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The financial crisis of 2008, and the Great Recession that followed, had a similar effect on the home front. The guilty parties were elites—bankers, traders, regulators, and policymakers. Alan Greenspan, the Federal Reserve chairman and an Ayn Rand fan, admitted that the crisis undermined his faith in the narrative of Free America. But those who di
... See moreGeorge Packer • Last Best Hope: America in Crisis and Renewal
Heading the IMF are two officials chosen by rich countries.
Paul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
We are now in a situation that is the opposite of the 1970s. Then there was a capital shortage. Now there is a capital surplus. Interest rates are historically low not because the central bank’s policies make it so. They contribute to it. But the fundamental problem is that there is a tremendous pool of money available for investment and a contract
... See moreGeorge Friedman • The Storm Before the Calm: America's Discord, the Coming Crisis of the 2020s, and the Triumph Beyond
Even while Congress was still debating the tariff bill, Wilson had summoned it into a second joint session, at which he called for the creation of a system of regional banks controlled by a Federal Reserve Board (its seven members would be appointed by the President with the advice and consent of the Senate) that would end Wall Street’s control of
... See moreRobert A. Caro • Master of the Senate: The Years of Lyndon Johnson III
How Jay Powell is bending time and upending the business world
slowboring.com
As we move from the 1950s to the 1970s and then to 2008, we notice a problem. A perfectly good idea morphed into another good idea, spread beyond housing, and then culminated in uncontrolled insanity. By 2008, no one, including the management of Fannie Mae and Freddie Mac or the Department of Housing and Urban Development, had any idea of the fragi
... See moreGeorge Friedman • The Storm Before the Calm: America's Discord, the Coming Crisis of the 2020s, and the Triumph Beyond
En 1924, au moment où Édouard Herriot, président du Conseil après la victoire du Cartel des gauches (1924-1926), entame un bras de fer avec la Banque de France [5] , celle-ci a certes un gouverneur nommé par l’exécutif, mais son conseil de régence représente les deux cents plus grosses fortunes du pays – les « deux cents familles » – contre lesquel
... See moreBenjamin Lemoine • La démocratie disciplinée par la dette (French Edition)
The experience would likely remind Americans of the Great Recession—only this time trigger much louder zero-sum arguments over how income gets divvied up through taxes, benefits, subsidies, and trade. Partisan tribal factions will gravitate to more radical goals and confrontational tactics. The red zone vanguard will grow more aggressively authorit
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