publisher: Simon & Schuster ISBN: Category : Business & Economics Languages : en Pages : 328
Book Description
In The Vandals' Crown, Gregory Millman paints a vivid picture of the new revolutionaries, both the famous and the little known, and he reveals the inside story of the revolution that has stripped governments of their power to control money. Today, traders have taken the law into their own hands. Like vigilantes, they enforce fundamental economic laws not for love of law but for profit, regardless of what regulators or central bankers may think. They are the reason why the Japanese government was powerless to stop the collapse of the Tokyo stock market in 1990; why the concerted actions of all the Western European countries were unable to roll back a speculative attack on the European Monetary System in 1992; why the U.S. government was unable to stop the slide of the dollar in 1994; why Mexico, Orange County, and numerous corporate losses made dire headlines in 1994 and 1995. The new financial vigilantes move more than $1 trillion every day in currency alone - more than all the cars, wheat, oil, and other products traded in the so-called "real" economy. The Vandals' Crown may be the most important story in modern financial history.
Author: Madis Senner Publisher: John Hunt Publishing ISBN: 1846942489 Category : Body, Mind & Spirit Languages : en Pages : 285
Book Description
The Way Home examines the mystical world and our dynamic relationship with each other and Mother Earth. It shows how our thoughts create our reality. How we have trapped ourselves in the physical world and in doing so made ourselves strangers to our own true self.
Author: Mark Anthony Martinez Publisher: Kumarian Press ISBN: 1565492676 Category : Business & Economics Languages : en Pages : 338
Book Description
* Explains how the 2008 financial meltdown came about and how to revitalize global and domestic economies * Shows how capitalist economies developed and why the state matters in their functioning Free market purists claim that the state is an inefficient institution that does little for society beyond providing stability and protection. The activities related to distributing resources and economic growth, they say, are better left to the invisible hand of the marketplace. These notions now seem tragically misguided in the wake of the 2008 market collapse and bailout. Mark Martinez describes how the flawed myth of the "invisible hand" distorted our understanding of how modern capitalist markets developed and actually work. Martinez draws from history to illustrate that political processes and the state are not only instrumental in making capitalist markets work but that there would be no capitalist markets or wealth creation without state intervention. He brings his story up to the present day to show how the seeds of an unprecedented government intervention in the financial markets were sown in past actions. The Myth of the Free Market is a fascinating and accessible introduction to comparative economic systems as well as an incisive refutation of the standard mantras of neoclassical free market economic theory.
Author: Laurent L Jacque Publisher: World Scientific ISBN: 9814663271 Category : Business & Economics Languages : en Pages : 367
Book Description
This book analyzes in depth all major derivatives debacles of the last half century including the multi-billion losses and/or bankruptcy of Metallgesellschaft (1994), Barings Bank (1995), Long Term Capital Management (1998), Amaranth (2006), Société Générale (2008) , AIG (2008) and JP Morgan-Chase (2012). It unlocks the secrets of derivatives by telling the stories of institutions which played in the derivative market and lost big. For some of these unfortunate organizations it was daring but flawed financial engineering which brought them havoc. For others it was unbridled speculation perpetrated by rogue traders whose unchecked fraud brought their house down.Should derivatives be feared 'as financial weapons of mass destruction' or hailed as financial innovations which through efficient risk transfer are truly adding to the Wealth of Nations? By presenting a factual analysis of how the malpractice of derivatives played havoc with derivative end-user and dealer institutions, a case is made for vigilance not only to market and counter-party risk but also operational risk in their use for risk management and proprietary trading. Clear and recurring lessons across the different stories in this volume call not only for a tighter but also 'smarter' control system of derivatives trading and should be of immediate interest to financial managers, bankers, traders, auditors and regulators who are directly or indirectly exposed to financial derivatives.The book groups cases by derivative category, starting with the simplest and building up to the most complex — namely, Forwards, Futures, Options and Swaps in that order, with applications in commodities, foreign exchange, stock indices and interest rates. Each chapter deals with one derivative debacle, providing a rigorous and comprehensive but non-technical elucidation of what happened.What is new in the second edition? A new chapter on JP Morgan-Chase's London Whale, an in-depth discussion of credit-default swaps, and an update of the revamped regulatory framework with Basel 2.5 and Basel III against the backdrop of the Euro crisis, along with a revised and expanded discussion of the AIG debacle.
