The Violence of Financial Capitalism (Semiotext(e) Intervention Series) by Christian Marazzi, Kristina Lebedeva and Jason 7 potx

... reserve all rights in and to the work. Use of this work is subject to these terms. Except as permitted under the Copyright Act of 1 976 and the right to store and retrieve one copy of the work, you may ... 978 -0- 07- 162845 -7 MHID: 0- 07- 162845-2 The material in this eBook also appears in the print version of this title: ISBN: 978 -0- 07- 162844-0, MHID: 0- 07- 1...

Ngày tải lên: 21/06/2014, 08:20

... improvement over the Great Inflation of the 1960-1 970 period. The Markets Stoke the Boom and Bust Cycle • 17 it is not the time to dream of punishing the guilty. Central banks must overcome their squeamishness, ... occa- sioned by the U.S. Savings & Loan crisis, the collapse of Japan Inc. after the stock market crash of 1990, the Asian crisis of the mi...

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 ... to the Fed’s list of poten- tially destabilizing excesses. Why? Sadly, it was not the force of ideas that carried the day. It was the end of the Grea...

Ngày tải lên: 21/06/2014, 08:20

... interest rates is the catalyst for recession. And housing investment, without exception, plunges (Figure 10.1). 126 • T HE C OST OF C APITALISM 82818 079 7 877 7 675 7 473 7 271 706968 676 66564636261 2500 2000 1500 1000 500 In ... that the Bush tax cuts had put the U.S. economy into high gear did Fed policy makers begin to raise interest rates. 128 • T HE C OST OF C APITALISM 05...

Ngày tải lên: 21/06/2014, 08:20

... But the legacy of freewheeling government meddling, with Keynesian justification, was the Great Inflation of the 1960s and 1 970 s. The descendants of Milton Friedman had a victory in hand. And they ... a buyer and a writer of the insurance. If things go as planned, the buyer pays the insurer the premium. If things go awry, the insurer pays the buyer. Either w...

Ngày tải lên: 21/06/2014, 08:20

... and in its final stage defied the law of the conservation of mass! One Practitioner’s Professional Journey • 193 banking crises, is the cost of capitalism. The last 50 years of global growth and ... academia and Washington. Minsky, unruffled, offered the world the monograph John Maynard Keynes in the fall of 1 975 . For Minsky, the deep economic troubles that co...

Ngày tải lên: 21/06/2014, 08:20

... sell you the bond and tell you the company is good for the money. You hold the bond, and I collect a fee. All the incentive is in place for me to get lax on my assessment of the safety of the bond, ... responsibilities of central bankers. A worldwide commitment to keeping inflation low emerged in the aftermath of the Great Inflation of the 1 970 s. Central bank...

Ngày tải lên: 21/06/2014, 08:20

... 21–23, 37 Financial innovation, 7 Financial instability, 7, 19, 37 54, 83–92, 178 , 186 Financial instability hypothesis, 32, 40–43, 186 Financial institutions, 178 Financial leverage, 27, 29–31 Financial ... of, building in academia, 171 Madoff, Bernard L., 41 Maestro: Greenspan’s Fed and the American Boom (Wood- ward), 72 73 Main Street, 7, 208 Mainstream economic...

Ngày tải lên: 21/06/2014, 08:20

... arbitrary number j of timesteps into the future, is then generated by calculating the net value of S 0−1 along all possible future routes of the third-party game. Figure 5 shows the ‘predicted corridors’ ... estimate of S 0 and S 1 at each timestep, the num- ber of active strategies predicting a 0 or 1 respectively. Provided the black-box game’s strategy space is rea...

Ngày tải lên: 23/04/2014, 16:11