The Violence of Financial Capitalism (Semiotext(e) Intervention Series) by Christian Marazzi, Kristina Lebedeva and Jason 1 docx

... Fosters the Housing Bubble 12 3 Chapter | 11 Bernanke’s Calamity and the Onset of U.S. Recession 13 9 Chapter | 12 Domino Defaults, Global Markets Crisis, and End of the Great Moderation 14 9 Part | ... Economic Theory for the Twenty- First Century Chapter | 13 Economic Orthodoxy on the Eve of the Crisis 16 1 Chapter | 14 Minsky and Monetary Policy 17 7 Cha...

Ngày tải lên: 21/06/2014, 08:20

... Stoke the Boom and Bust Cycle • 19 inflation at bay, had vanquished the brutal boom and bust cycles that gripped the U.S. economy in the 19 60s and 19 70s. And the payoff was significant. From 19 83 ... the early 19 90s recession—largely occa- sioned by the U.S. Savings & Loan crisis, the collapse of Japan Inc. after the stock market crash of 19 90,...

Ngày tải lên: 21/06/2014, 08:20

... the loan has gone bust and the bank now owns the home. But the loan was for $588,000, and the house is worth $538,000. If lots of home loans go the way of Hanna’s loan, then the total value of ... lower than the value of what is owed to them—their assets. When they subtract their liabilities from their assets, the remainder is their equity. The problem for bank...

Ngày tải lên: 21/06/2014, 08:20

... indeed shocked by the events of 2008. Shock in hand, they can argue that their sense of the way the world works is intact. Listen to speeches from representatives of the European Central Bank, the ECB, and ... see. As they were in Japan in the 19 80s and the United States in the 19 90s and the 19 20s. Monetary policy makers must end their policy of benign...

Ngày tải lên: 21/06/2014, 08:20

... In the boom and bust cycles of the 19 60s and 19 70s, housing booms occurred in the first few years of a recov- ery. As the expansion ages, interest rates tend to rise. A spike for infla- tion and ... is the catalyst for recession. And housing investment, without exception, plunges (Figure 10 .1) . 12 6 • T HE C OST OF C APITALISM 82 818 07978777675747372 717 0696867...

Ngày tải lên: 21/06/2014, 08:20

... But the legacy of freewheeling government meddling, with Keynesian justification, was the Great Inflation of the 19 60s and 19 70s. The descendants of Milton Friedman had a victory in hand. And they ... links that Bear 15 2 • T HE C OST OF C APITALISM • 16 1 • Chapter 13 ECONOMIC ORTHODOXY ON THE EVE OF THE CRISIS [Classical] theorists have at their command an i...

Ngày tải lên: 21/06/2014, 08:20

... put in place by 19 78. Best avail- able treatment was mandated by 19 80. And the last mandate? The leg- islation’s stated goal was to achieve zero discharge of pollutants by 19 85! Thus, the new law ... and in its final stage defied the law of the conservation of mass! One Practitioner’s Professional Journey • 19 3 banking crises, is the cost of capitalism....

Ngày tải lên: 21/06/2014, 08:20

... Taylor, professor of physics, Web site, MIT. 11 . Keynes, The Collected Writings, vol. XIV, p. 12 1. Chapter 14 1. John Maynard Keynes, The General Theory of Employment, Interest, and Money, 19 36. 2. ... celebrated through- out the 19 90s and into the middle years of the first decade of the new millennium. Signing off on a world of slow growth, with bloated gov...

Ngày tải lên: 21/06/2014, 08:20

... of, 15 2, 16 4 stabilizing housing market, 210 visible hand of, 16 5, 18 2, 19 4, 210 – 211 Government intervention, 17 0, 19 1, 19 4 Great Depression, 14 3, 16 4, 17 0, 18 1 18 3 Great Inflation, 22, 83, 17 0 Great ... orthodoxy on the eve of, 16 1 17 6 essential elements of, 14 9 15 1 global policy risks in the aftermath of, 205– 215 response to, 1 2 roots o...

Ngày tải lên: 21/06/2014, 08:20

... 70 90 11 0 13 0 15 0 17 0 19 90 19 92 19 94 19 96 19 98 year $/Yen FX 0 50 10 0 15 0 200 250 300 350 400 19 90 19 92 19 94 19 96 19 98 year profit (%) combined population independent ... Surprised by depression, Financial Times, February 19 , 20 01. 7 4780 4790 4800 4 810 0 10 20 30 40 50 60 time N(t) P(t) 80 90 10 0 11 0 12 0 13 0 14 0 15 0 Fig. 1. Simulated...

Ngày tải lên: 23/04/2014, 16:11