Author: Paul Hellyer Publisher: AuthorHouse ISBN: 1449088880 Category : Business & Economics Languages : en Pages : 238
Book Description
In A Miracle in Waiting Paul Hellyer pulls no punches. First published in 1996 under the title Surviving the Global Financial Crisis: the Economics of Hope for Generation X Hellyer maintained that the monetarist counter-revolution has been one monumental flop and predicted in the first two paragraphs that a meltdown was inevitable. The entire book was prophetic and should be read in that context. Hellyer argued that the federal deficit is nothing but a red herring that detracts from more fundamental issues such as the monetary system which, stripped of all the holy water that has been poured on it over the years, is nothing more than the perpetuation of a scam developed by the English goldsmiths more than three hundred years ago – a scam that has turned out to be the most profitable in history. This book removes the veil from the mystery of money. Nearly all money is simply virtual – computer entries by highly leveraged privately-owned banks that create money out of thin air. Worse, they are allowed to lend their capital up to twenty times or more and collect interest on it each time. Still worse many of the loans are made to hedge funds and the financial industry that make huge profits without creating any new real wealth that is tangible and useful. Hellyer's book explains exactly what has to be done. Bank ratios have to be reduced dramatically. At the same time the proportion of money created by governments (who own the patent on behalf of the people) has to be substantially increased. This will allow the fiscal flexibility necessary to balance their budgets and help finance critically important projects such as the transformation from an oil economy to one based on clean fuels. Many other major problems could be solved by a substantial infusion of debt free money.
Author: George S. Tavlas Publisher: Springer Science & Business Media ISBN: 1461562899 Category : Business & Economics Languages : en Pages : 247
Book Description
ical) and to self-fulfilling currency crisis, respectively. Research stressing the former approach was pioneered by Krugman (1979) and Flood and Garber (1984). According to this line of research, the failure of governments to adopt domestic monetary and fiscal policies consistent with their stated exchange rate targets leads to a gradual diminution of reserves and eventually a stock adjustment that depletes reserves suddenly in one attack (Sachs, Tornell, and Velasco, 1996, page 47). The result is either a devaluation of the exchange rate or a switch to floating. Subsequent work of this genre has specified a number of other channels, in addition to that involving inconsistent and unsustainable monetary and fiscal policies, that can precipitate an attack: 1. Inconsistency between external and internal objectives. The stances of monetary and fiscal policies may be consistent with the authorities' exchange rate target, but domestic economic indicators (such as the unemployment rate) may be inconsistent with internal balance, resulting in pressures on the authorities to relax macroeconomic policies. Private agents, aware of this inconsistency, perceive an opportunity for profits from a currency devaluation and precipitate an attack. 2. Contagion effects. Prior to an attack on another currency (say that of country B), the market may view a country's (say, country A's) exchange rate as consistent with economic fundamentals and, thus, sustainable.
Author: Benjamin J. Cohen Publisher: Routledge ISBN: 1135978611 Category : Political Science Languages : en Pages : 680
Book Description
Benjamin J. Cohen has been one of the most original and influential writers on international political economy. This book provides an overview of his contribution to the field, grouped around the central theme of global monetary governance. The book is divided into three sections:challenges to systemic governance - examines the challenge of governa
Author: David Andrew Singer Publisher: Cornell University Press ISBN: 1501702297 Category : Political Science Languages : en Pages : 241
Book Description
Financial instability threatens the global economy. The volatility of capital movements across national borders has led many observers to argue for a reformed "global financial architecture," a body of consistent rules and institutions to prevent financial crises. Yet regulators have a decidedly mixed record in their attempts to create global standards for the financial system. David Andrew Singer seeks to explain the varying pressures on regulatory agencies to negotiate internationally acceptable rules and suggests that the variation is largely traceable to the different domestic political pressures faced by regulators. In Regulating Capital, Singer provides both a theory of the effects of domestic pressures on international regulation and a detailed analysis of regulators' attempts at international rulemaking in banking, securities, and insurance. Singer addresses the complexities of global finance in an accessible style, and he does not turn away from the more dramatic aspects of globalization; he makes clear the international implications of bank failures and stock-market crashes, the rise of derivatives, and the catastrophic financial losses caused by Hurricane Katrina and the events of September 11.
Author: Erik Reinert Publisher: Anthem Press ISBN: 1839982993 Category : Business & Economics Languages : en Pages : 434
Book Description
Other Canon Economics: Essays in the Theory and History of Uneven Economic Development brings together key essays on development economics from one of the most prolific and important development economists and historians of economic policy today. Erik S. Reinert argues through essays ranging from 1994 to 2020 that neo-classical economics damages developing countries, mostly via adherence to the theory of comparative advantage. Based on a long intellectual tradition, started by the Italian economists Giovanni Botero (1589) and Antonio Serra (1613), Reinert shows that the country which trades increasing returns goods – e.g. high-end manufacture – has advantages over the country which trades diminishing returns goods – e.g. commodities. This has important implications for today’s development strategies that, Reinert argues, should be seen as industrial strategies.
Author: Gregory J. Millman
Author: Gregory J. Millman
Author: Madis Senner
Author: Mark Anthony Martinez
Author: Laurent L Jacque
Author: Paul Hellyer
Author: George S. Tavlas
Author: Benjamin J. Cohen
Author: United States. USAF Scientific Advisory Board
Author: David Andrew Singer
Author: Erik Reinert